Online casinos have grown spectacularly since the coronavirus-related restrictions were set in place. From approximately 44 billion dollars in 2019, the industry is now valued at 66 billion at the end of 2020. And it’s not stopping there.
The industry is projected to grow up to 158 billion by the end of the decade, so there’s clearly room for new entrepreneurs. Let’s see what you need to know before venturing into this gig.
The Level of Investment
As with any business, you need to invest time, money, and effort when starting off. However, not all businesses are equal, and the online gambling industry can be quite competitive.
It can cost you tens of thousands of dollars just to start an online casino. Or even more. Luckily, there are numerous software providers like BetConstruct who can help you out with the process and with personalized offers depending on how much you’ve got to spend.
Licensing
Apart from the investment in the casino itself, you also need to take care of the licensing fees. And yes, you absolutely need a license if you want your casino to operate in full legality.
Depending on your chosen jurisdiction and type of online casino, the price can vary by a large margin. Make sure to collaborate with a law firm when going over your licensing options so that you can get the best possible deal.
Marketing and Promotions
We’ve already established that the industry keeps growing and that more and more people are willing to place online bets at some point. Even if they lose, they get gambler’s high. And they’ll eventually come back to this habit at least once in a while.
Even so, you need to get creative. While the demand for gambling will definitely increase (especially during times of economic crisis), the supply will also see a major surge as well. With that said, your campaigns need to be original and you need to plan them out in the most effective way possible.
The Rise of Mobile and Its Implications
It’s no secret that people have started browsing on their mobile phones more and more over the past decade. However, what few people realize as of now is that mobile platforms play a huge role in the gambling market as a whole.
First and foremost, the smartphone allows people to gamble any time of the day from anywhere they might be. It lets them keep apps related to the casinos they frequent instead of obligating them to keep numerous browser tabs open. And, of course, it allows plenty of VR and AR options that are attractive to younger gamblers. Overall, it’s addictive as hell.
Not Even Pandemics Match Online Casinos
Let’s be honest, you probably saw this one coming. Just like 2020 has proved, physical businesses will always be affected to kingdom come whenever a special situation arises. Online businesses, however, can still manage to thrive with the right decisions and investments.
In fact, online gambling has grown significantly in the past decade, and especially during the past year because of all the pandemic-related restrictions. People were stuck in their homes, some of them left completely jobless, and they were willing to risk what money they had on gambling.
In the end, you can bet (pun intended) that your online casino business will be a much safer gamble (again, pun intended) than creating a physical casino. And even though the business itself relies on a lot of factors and even on sheer luck, it’s a better investment than many other ventures.
So, Are Online Casinos a Good Business Idea?
In short, yes, but with some caveats. You need a lot of money to invest, and you need to invest it wisely. However, once the basic steps get marked off your list, the ride gets easier and easier.
While we can’t completely endorse any business endeavor, and while we’re not financial analysts per se, we truly believe that this sector will keep growing despite the financial hardships that might engulf the world throughout the following years.