By Contributing Author
Since the advancement of technology, online casinos have been becoming increasingly more popular. It is easy to understand why people want to invest into this type of business or even start their own online gaming website. There are lots of rules and regulations when it comes to iGaming and so we are going to look at some of the things that you should consider when thinking about creating one of these online sites.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
Gambling Licenses
The first thing that we are going to talk about is gambling licenses and how important they are when you are starting an online gambling website. If you want to set up this type of business, you need to apply for a gambling license in the country in which you are doing so. It is important to apply for this license before you make your website available for use to ensure that it is legal as these licenses can often take between a few months and a year to obtain.
It is also important to check out the different requirements of the jurisdiction in which you are applying for a license. Some places require more than one license, for example, the UK’s Gambling Commission which requires an operating license and a personal management license.
If this all seems like a lot of hassle there is a way to get around this. This involves consulting with your iGaming software provider on becoming a licensee of their company. This is a good option if you want to reduce the costs and the time spent on obtaining a license.
iGaming Software
When it comes to creating your gaming website, the software that you use is very important. If you are skilled in creating the software, you can go ahead and do it yourself. This will, however, be very time consuming and is not the best option for everyone.
Another option when creating your site is to use a white label solution. This involves another company creating your website and the software which you will then rebrand to make it your own. This is a great option for people who are not skilled in gaming software design and can be both cost and time effective. When in communication with the software provider, it is important that you think carefully about all of the features that you want to include on your website. This will help you to get the final product that you want and get your online gaming business off to a great start!
Payment System
When players deposit their money to your website, they want to ensure that the money is safe and that they are protected against fraudulent behaviour. Therefore, it is important to choose a payment system provider that allows for easy, safe transactions. Customers also like it when they have options for depositing money as they often have a method that they trust more, such as PayPal. Having a secure payment system will increase your chances of getting more people to sign up and deposit their money.
Legislation
Another important consideration when starting an online gambling business is the laws and legislation surrounding gambling in the country that you are setting it up. Not all countries simply let you obtain a gambling license, others have laws against gambling websites. Countries like the UK do not have very strong legislation when it comes to this. In the UK you simply need to obtain the necessary licenses and ensure that everyone gambling on your site is over the age of 18.
There are, however, other countries that do not allow for the set up of online gambling websites. Germany is one of these countries who have made it illegal to host a gaming site. Although it is illegal to host one of these websites in Germany, it is not illegal for German citizens to place bets on websites from outside of Germany.
Responsible Gambling
Our next consideration for you when setting up an online gambling website is the concept of responsible gambling. Some countries are strict on their gambling rules because of the risks that these sites present to the players. Adding in features such as customer care, deposit limits and chat rooms can make your website seem safer for players and more respected. Although allowing people to limit their deposits may affect your profit, it will bring more people to your site and people are more likely to recommend you to their friends.
Promotional Marketing
Our final consideration for you when starting a kind of business like this is to think about your marketing strategy. This goes without saying but it is important to remember that you shouldn’t just reward new players. New player incentives are great because of how many people they can attract but you must not forget about the existing players! Take some time to consider the sorts of offers that you can afford to have for existing players. This can be anything from special prize draws to loyalty schemes which see the players rise up the ranks to get prizes. Incentives keep people playing and it is important that you publicise this well.
Our Verdict
We think that there is a lot of money in online gambling and that it is a great industry to start a business in. There are important things to consider however and you should make sure that you have all of these things worked out before you begin spending your time and money on this venture. Understanding local legislation and getting a hold of a betting license are key in creating a successful website. If you want to start an online gaming business, make sure to take a look at the options that white label solutions can offer you in order to create a website that is easy to use and fun to play.
