How to Create a Successful Online Casino?
At all times, gambling was considered one of the most profitable businesses. In some countries, to open a casino, including one on the Internet, is forbidden by law. However, a corresponding license can be obtained in a country where there is no ban on gambling. In order to get real income of an online casino, you need to comply with certain conditions in its organization.
How to open an online casino? First, create a detailed business plan, including a list of all expenses, marketing strategy, and the expected profit. The next step is a registration of legal entity and obtaining a license. Do not forget about proper software for your online casino. EvenBetGaming.com can help you with poker tournament software easily and at a reasonable price. Gambling business is licensed by some EU and offshore countries, so you are free to choose what country fits your business better.
You should choose a country based on experience, scope of your initial capital, as well as location of your prospective customers. When you select one of EU countries, you must take into account that not only a license, but also a submission of an application to receive it will be expensive. Counting all expenses, the start-up capital should be more than 100 thousand Euros.
Among the offshore countries to open online casinos, the most widely used are Costa Rica, Dominican Republic, Comoros, the Philippines, and Curacao. In these nations, no need to have a start-up capital or record-keeping; the casino is registered quickly, and taxes are not charged. For registering a casino in Tasmania, Antigua, Gibraltar, Isle of Man and Malta, a seed capital required ranges between 10 and 100 thousand dollars, and taxes are accrued. However, the presence of an individual tax identification number of the European Union provides an opportunity to cooperate with worldwide payment systems and increases customer confidence in the institution.
Having received the status of a legal body, you can open a corporate bank account to buy the site, register a domain and hosting, and order or purchase the gaming software. This is the biggest outlay when you open an online casino, no matter who you order the software from. The highest price of the software can reach a million dollars. But if you choose a more modest development, you can stay within our budget of a few hundred dollars. However, it can also happen that the budget-oriented software of several thousand dollars will not bring profits. So it is better to choose trusted companies. What is more, the cooperation with well-known developers provides additional benefits: protection against break-ins and overloads in exchange for a 20% royalty.
Despite the large amount of initial investment, online casinos can pay off for a year and a half, if the site is properly promoted. But advertising in the gambling sphere is expensive as owners of advertising sites realize that they are dealing with a profitable business, so the price set appropriate. Just be aware that the payback period is considerably reduced.