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Opening up an online casino is an attractive business idea for many entrepreneurs. The online gambling market is constantly growing and moves billions of dollars a year, but how do you get in on the action? We’ve put together answers to some of the most common questions people have about starting an online gambling business.
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Question 3 of 6:
How much does it cost to start an online casino?
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It costs at least a few hundred thousand dollars to get started. Startup costs include a gaming license, game software, and web/app development. The costs for these things vary depending on where you pay for them. Keep in mind that this is just to get your casino up and running and does not include your monthly expenses. [2] X Research source
- Expect to pay at least $15,000 on a gaming license.
- The average price for a casino game software package is about $200,000-$300,000.
- Web development might cost you $1,000-$5000 or more.
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2Your ongoing expenses may run from $60,000-$175,000 a month. This covers staff, including a customer service team, marketing and advertising, and other expenses such as payment coverage. This helps attract and retain players as well as ensure you can pay them when they win casino games on your site. [3] X Research source
- The cost of staff, including a customer service team, might be around $250,000 a year. However, you may be able to outsource customer service to cut costs.
- Marketing and advertising can cost anywhere from $20,000-$100,000 a month or more. This includes payments for SEO and SEM services as well as affiliate marketing.
- Hire an outsourced payment processor to cover payments to players for you, so you don’t have to deposit all the funds to cover payments. These services cost in the range of $20,000-$50,000 a month.
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Question 5 of 6:
What marketing strategies are best to use for this business?
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1Bonuses. Bonuses are actively used by online casino platforms to attract and retain players. The main advantage of this strategy is the typical variety of bonuses that you can offer to your audience: welcome bonuses, deposit bonuses, free spins, free game chips, free bets, loyalty bonuses, or reload bonuses. The list depends on your business imagination and the expediency of those or other steps towards attracting players.
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2Affiliate marketing. Affiliate marketing is one of the important strategies of promotion of online casinos. Affiliates can be bloggers or streamers, develop a large following and then direct their audience towards an online casino for a commission.
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3Loyalty and VIP programs. Gamers who often make big bets are very important for gambling platforms and operators should care about them. They have to offer their clients VIP programs. These are tiered loyalty programs that offer increasing rewards, perks as users climb the levels of the program. [4] X Research source
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Community Q&A
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QuestionDo I need a casino license in Fresno, CA?Community AnswerAll countries, states and cities require gambling licenses. Try doing a quick web search to find out how to obtain one in your jurisdiction.
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QuestionHow do I pay when someone bets and wins money online?ChateauxcCommunity AnswerThe most popular payment methods for online casinos is Skrill, NETeller and credit card.
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QuestionFrom which countries can I visit a casino?ChateauxcCommunity AnswerYou can visit any casino from any country, although this does not mean you will be able to play. If your card origin country or your location is on a blacklist, you will be blocked at the payment level. In some instances, you will be able to make a payment, but should you win, you may have to think about how you are going to get your hands on that money.
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References
- ↑ https://timesofmalta.com/articles/view/online-casino-business-model-how-does-it-work.849557
- ↑ https://www.businessfirstonline.co.uk/other-articles/how-much-would-it-cost-to-open-an-online-casino-business/
- ↑ https://www.businessfirstonline.co.uk/other-articles/how-much-would-it-cost-to-open-an-online-casino-business/
- ↑ https://slotegrator.pro/analytical_articles/how_to_establish_online_casino_on_your_own_.html
- ↑ http://thestartupmag.com/starting-online-casino/
- ↑ https://innotechtoday.com/how-much-money-do-you-need-to-start-online-casino-in-canada/
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