The gambling industry is a highly lucrative industry and much of the profits come from the online sector that provides the players with convenience and availability. Most of the games played on these different online casinos websites come from several key software providers so programming is not a needed skill in order to operate an online casino. Paying a software provider is. Additionally, newcomers need to think about licenses, taxes, marketing and other associated costs in a highly competitive industry. So, let’s go over some facts on whether running an online casino business is profitable.
The Online Casino Sector
The gambling sector is worth more than $50 billion and the online sector contributes to around $40 billion in revenue annually with new online casino operators opening every year and so you can play live casino games at Betamo. Nowadays most people have a smartphone and are using it throughout the day. Additionally, the availability of the internet and decreased costs of technology are driving more people online, both in developed and countries in development. The market is the world and as such, finding a place in spite of competition is possible especially given the fact that one can serve people from all around the world on the same website.
License and Running Costs
The entire world is noticing the high gambling revenues which is why it is becoming less expensive to open a company. For example, registering and starting an online casino in Malta takes around €11,000 where the annual costs are €8,500 and the rest goes for the one-time application. Curacao has similar billings that are a bit more expensive but in a similar range. The rules vary from country to country so don’t rush it.
Software Provider Costs
Costs associated with paying software providers to lease games cost between €6,000-50,000 depending on the number of games provided. People like to have options. Think about those TV bundles that provide a thousand channels or so but in fact, most people watch three to five channels on a regular basis. But the offer, the availability is what counts and what sells to. So, aim at around €15-25k for starters.
Additionally, you will need excellent customer support and employees.
The House Always Wins
The truth is that the house always wins and all that you need is good advertising to attract players and you are set to go. You can acquire players from affiliates and through marketing and the start will be a little bumpy.
The situation for newcomers in the sector is good with countries providing quick and affordable license costs.