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Jun 4, 2024

How to Get Started in the iGaming Business

The future looks bright for online gaming, with rapid advancements and expansion on the horizon. Statista predicts the global online gambling market will generate US$100.90bn in revenue by 2024. With an annual growth rate of 6.20% from 2024 to 2029, the market is expected to reach US$136.30bn by 2029. Thus, entrepreneurs have a significant opportunity to launch an iGaming business.

However, starting such a business is challenging. It involves a range of considerations while requiring thorough planning and execution. Let’s uncover the reasons for starting a gaming business and look at the actionable steps to begin.

Reasons to start an online casino in 2024

The entertainment sector is lucrative, and gaming companies have a clear edge over traditional casinos. Younger generations prefer playing online, and the simplicity of using iGaming platforms attracts even those with minimal tech skills. User-friendly interfaces and mobile apps make online gambling accessible to a wider audience, including older individuals who might not be as tech-savvy.

Unlike land-based casinos, which rely on local visitors or tourists, online iGaming companies can attract players from around the world. The only requirement is that the business complies with laws that regulate local gambling. This global accessibility opens up endless opportunities for growth and revenue.

Compared to traditional casinos, online casinos provide more game options, including video poker, table games, online slots, roulette, online betting, esports, and more — all thanks to seamless integration with iGaming content providers or game hubs.

The checklist of 10 steps to start an iGaming business

Take a detailed look at the roadmap to start a gambling business from the ground up, complete with an overview of various business opportunities.

Step 1. Conducting market research

The iGaming industry is competitive, with many operators vying for attention. Before launching, gambling businesses should know their target market and competitors. Research the major players, how they operate, and what makes them successful.

Also, learn about your target audience's betting interests. Understand their preferences for games and sports and follow market trends. This knowledge will help you create a strategy meeting player needs.

Step 2. Initiating business planning

After completing your research, you should draft a business plan. This blueprint should encapsulate a company's core mission and vision, delineate its business goals, pinpoint your target demographic, unveil your marketing plan, detail your services and products, project your financial trajectory, and outline your team's composition. A comprehensive business plan will guide your startup, helping you attract funding from investors or banks.

Step 3: Meeting iGaming regulations

Launching an online gaming business requires careful attention to global and local regulations. Opt for the right licensing jurisdiction, as it facilitates bank account setup, ensures user fund safety, and meets regulatory standards. Moreover, keep in mind your game offerings, costs, and duration of the licensing process. Popular choices include Curaçao for its broad reach or the Malta Gaming Authority (MGA) master license.

Step 4: Building payment processing

Setting up payment processing is also vital. To ensure global accessibility, you should offer various payment solutions, such as credit cards, e-wallets, and bank transfers. While selecting a reputable payment processor with a secure platform will safeguard business and player financial details.

Step 5: Integrating gaming software

Then, look for reputable iGaming services provider, focusing on their experience in the iGaming industry, service quality, testimonials, and adherence to regulations. Partner with providers with flexible API integration options, diverse game libraries, customizable interfaces, and live casino features.

Assess the scalability and adaptability of gaming software to assist in your future expansion and tech enhancements. Moreover, scrutinize their reputation for providing secure and fair gaming environments, validated by certifications from renowned testing organizations.

Step 6: Developing gambling website

When building an iGaming website, focus on key features to ensure quality service. Priorities include:

  • Mobile-friendly: As more people play games on their phones and tablets, make sure your site works well on both Android and iOS.
  • Maximize uptime: Ensure your site performs well with quick load times and nearly perfect uptime.
  • Compatibility with third-party iGaming software: Make sure everything works well with games, payment systems, security tools, and other features.
  • Built-in affiliate programs: To successfully promote an online casino and reach your goals, implementing an affiliate program is crucial.

Step 7: Setting marketing strategy

Attracting and retaining a casino audience stands as a pivotal factor for success. Check out some marketing tips for iGaming business.

Collaborate with Affiliates: Forge partnerships with bloggers, streamers, and influencers to drive traffic. Compensate affiliates based on successful conversions through various models like revenue share, CPA, hybrid structures, or fixed fees.

Offer Bonuses: Delight your audience with deposit bonuses, welcome packages, and reload incentives. Ensure transparency by setting clear terms and safeguard against abuse with measures like wagering requirements and withdrawal limits.

Establish Loyalty Programs: Acknowledge and reward loyal patrons with exclusive VIP schemes and tiered loyalty perks to foster lasting relationships.

Incorporate Gamification Elements: Elevate user engagement by integrating in-game challenges, tournaments, and immersive experiences, enhancing revenue streams while captivating users' interest.

Step 8: Establishing player helpdesk

Responsive customer support teams available 24/7 are essential for a thriving online iGaming business. These teams should effectively manage customer issues, speak multiple languages, understand products and promotions, and collect player input. Additionally, establish a specialized support team for VIP players to provide personalized help and exclusive perks, ensuring their continued satisfaction.

Step 9. Conducting quality checks

Although your software provider may conduct a comprehensive review of your newly developed online gambling platform, it's imperative to conduct your own meticulous testing. Scrutinize every small detail of your iGaming platform, including payment procedures, game launches, game localization, and more. Ensure seamless functionality across various devices and promptly address any technical errors or inconsistencies you uncover.

Step 10. Staying up-to-date

As the online gaming industry progresses, it's crucial to stay in sync with the shifts. Make it a habit to continuously check your website, introduce fresh titles and in-game experiences, and remain attentive regarding iGaming news and regulatory updates.

BGaming – your trusted game provider

BGaming, a game provider established in 2012, has gained a strong reputation in the global online gambling market. Gamblers worldwide love our recognizable games, which have been reflected in numerous awards. With over 150 captivating games featuring flawless graphics and math, BGaming supports all currencies, including crypto ones, and was the first to offer cryptocurrency-supported games.

BGaming is committed to being a data-driven provider, utilizing its own analytics tools to determine various factors. This includes identifying the themes and mechanics in high demand across different locations in the iGaming market, discerning which games maintain high retention rates — indicative of players repeatedly returning to them — versus those that experience initial popularity but subsequently decline, and assessing the extent of coverage through mobile devices, among other metrics.

Furthermore, BGaming prioritizes players' needs. This dedication is evidenced by streamers' loyalty to BGaming games. When streamers show interest in a product from a provider, it also piques the interest of the iGaming sphere audience.

It's worth noting that BGaming is deeply committed to customer satisfaction. We strongly emphasise communication with operators, offering prompt feedback, collaborating on joint projects, and being open to counter offers when needed. Furthermore, BGaming shares its expertise with online casinos, adjusts workflows to meet client needs, and customizes games upon request. This customized gaming experiences extends to branding specific games for online casinos, allowing them to easily distinguish their brand in the competitive market.

BGaming is partner-ready — are you? Drop us a line to discuss collaboration opportunities!

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