It is not a secret to anyone that online casinos are ‘tricky things’. People use them for money, and reversely, online casinos are using the gamblers’ attention to get the money. What’s interesting, the only party that takes the real big money is the casino site itself.
Fine, in defense of online casinos, I should say that online casinos do the dirty work collaborating with the services, providers and many more. As a result, they are presenting a ‘candy’. That is what you see – the attractive gambling site.
There are some stages that online casinos go through to make the continuous work successfully. Let’s see these steps more closely.
- Attention stage. At this point the online casinos attract players by ads on emails, social nets and specific sites. Once you get caught, the casino site starts handling your personality. In other words, you get attracted even more. Different bonuses and casino policy help with it.
- Registration. Obviously, after you get completely stuck on the site, you find yourself filling in the sign-up form. Congratulations, you’re a member of the casino.
- Depositing. This stage is the cream of the crop for online casinos. You give them your first funds. This money is still yours until you start playing.
- Bonuses. Perhaps, bonuses are the things that attracted you the most. They have pitfalls, to tell the truth. (You can read about it on our site). So, you claim for the bonus as you meet all the requirements.
- Games. If you started the game right with the real money mode, you will most probably lose them all (unless you have experience). So, you start betting, spinning, playing and winning or losing. It depends on RNG. The generator gives out fair and random results. Finally, you lose a part of your money that goes to the house edge (budget) of an online casino. Sometimes you win it back, sometimes no. If you want to return it, as soon as you get the total balance over your starting sum, quit the game.
- Withdrawal. You can withdraw at any time. Just make sure you’ve completed the bonus requirements if you’re using them. So you go to the banking page and select the payout option. Look through the methods available and fill in the form.
- Verification. This process takes time. If you are a newbie at the casino, it may take several days. Basically, the casino team just wants to make sure you are the real person, and not a fraud. At this stage the casino might ask for extra info and dos. You’d better give them everything they need.
- Payout. After the successful previous stage, they send your winning to the banking option you’ve selected. Wait for the money.
That is quite reasonable why a person might get a thought of starting its own online gambling business. It brings much profit, especially nowadays when online related industries are at the top. Just like the huge yearly revenues of online casinos, one has to spend the big sums of money for the business launch.
Gambling business requires many responsibilities and attention. The known stereotype about casinos that they are always cheating impose additional obligations on the casino owners. They have to license their business activity, get special certificates and constantly prove that they are safe and fair.
This ‘proof’ costs money which you as a potential owner need to pay at the very beginning. All the licenses, certificates and security technologies are the first instruments that you have to think of before you start. Not a single high roller or even a regular player will make funds into an ‘unknown’ casino without an official license.
However, in order to receive a license you need to accomplish several steps. First one is to create the company according to the laws of the country that allows running online casinos. They are usually small countries like Malta, Costa Rica, Gibraltar or it can be the UK, by the way. The company registration cost varies. In the UK it’s 550 euros, in Costa Rica you would have to pay almost 3,000 euros. However, Gibraltar and Curacao don’t take charges at all. So, let’s take the average cost of the registration of a legal entity – $1,000.
The site content is the most important. It’s the face of the online casino. The real money attractive games are what people come for to the online casinos. Basically, you need to make a deal with at least one software provider and have a minimum of 500 games in your casino lobby. Nevertheless, the more games and providers, the more customers. The price is different again. It varies from $10,000 to $150,000. It depends on the provider reputation and amount of games you purchase. Mind that you will have to pay commission from each game. About 15% from one game revenue goes to the provider. Averagely, you could pay about $50,000 for games including commission.
Finally, you can apply for the license. This step allows you to host servers and represent casino games worldwide (where they are accepted by laws, of course). Generally, the licensee is based in the same country where you registered your casino business. Accordingly, the price varies. For example, in the well-reputed Malta you can get the MGA license for about $18,000 + the same for annual fee, in total over $35,000. In Costa Rica you’ll pay totally $50,000. Besides, the license doesn’t last forever. It’s issued for several years. On average, 6 years is the expiry date. So, let’s assume that the first licensing costs $50,000 including the cost itself and annual fee.
Your casino site should be, first of all, clear and easy to navigate. Whenever a visitor enters the site, he or she must understand what the casino offers: games, bonuses, banking options, support, security and etc. Clarity, transparency and availability of all website options. The whole development of the website costs from $10,000 to $50,000. Though we can’t deny additional losses. Let’s take $50,000 for the website development stage.
This step is necessary for all businesses. In order to let people know about you, you need a marketing plan including advertising, SEO content and affiliates. Your minimal marketing losses can be $20,000. However, it doesn’t make much sense as it pays off quite a little. For the good profitable marketing system you can pay $100,000 and even $200,000 monthly. Additionally, you will have to pay a fixed sum and sort of 20% commission to the partners that brought you clients. All in all, for the advertising stage we have approximately $100,000 a month which annually is $1,200,000.
Here you should include, first of all, salaries for your staff. It should be a whole team of specialists in the fields of design, web development, security service, support, sales and marketing, finance and copywriting. In addition, you will have to maintain the site and its security system annually. The total cost of this all will be about $500,000 a year. It depends on the salary amounts you can afford, of course.
This is a specific amount of money you save in the bank as a guarantee that you are able to give payouts to your players. It can’t be used for taxes and other expenses. This is a necessary fund, and its minimum depends on the registration country. It will cost you about $100,000.
If we consider each expense given above, the online casino site costs $1,951,000 at the start. Still, you have to understand that this sum is not exact. In reality you may pay more or even less. Anyway, considering all the necessary and additional expenses, you need to have at least $2 million in your account to open and maintain the casino site during one year. With an excellent marketing plan you can compensate for the losses during a couple of years, or even less period of time.
Players are obliged to deposit the minimum amount to the account for receiving the won funds. Otherwise, the transaction will not work.
At the present days there have appeared a lot of payment systems. They all are secure and fast. Ecopayz is one of them. Basically, it is an international e-wallet which processes money online quickly and safely. It has become popular among online casinos. By 2020, almost every Internet casino allows you to deposit or withdraw through ecopayz. NZ players are glad with the service too. They choose ecopayz for the following reasons:
- Ecopayz accepts NZD currency.
- The system is worldwide.
- No need to enter your bank card info.
- On the other hand, ecopayz can be connected with cards and send money to your bank and backwards.
- Protects your private info and adds a security layer to transactions.
- Fast as lightning for deposit and withdrawal.
Ecopayz is definitely an advantageous method of payment. To make a transaction to or from an online casino, you only have to know which gambling sites accept ecopayz. Let me list the most popular and safest of them available for New Zealand players. You should remember one thing: clarify if the online casino accepts ecopayz for both-way transactions.
- Spin Casino
- Lucky Days
- Night Rush
- 888 Casino
- Genesis Casino
- Royal Panda
- Yako Casino