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HomeGamblingBusiness of GamblingAre online casinos a viable business model

Are online casinos a viable business model

There are millions of different online ventures that you can set up which all have different pros and cons. The online gambling industry is one of the oldest along with generating billions in revenue each year which is why it attracts some of the largest companies in the world. If you are thinking about setting up your own online casino you need to be prepared for the feise competition and unless you have a background in search engine optimisation it may not be the industry for you.

Over the last decade the industry has changed dramatically due to online and mobile technological improvements along with innovative betting options.The graphics were deadful in the early days along with the speed but that did not stop the sector from experiencing phenomenal growth. The speed of development in the industry is going through exponential growth currently due to innovations. Sites such as holymolycasinos.com/skrill-casinos are pushing the limits of gaming to take thing to the next level.

Innovations such as the blockchain and smart contract which is presenting a new opportunity to compete with the big dogs for newcomers. If you are thinking about entering the sector then looking for new opportunities such as creating a smart contract gambling platform is the best way forward.

When setting up an online casino you will need to find the best software developers to help create your games. The top rated in the industry are Softswiss, Microgaming and Netent but their services do not come cheap. It can cost over 1000,000 along with a turnover percentage to agree terms with one of these developers. That includes all of the agreement along with licenses so unless you have got capital in excess of this amount a traditional online casino not a viable option as a business for you.

The cost of regulation and licenses are what stops most entrepreneurs entering the market. Depending on which country you apply for your casino license it can cost between 25,000 up to 150,000 euro per annum. The cheapest licenses can be found in Curacao, Costa Rica, Malta and the UK. In addition to these costs you will also have to pay to set up the payment options which can be extremely difficult. It is important that your site accepts amount fiat and crypto payment options so that it does not miss out on any players making a deposit.

Once you have completed the setup of the online casino including software, license and payments you will then have to market the business. Unless you have the marketing ability to attracts hundreds of visitors to your site each day, it will not be a success and could end in financial disaster. Make sure you have a viable SEO along with social marketing campaign in place that is proven to help to eliminate your risks.

If you do not have vast amounts of capital do not worry because new technology thanks to the blockchain and smart contracts are now making it possible for anyone to set up a gambling platform without the vast costs. One such company is FunFair.io which enables their library of top class games be added to a site in just a few clicks. The games already include the license and thanks to smart contract the processes are handled autonomously. This dramatically cuts the costs and presents a fantastic business model to enter the sector.

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