One of the best online business ideas of the 21st century is running a casino website that will, hopefully, attract crowds ready to place bets. Many believe it is a pretty simple endeavour that takes nothing more but an online casino website and standard casino software, but that couldn’t be further from the truth.
To capitalize on the idea and establish a top online casino, it is necessary to have a step-by-step guide, or plan if you wish, one can always revisit to stay on the right track. Many of you are now wondering how to create a business plan step-by-step.
There is no time to lose because we created a strategy, so you don’t have to. In this article, we gather all the best business practices of successful online gaming platforms. Are you ready to join the ranks of the best online business companies in the iGaming industry?
Analysis of the Online Casino Market
It is impossible to ignore the power of the online gambling market in the 21st century. Statista, a German online platform specializing in data gathering, noted that 2020 was the year of a massive casino website boom. The company notes how in 2019, the worldwide casino market was worth US$45.7 billion, only to increase to $55.1 billion just a year later.
Whether it be the advancements in casino software or the influx of new brands, the market keeps on growing. In 2023, it noted US$95 billion. Statista’s gambling statistic shows steady annual growth at the rate of 20%, with predictions of reaching US$117.6 billion by 2025.
And what about Canada? Although Canadian gambling laws cause a lot of confusion and many are wondering whether online gambling is legal in Canada, the numbers don’t lie. Analysts claim the gambling revenue will settle at around US$2.61bn by 2024, with a 6.44% annual growth rate. By 2028, the gambling revenue could reach US$3.35bn and 15.4 million users.
It is also expected that the 35.7% penetration rate will increase to 38.4% in only four years, from 2024 to 2028. The average revenue per user on top online casino platforms will settle at US$187.60.
Yet, in order to enjoy the rise in the upcoming years, it is necessary to make a casino legal, and the company must adhere to the law of the province they operate it. Namely, just like in the USA, there are no gambling laws in Canada that apply to the entire territory.
Legal Aspects and Licensing
As mentioned previously, to stay in the casino website game for the long run, it is necessary to offer legal online gambling to all users who join it. It is important to note that although the number of authorities grows every year, not all of them are created alike.
To run a legal casino in Canada, one has to adapt to many laws, different in every province. A little shortcut in the game is making the online casino legal by getting a license from an offshore authority. Such licenses are also cheaper and cost between $15,000 to $20,000 per year.
Let’s compare some of the most popular authorities that can help you run legal online gambling sites:
- Malta Gaming Authority (MGA): This regulator offers a couple of different licenses, depending on the casino software the site uses and the gambling genres it offers;
- United Kingdom Gambling Commission (UKGC): Top online casino authority, but often strict and has very limiting marketing rules;
- Curacao eGaming: The most popular license supplier with a price tag of around $20,000;
- Gibraltar Gambling Commissioner: Offers a license at a heavy fee of £75,000 per year, regardless of income;
- Alderney Gambling Control Commission (AGCC): Another regulatory body with multiple types of licenses, and staggering fees that add up to £450,000.
Casino Software
To run a top online casino, you will need state-of-the-art gaming software, that will grant a constant stream of content. It is the backbone of any casino website, and essentially the system that enables customers to play games. Furthermore, good casino software allows the company to track its progress.
Here are some of the key features of casino software you can rely on:
- High-quality gaming content;
- Technical support 24/7;
- Gambling software licenses and certificates;
- Content Management System (CMS);
- Player Account Management System (PAM);
- Reporting tools;
- Payment management tools;
- Game management tools;
- Bonus management system;
- An interface for affiliate management;
- Anti-fraud software;
- Retention and recruiting marketing tools.
Remember, casino software is an investment that pays off in the long run. You are never too rich to buy cheap things. In the end, cheap casino software will end up costing more.
Online Casino Marketing
To make a casino website stand out in the crowd, one has to make it memorable and likeable in every way. Every top online casino has something that makes it special, whether it is the number of games, mobile app or attractive bonus deals that spark the imagination.
Even though online casino marketing is a complex ordeal, one of the most efficient ways to do it is to use casino software to create alluring promotions and special deals. Some companies even choose to utilize the power of no wagering casino deals.
This type of promo can be a no deposit bonus, first deposit deal, or any other kind of offer. By relying on this digital marketing campaign strategy, companies agree to provide bonus funds without a wagering requirement, to assure players they can get the biggest bang for their back.
Needless to say, the casino software one uses will determine the type of deal the company will provide.
1. Positioning
Before completing the marketing program, it is necessary to think about how the company sees their casino website, and in which niche they want to be considered the top online casino on the market.
Check out the step-by-step guide on how to do it:
- Establish a professional team that can make an objective marketing plan and use your casino software with a clear and achievable goal;
- Allow them freedom in creating an advertising strategy and focus on multiple advertising channels;
- Define your strengths and weaknesses, and if necessary adjust the casino software to execute your plan.
2. Quality Casino Games
Any modern casino software will provide a plethora of options, typically in HTML5 format. The HTML5 technology is making every online casino game sturdy, yet lightweight, without compromising on the visual and sound effects. On top of that, HTML5 casino software makes every casino game compatible with both desktop and mobile platforms.
To become a top online casino, it must do business with the best casino software suppliers such as:
- Evolution: The ultimate powerhouse in the domain of live gaming, Evolution will add hundreds of attractive games to any casino website. Evolution is famous for its game shows that combine multiple genres under one roof, and deliver non-stop action, live-streamed 24/7;
- Pragmatic Play: This studio is primarily recognized for its vibrant and hypnotic slot games, but it offers live tables as well. It is also the brain behind the best online casino game series — Big Bass;
- Games Global: Formerly known as Microgaming, it is one of the biggest casino software programs in the world. Nowadays, it is introducing smaller studios to online casino brands across the globe;
- BGaming: A brand that introduced the concept of provably fair games. BGaming is always at the forefront of innovation in iGaming;
- Playtech: Gaming brand with a portfolio that includes slots, table games and live gaming.
3. Advertising Campaign
What are the channels that can help you execute the advertising campaign for a brand-new casino website on the market? There are more than you can imagine:
- Online ads are a staple of any advertising strategy and the most common practice;
- By using the best online casino affiliate programs and casino software, one can gain customers and increase the visibility of the brand;
- Conferences and events, although not often a part of the marketing plan, can help promote the brand and connect it with influential casino software brands;
- Online magazines can be a perfect way to execute the native part of the marketing program and achieve natural retention;
- Special bonus codes for top online casino review sites;
- Social media campaigns are an essential part of any serious digital marketing campaign strategy in this day and age.
4. Promotional Support
On top of a strategy, every top online casino needs support to keep the engine running and remain interesting to the gaming public. We gathered a couple of methods that can help you make the most out of both your casino software and your strategy:
- Offer complimentary rewards and comps: Make your users feel appreciated by rewarding them with an occasional no deposit bonus and lucrative ongoing bonus deals;
- Invite customers to events: Become their best online casino partner by rewarding them with tickets to hot events and special discounts;
- Form partnerships: Establish a strong online casino partnership with suppliers;
- Showcase your community contributions: Make philanthropy a part of your digital marketing campaign strategy, and find room in your budget for donations;
- Know your demographics: Find the target audience for your casino website and occasionally reevaluate the stats;
- Boost your discoverability: Establish a casino partnership with major sports brands and similar;
- Stay on top of gaming trends: Don’t be afraid to change and adapt.
5. Client Attraction, Support, and Retention Strategy
Trust is the key element in any top online casino that attracts a lot of players. Despite what casino software they use, players must feel respected, supported and protected 24/7. One of the essential things for any casino website is reliable customer support. No advertising campaign can make up for the lack of agents and dubious answers.
A great addition to the advertising strategy is establishing a dedicated section where customers can find answers to frequently asked questions, guides, and tutorials. Making information accessibility one of the key points in a marketing program can increase the level of loyalty among customers.
Ultimately, have transparent bonus rules, even when it comes to no deposit bonus deals. In addition to adding as many deals to your marketing plan, find a balance between the wagering requirement and players’ expectations. No digital marketing campaign strategy can compensate for the lack of transparency and fairness.
6. Affiliate Program
An affiliate program is an advertising strategy that uses third parties to generate traffic to your site, in exchange for a fee. Every casino software will offer you the tools to create an advertising campaign that works.
Here are some of the benefits such a marketing plan can bring you:
- Increased traffic: With the right campaigns, any casino site can easily become a top online casino among the targeted audience;
- Enhanced brand visibility: By using this marketing program, more potential users will discover your casino website, sign up and deposit;
- Higher conversion rates: Affiliate campaigns bring not only visitors but also depositing players, thus being one of the most fruitful types of online casino partnership today;
- Cost-effectiveness: Online casino affiliate marketing is the cheapest promotional tool, that can lead to a casino partnership that will last.
Are you ready to start your casino business? Create a unique affiliate program and become the best online casino partner around!
Tips For Starting a Casino Business Online
Don’t forget that, like in any business, it takes time and effort to see results. Although online casinos pop up left and right, with the right strategy anyone can find their place under the sun and achieve measurable results.
Last, but not least, we prepared a couple of tips you can use to make your casino website one of those top online casino brands that rule the market. Keep them in mind when trying to make the most out of your casino software and the tools it offers. And, of course, good luck!
