Starting up any kind of business can be a daunting prospect – but in the world of iGaming, there is much more to think about than there would be in a more traditional type of business. It can appear to be a glamourized world, especially when you think of the Las Vegas strip, or look at some of the adverts on TV for online casino’s – but there is a lot of work that goes into making an online casino successful. We’ve put a list of things that you definitely should know before delving into the world of iGaming.
Keep reading to find out more!
There are Compliance Regulations to be Met
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Online gambling sites have been in the press a lot lately – with a very firm focus on ensuring that operator casinos are promoting responsible gambling. The Gambling Commission has taken this incredibly seriously and has a very watchful eye on what online casino and sports betting sites are doing when it comes to their advertising methods, and ongoing care of their customers. They look at anything from ensuring the terms and conditions of any welcome offers are displayed correctly – to ensuring appropriate measures have been taken if a player looks to display symptoms of a gambling addiction. As such, you are under the microscope a lot more than you would be with other types of businesses. Make sure you seek advice from a compliance expert before you get things going.
It’s a Fast-Growing Industry
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Due to the technological innovations in the world of online gambling, it’s something that is becoming increasingly popular, and therefore a niche that countries that were initially wary of the concept now can’t ignore. Online casinos don’t have as many limitations as they once did. Now instead of targeting UK based online traffic solely, it’s expanded massively into the Nordic countries, Germany, Spain, Italy and states in America where it is now legalized. This means that there is an excellent opportunity to appeal to a mass market, and you need to think big when it comes to your marketing strategy. If you choose to be part of a network, rather than develop your own stand-alone online casino – make sure you have all of the information as to who and where the casino can be accessed, as not all providers are this far on yet.
You Need to Invest in Paid Advertising Campaigns
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When it comes to marketing an online casino, things can get a little costly depending on which medium you choose to use. Advertising on Facebook, for example, can be a bit difficult as you need to agree to a minimum spend and submit an application to be approved to advertise online gambling. When it comes to PPC campaigns, the cost per click for online gambling is higher than what you would find for other businesses. This doesn’t necessarily need to be a negative; it just means that you need to make sure you allocate your money wisely and continuously monitor your return on investment to see which channels are working for you.
Build an Affiliate Network
Affiliate marketing is particularly useful for an online casino or sports betting site. This is where you pay other online portals for a website review or agree to a certain level of exposure. There are lots of affiliate sites out there with lots of website traffic they could send your way, so have a browse around and choose the one that meets your needs. Again, this is a medium that isn’t used as much in a lot of industries – but for success, it’s always a good idea to create and build your own affiliate network. Nurturing long-lasting relationships will help you create the partnerships you need to get your brand out there. A lot of operators use this as their primary method of marketing, and for a good reason – so it’s worth checking out.
There are Lots of Ways to Learn about iGaming
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Because iGaming is such a fast-growing industry, there are tons of industry-specific conferences that you can attend where you can learn from the experts. They will give you the necessary input you need on SEO, social media, PPC, influencer marketing – and anything else that can help you growth-hack your way to success. There are even more in-depth training academies available, where you can get some intensive training on what you need to know to make your online casino work. Don’t be afraid to seek advice on something that’s new to you. The good thing about iGaming is that although it is an incredibly popular industry – it’s also amicable, so people are always happy to lend a helping hand to anyone new that comes in. No matter what time of year it is, you are sure to find something going on.
Technology is the Future
It wasn’t too long ago that people were shocked at the idea of land-based casinos transitioning into online casinos, and then there was the emergence of mobile casinos. There are more innovative technological advancements on their way that could revolutionize the industry such as VR casinos. Here players can enjoy a fully-immersive experience from the comfort of their own home. It also brings the element of fantasy, so they could be playing in space, on the beach – wherever these talented developers wish to take them. As iGaming is a competitive market, brands are looking for more and more ways to stand out – and this could be the next big thing. To create a successful site, make sure that you consistently read up on the latest happenings in the industry.
If you are thinking about opening your own online casino or sports betting site, hopefully, we have given you some food for thought on things to consider that may not have yet crossed your mind. Although it’s a competitive industry – it is a great money-making opportunity if done correctly. If you follow the advice listed below, you’ll hopefully be well on your way to launching your very own iGaming business.