If you are aiming to move into the casino business and your name isn’t Michael Corleone, you may run into some difficulties. From finding the money to fund the operation to attracting enough players to make a profit, there are a number of potential issues which can stop you in your tracks. Is it is impossible? Not even close. There are a number of new online casinos popping up what feels like every week.
The online betting market continues to grow exponentially, and many investors have taken notice. Software developers these days are ready to provide a comprehensive casino start-up package, ready to go for those looking to get involved in casino ownership. All you need to do is get your business plan in order, market efficiently, and be ready to provide an attractive welcome bonus to players and watch your income soar.
Well, kind of. It is reasonable to suggest that if you have the money, you can pretty much buy your own casino. It really does come down to how you are going to launch the site, and what players you will be targeting.
Choosing software
Once you have determined what your goals are and how comprehensive a casino you want, you will need to source the software to make it happen. Many who move into the industry will use existing software developers’ products, as it both the easier thing to do and will help your site be more appealing to players.
If you are unaware of the status quo in the market, there are a number of existing companies such as Microgaming and NetEnt who have a huge presence. These companies are responsible for the style of slots and games, providing a number of casinos with their products. You can approach one of these companies to get up and running, or, if you want to build your own casino from the ground up, you can expect to shell out up to $400,000 on development packages.
Having the capital to get started
If money is no object, then you may be willing to part with approximately $1 million to get started. This figure includes the site, software, staff, licensing fees and a number of other crucial elements required to start your own casino.
The online casino market is a very competitive one, so you will have a number of competitors which you will contend with for players. Marketing is going to be a massive contributing factor to your success, which will also mean shelling out money to attract new players. The standard battle plan is to invest in aggressive digital marketing tactics, and offer welcome bonuses to new clients which will hopefully lure them to your site.
To begin with, you can expect to spend between $30,000 and $60,000 per month to establish your casino online. This is a lot of money, but with the right marketing and development of your reputation, your online casino could make you millions in the long run.
