How to Start an Online Casino Business? - Learn HERE
Before the days of the internet, if an average Joe walked into a bank looking for a loan with a business plan for a new casino in their briefcase, they probably would have been laughed out of the door.
For the best part of a century, the most successful and competitive casinos in the world were born out of extreme wealth, either funded by aristocracy in places like Monaco, or developed from pension funds and multi-million dollar bonds over water in the US.
The internet, of course, changed hundreds of industries and has influenced how we do business globally, with one of the side-effects of hyper-connectivity being the ability to do business even with a tiny amount of start-up capital.
Casino gaming before the emergence of online casinos back in the late 1990s was severely limited.
When online gambling caught on, however, you could easily enjoy full games of blackjack, roulette, and poker without needing to leave the house.
Mobile phones and tablets took this even further, and now internet-based gambling makes up more than a third of all gambling revenue in the UK.
To run a land-based casino, colossal amounts of cash are needed to buy land, build a gigantic building, decorate it and fill it with machines, then pay staff costs, utility bills, and probably swathes of profit to a local authority who is more than happy to tax a money-spinner like a casino.
Depending on the expected size of the online casino, profit forecasts and capabilities of the owner, this figure will differ considerably but will be a considerable amount no matter what the expected outcome is.
Physical casinos often need to spend a lot of money on interior décor, machines, and tables.
A lot of money is often spent on web development, purchasing of existing gaming software like virtual slot machines, and creating table games with user interfaces that come close to the real thing.
In the UK, gambling is heavily regulated and all gambling outlets no matter how big or small must go through a rigorous application process that investigates all plans, funding and expected operating procedures in an incredible amount of depth and detail.
If your business is registered in the UK, then you can expect to pay a large amount of profit to HMRC.
Casinos, in particular, when it comes to corporation tax and gaming duty, and they will often be in the highest percentage bracket of all.
This heavy taxation can be mitigated slightly by registering the casino business offshore in a location such as Gibraltar, but all other licensing costs will still apply if the casino service will be offered in the UK.
In the online world, this problem is increased tenfold, thanks to the lack of physical space to wow guests with.
This is where offering something unique or at least a little different will help your venture to stand out.
One way to do this is to take some inspiration from well-established names in the industry, just look at the way have spent plenty of time and money perfecting their online gaming floor.
They also include additional features that have helped to create an experience that is more like visiting a real casino.
Their Live Casino offering broadcasts live casino dealers directly to the player, regardless of what device it how to start an online casino business they are playing on.
The advantages of online Online casinos do have some major advantages click to see more land-based casinos.
As well as vastly reduced overheads, online operations can divert from revenue to player attraction, which often takes the shape of offers and freebies.
From free introductory bets to get new customers registered or show off a new casino feature, to loyalty schemes that reward regular players, online casinos are competing with and taking market share off physical casinos by giving the player both better offers and in how to start an online casino business cases, better odds.
Having more profit to play with means that more players can be attracted, and online casinos will always have this advantage over their land-based counterparts.
Founder at Alltopstartups and author of Working in The Gig Economy.
His work how to start an online casino business been featured at Forbes, Business Insider, Entrepreneur, and Inc.
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