Launching your own gambling site can seem daunting, especially if you’re a newcomer. Perhaps you’re clueless about relevant legislation or the first steps to start a gambling website.
If you’re doing everything from scratch, there are some things you need to know. For starters, such type of business venture involves passion and will to invest precious time and money. Not only that. It takes a lot of patience and resilience before you can start seeing a regular income.
But here’s a piece of good news. Several aspects of the existing online gambling market make planning to start a gambling website more convenient than ever before.
Is It Legal to Start a Gambling Website?
Gambling regulations vary from one jurisdiction to another. That’s why choosing where to start a gambling website is crucial. Even though it’s online, you have to establish it in a physical location where you must abide by the laws.
In addition, law and enforcement are constantly evolving. What’s legal today could be illegal tomorrow. So it’s best to research existing regulations around your area. Besides considering the legality of launching a gambling website, possible risks are also worth looking at.
How Do I Start a Gambling Website?
Your dream to start a gambling website requires more than just a pile of cash. If you want to become the best online gambling site owner, you need to know casinos and gambling inside out. Playing at a casino with no prior knowledge is a mistake. Launching your gambling business without learning the ropes is even worse.
Since launching a gambling website is a rather serious topic, here are some tips to help you create your business plan.
Develop a Budgeting Strategy
As you already know, starting a gambling site is costly. Before you can estimate how much you’ll need to invest, you first have to determine the scope of your business.
If you’re building your business from the ground up, then you’d better be a millionaire. Developing custom online casino software costs an arm and a leg. Not to mention you’ll be in charge of recruiting staff, coding games, and a whole lot more. That explains why a lot of people shy away from it.
However, one approach you can take to start a gambling website is by becoming a white label. Meaning, you can mirror the software and structure of an existing site. You only need to pay them a percentage of your revenue. Needless to say, it’s an exponentially cheaper option that’s also easier to maintain and faster to launch.
You only need around $50,000 to have a white label up and running. However, it’s still necessary to have a proper budgeting plan. Do your research and come up with reasonable estimates for your expenses during the first six months.
Secure a License in Your Targeted Jurisdiction
As mentioned earlier, one of your most essential tasks is to decide where to open your business. In addition, check the approval rates and how long each jurisdiction takes to process applications. Pay close attention to taxes and other fees as well.
In the US, the Unlawful Internet Gambling Enforcement Act of 2006 regulates online gambling transactions involving wagers. Therefore, a US resident can apply for a license to start a gambling website somewhere overseas. Among the most most popular jurisdictions are:
- Isle of Man
- Antigua and Barbuda
Note that annual and application fees vary significantly. In summation, the things you have to take into account when choosing a jurisdiction include reputation, costs and taxes, licensing requirements, and duration of the application procedure.
Select a Reliable iGaming Software Platform
You can find a ton of iGaming software providers, including Playtech, EveryMatrix, OpenBet, and BetConstruct. Each comes with a set of pros and cons, which you can view on review websites and product pages. It’s up to you to decide which provider caters best to your specific site model.
When choosing the best iGaming software platform, here are a few things to look out for:
- Global market reach
- Integrated customer support portal
- Customizable frontend so you can make it on-brand
- Inbuilt payment processing options or functionality to partner with major payment processors
- Either integration for leading odds-making APIs and services or selection of world-famous casino games
Again, requirements may vary depending on your specific online gambling business needs. The five services listed above are the most essential for iGaming software platforms.
Pick a Payment Processing Platform
Your choice of payment processing platform can impact your credibility. These platforms legitimize how your customers can pay. Some of the most common payment processors include PaymentCloud, eMerchantBroker, and Durango Merchant Services.
When choosing a payment processor, look at accessibility and the fees involved. Each payment processor supports payments from its set of options like plastic cards, online payment systems like PayPal, or even cryptocurrency. If you have a specific payment method in mind, make sure it is available in the payment processors you’re considering.
Create a UX and Site Design
When looking to start a gambling website, this step can make or break your business. Simply put, nobody is naive enough to sign up for your site if it looks suspicious.
Invest a significant amount of your budget in crafting a seamless user experience and site design. Make your website as user-friendly and trustworthy as possible. If you have a white-label service, don’t make it seem like it. Your customers want to work with the real deal, not another intermediary.
Ideally, hire web developers and designers with proven work experience. The goal is to make your website as clean- and professional-looking as it can get. Putting up a poorly designed website is no different from building your casino in the middle of the slums. For sure, you don’t want to make that mistake.
Advertise Your Online Gambling Site
As with most businesses, advertising is valuable to introduce your site to more people. Since you’re operating in the digital world, familiarize yourself with self-serving ad platforms. Some common examples include Google Ads, Quora Ads, and Facebook Ads. The good thing is that there’s much more ad space online than traditional advertising mediums.
Should you decide to do marketing campaigns on your own, you must learn the basics. What does a good click-through rate look like? How do I measure a reasonable CPM? Ultimately, how can I target high-performing keywords in my niche?
And as if that weren’t daunting enough, you also need to fill your website with content that appeals to search engines. Search traffic is one of the best ways to succeed as an online business. But you have to go beyond a simple marketing strategy, considering that online gambling is an incredibly competitive industry.
How Much Does It Cost to Start a Gambling Website?
It’s no longer surprising to know that the gambling industry generates millions of dollars annually. That said, many business-minded individuals join or are planning to enter the market. When arranging to start a gambling website, there are so many things to consider. And apparently, the cost is top of mind.
Generally, the cost to start a gambling website is to the tune of $2 million. If you manage to get enough players, you should be able to see a return on investment in a couple of years. There are various gambling entrepreneur organizations and even angel investors that can help you secure financing. The key is to come up with a good business plan with a solid permeation strategy to significant gambling markets.
As you already know, launching a gambling website is no easy task. Obtaining the necessary license and legal documents alone can take months and years. But with the right mindset, it’s definitely not impossible. Everything mentioned above can help make your journey more guided.
In anything you do, maintain high standards. Make it a goal to keep your customers happy. After all, it’s the combined effort of your marketing and sales teams, together with your software provider, that will bring your business forward.