The online gambling industry is set to rake in over $80+ billion by the year 2022. That is a staggering amount of money by any standards. You can start your own casino and have a piece of this pie. There are hundreds of online casinos but there is always room for one more. With the right product and marketing tactics, you can carve out a piece for yourself and become a successful online investor. There are very good reasons to start online casino instead of a land-based investment.
What is an online casino?
Many people visualize online casino as one that has series of flashy slot game applications just like the traditional land based casinos. This is a somewhat true but very simple version of today’s online casino.
Online casinos offer a vastly different experience apart from the land-based casino. The online casino has digital versions of most of the popular gambling games like poker, blackjack, and roulette. There are some clear differences between online casinos and land-based casinos which can be seen as advantages:
• Games can be added or removed from the online casino in a matter of minutes.
• There are more payment methods available for a customer including digital currencies like Bitcoin. The online casino can process thousands of payment transactions simultaneously.
• The online casino is not limited by the legal jurisdiction in customer base.
You could start an online casino with minimum capital investment. This is possible by getitng a white label casino. You will only need to sign up with an online casino software provider. The provider will take care of the design of the casino website, gambling license, casino software and payment processor setup, and customer support. You will have to agree to share the profits. Your only costs will be in marketing.
If you are not buying into a white label casino solution, the conservative estimates for setting up are $1000,000+ This is lower than in many other businesses that have a global reach. The recurring costs will be in renewing the gambling license and maintaining the online casino software system. There are few members of staff to maintain and fewer payroll hassles. Other overheads like rents, energy bills and so on do not apply. If you are pulling in a few thousand clients per month, you are good to go.
Investing in a land-based casino or any other investment bets heavily that the laws of the jurisdiction where they set up will not change. This is evident in online gambling businesses that were affected by a change in US laws regarding online gambling. Many online gambling businesses simply changed their jurisdictions at little cost. An online casino can also get legal licensing in multiple jurisdictions taking advantage of different licensing and tax laws.
An online casino can have millions of customers if the marketing is done right. Clients from jurisdictions that don’t allow gambling can play by using VPNs and other internet invisibility measures. The online casino also attracts clients who need a bigger challenge and can’t find it in their local casino, but don’t want to travel to land-based casinos away from home.
The proliferation of mobile devices has also expanded the frontiers of the market reach. There are more people getting access to mobile devices with internet capability each day. This includes Millenials coming of gambling age. Women have also become more active in online casino gaming as the environment is less intimidating than that in a land-based casino.
As the owner of an online casino, you can deploy a mix of marketing tactics to reach a wide audience all over the world. You can take advantage of digital marketing tactics to make a highly successful marketing campaign with a viral potential of reaching millions. You can also experiment with different promotion tactics at little cost. By retargeting your digital campaigns to reach clients with a specific profile, you can check out what marketing methods are most successful and exploit them to maximum profitability.
Unlike a land-based investment, an online casino has the flexibility of allowing experimentation with different products. Unlike a traditional casino where introducing a new game requires buying new machine and equipment, you can add and remove games from an online casino in a matter of a few minutes. If you would like to add a new poker variant for example, it is a simple matter of making changes to your online poker software. Many online casino software providers will allow for customization of the casino software to match the product needs of the online casino.
The gambling industry is one of the most consistent industries in online revenue generation. There are numerous online casinos that have operated since the early days of the internet. It has been one of the favorite pastimes since time immemorial and will continue having many followers.
Industry experts predict good days ahead for online gambling investors. With a prediction of $80+ billion dollars by 2022, it is an industry that promises good returns for the sharp investor. It is time to think about starting an online casino.