How do I start a casino business?
Starting over with my own online casino - what do I have to consider?
Table of Contents
The gambling industry is growing faster than ever. It feels like new online casinos are emerging every day that want to participate in this hype in order to capitalize on it.
It seems that this trend will not let up either, because from mid-2021 there will be clear borders and laws in Germany for the first time, which will allow the market to grow legally.
What should you watch out for when opening an online casino?
Every country has completely different laws and rules, which should be taken into account. It should also be taken into account that this is a business that requires a license, for which a casino license is required in any case.
Without start-up capital, it is also not possible to bring such a system onto the market. After all, various licenses have to be purchased for the games. Because not everyone just wants to play the slots from Micro Gaming or Novoline, but also from Merkur.
A wide variety of payment options must also be offered. In this case, transaction fees are due, which are also paid by yourself. This is necessary because the other providers do the same.
In addition, a time must also be planned, because it does not work without customer service. After all, that wouldn't be particularly serious. A simple e-mail address would be sufficient for this, but a hotline would be quite important - to inform about competitors and to react accordingly.
Reporting requirements, taxes and duties
No further information should be given at this point in relation to the legal regulations regarding reporting obligations, taxes and duties.
It goes without saying, however, that registration with the trade office should not be neglected. Because as soon as there is an intention to make a profit, a trade must be registered. On-site start-up advice can help clarify these questions.
Obtaining permission is not easy
An online casino may only be operated if there is a license to do so. At the moment, an EU license has to be obtained so that the offer also has a serious external effect. However, various requirements must be met for this. Such a license currently exists in Malta, Alderney, Gibraltar and the Isle of Man.
The costs for this can vary widely. The most popular solution from Malta (Lotteries and Gaming Authority - MAG), for example, requires a share capital of 40,000 euros. Then class 3 or class 4 can be acquired.
What technical solutions are there for an online casino startup?
If a startup in the online casino sector is to be created, the technical solutions are first of the highest priority. The loading speeds have to be excellent, the site should be designed to be clear and user-friendly and a mobile version is essential nowadays anyway.
There are also ready-made software solutions (white label) on the market, but they are not particularly recommended because you don't know the programming yourself. There could be backdoors, revenue sharing is required and license fees are incurred. Therefore, your own software solutions are always preferable.
What functionality does a white label solution have?
A white label solution has various advantages that can be used directly. That is also the biggest advantage of this option. In some cases, this solution can also be used to set up your own system based on your own individual requirements.
The design should vary, for example, because it doesn't make a good impression if the design looks similar to other online casinos. It should always be something of your own, because then the players feel ready to invest more money.
The usual scope of functions usually includes your own CMS, a payment solution or cash register system and a function for generating reports as well as:
- Player and game management
- Marketing and bonus management
- Payment system administration
- Affiliate program
- Protection against tampering
- Retention system
The affiliate program is a very special thing that every casino should have. The casino blogs have a way of promoting the website and making money from it. Interestingly, such an option is rarely offered by smaller casinos.
What are the fees for online slots?
As mentioned earlier, the games aren't free either. The companies charge license fees for each game and it doesn't matter whether the games come from Playtech, Novoline, Netent or Merkur. Because everyone also has to pay for their developments and employees.
The costs are actually not publicly available, but those who save here are definitely saving in the wrong place. Overall, higher monthly costs are to be expected.
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