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.
Important to realise that the overall success of the online business depends on the amount of traffic. However, in this sphere, the reputation of a brand plays the most important role.
How to promote a casino?
In fact, the process of promoting a product or a shop really differs from promoting an online casino. According to experts the process of advertising an online casino usually takes place in the search areas. In other words, you have to promote the casino in Google search, in order to increase the traffic. Moreover, there are some tools to promote a gambling site.
- Use social media – creating pages in social networks leads to an increase of the awareness of casinos, therefore attracts new users.
- SEO – this tool allows to bring the platform to the top line in the search area.
- Email marketing – sending the messages directly to someone who is interested in the product.
- Streaming – a person streams the game and attracts new customers.
There were some basic instruments of how the casinos promote themselves. Applying this, you will reach new clients and increase the traffic through the casino. In fact, it’s important to know how to target the audience not only in gambling sphere but in many industries.
The issue of fairness is the most meaningful when you decide to join an online casino. It’s extremely important to choose the right one. Among numerous fake casinos there are also fair ones that will pay you out and never intend to give your private data to outside parties. Let me help you with the choice and inform you of the primary features that you have to pay your attention to.
If you have searched through our site, you could find a lot of ratings and articles with the top casinos that are worth following. The mentioned gambling sites are all confirmed as trusted. The characteristics by which we test the online casinos are the following.
- Security measures
- Support service
- Games variety including providers
- Banking options and payout speed
These are the most necessary features that any fair online casino must obtain on the high level. However, there is no perfect gambling website. Some licensed sites have perfect support and games selection, but they lack a couple more options for payout. The others are good at promos, they pay out quickly, but the support is slow and has only email contact. That is why we recommend several online casinos depending on the characteristics and games selection according to players’ tastes.
After we’ve learned the general info about casinos, we test them in practice. Games, overall loading, unpackaging of welcome bonus, connection with support service centre and, of course, payouts speed are all tested. The reviews where we describe the online casinos are based mainly on the common features of the casinos. Usually the info in description matches the reality. Otherwise we mention the drawback.
Although we have a mostly objective opinion on the casino sites expressing our personal impressions, it doesn’t mean that your experience will be similar. Of course, online casinos try to do their job right, but sometimes depending on a situation you may get a wrong impression on a casino. Therefore, your personal unique opinion develops differently.
What is in the article?
- What is the process of withdrawing?
- Tips for convenient money processing
- Methods for withdrawals
What is the process of withdrawing?
First thing you should take into account when thinking of cashing out the winnings is the time it takes to transfer the money to the banking account. Regardless the deposits are instant, the withdrawal process requires some security and verification processes. As soon as you made a request for withdrawing, don’t be shocked, it can take up to 4-5 days for the money to transfer from the casino account to your card. Although, it’s usually a lot faster, especially using e-wallets, because e-wallets are the quickest method right now. Such payments systems, like Skrill or Neteller, take from 0-72 hours to make a transaction. However, the bank wire transfers will take much longer.
Tips for convenient money processing
Don’t cashout the whole sum. If you win a large amount of money and are ready to withdraw all of them, ask yourself two questions: am I going to continue playing? or am I going to stop gambling for a while?. If you think to continue playing later, we recommend you to keep some money on the account and do not pay out every cent. Otherwise, you will have to again make deposits and just spend too much time on it.
Think ahead. Create a weekly plan when you will make a withdrawal, for example, on a certain day on the week, and stick to the plan. In this case you will always know when the next transfer is, and when the money drops on the banking account.
Methods for withdrawals
In fact, each casino provides a list of available options to make payouts. Mostly, the list is pretty similar, however, different casinos provide different withdrawal time, security aspects, privacy and other features. The fastest methods are e-wallets, such as Skrill, Instadebit, PayPal, Neteller, EcoPay, and Citadel. All of them provide fast transaction and secure service.
All things considered, money transferring, especially payouts, take some time. In order to minimize the time you should choose the suitable method and stick to the useful tips and strategies. Furthermore, there are a large number of methods you can choose from, however, not all of them are free and secure. By that, we recommend you to use e-wallets from our list and be confident in your financial safety.