Both gaming and gambling industries have been growing for quite a while. They keep attracting more people, revenue, and tech that makes the entire experience even better for players. The best part – there’s still room for ambitious people to start their own ventures in the industry. If you’re one of them, there should be nothing stopping you from giving it a run. But how do you start an online gaming business in 2021? Let’s check it out.
Start your business banking account
Every business should have a bank account of its own. This is especially the case in the online gaming industry, since you’ll be handling tons of transactions every day. In fact, you’ll probably need several of these just in case. Just think about it. What would you do if there’s a situation where you have to close your account? With at least one backup account, you can still receive payments and pay anyone you’re working with, without stopping for even a second. In case you’re a first-time business owner, make sure you take a good look at the schedule of fees. When generating a large number of transactions, there are usually some extra fees involved. Keep an eye for them when signing a contract. Also, if you want to be able to take a loan one day, make sure you showcase your overall trustworthiness and capacity to repay a potential loan.
Get a licence
From the legal perspective, starting an online casino isn’t as difficult as it seems. However, you still have to obtain a license before you start. What exactly falls under this depends on where you want your business to be based. Some countries are known for their relaxed gambling laws, some have certain restrictions, while others ban it entirely. Your safest bet is to register in a country where gambling is one hundred percent legal. Some of the most popular countries in the industry are Malta, Gibraltar, and Curacao. When you’re based there, the local laws prevail over any international law. Once you decide on the location, you’ll have to wait between a month to a year to get a license. Just make sure you learn about taxes and costs before making your choice.
Choose your payment system providers
To remain competitive on the market, all transactions between you and your customers have to go through quick and easy. Generally, it’s a good idea to offer as many payment options as possible. The more convenient the entire process is, the more likely people will be to check your site out. For years, credit cards have been the most obvious choice. Paying with these little things is easy and it can be done in a matter of seconds. However, in the past few years, Bitcoin and other digital currencies emerged as a new popular option in the industry. This is the case because paying with crypto means you don’t have to leave any personal info when withdrawing or depositing money. So, if you want to stay on top of the most recent trends, allowing Bitcoin and other cryptocurrency transactions is a must.
Get your site right
To succeed in a market like this, you need top-notch service. This includes investing in good software for online games and designing a user-friednly site. Generally, it’s the combination of powerful gameplay and quality aesthetics that works the best. And why exactly do you need your site to look great? Firstly, there are so many companies in the industry right now. In order to stand out, your site has to look nice and professional. Also, your online presence is pretty much everything customers can see from your business. If you get the looks right, it’ll leave an impression and ensure they keep coming back. While choosing the right design is important, the key to success is also to not overdo it. Things that don’t really have to be on the screen may only slow down the game and ruin the experience for players.
Know your enemies
The iGaming industry is growing at a rapid pace. This means there are plenty of other businesses out there just like yours. Not knowing what they’re doing and how they’re doing it is a rookie mistake you can’t afford to make. When starting out, you simply have to scan the web for your competitors. That way, you’ll be able to see what they’re doing right and follow their footsteps. You’ll also identify their oversights and ensure you don’t make them as well. One specific area of work to have in mind are bonuses. Free betting money and spins can make all the difference when looking for a site to play on. It’s a good idea to find out what the industry standard is, and stick to it. Another smart move is to check out their loyalty programs and come up with one of your own.
The bottom line
There’s a lot to think about when starting a business from scratch. And when you’re doing in the iGaming industry there’s even more. Things like licensing and online payment options make the entire process more complicated, but it’s still doable. Plus, there are just so many new businesses trying to make a name for themselves in the industry. Just make sure you do everything we mentioned in this guide and once players start arriving, it’ll be the entrepreneurial journey many people dream of.