The iGaming business is forecast to grow at a Compound annual growth rate (CAGR) of around 12 percentage over the next five to seven years from 2022 according to various industry experts. This is a good time to join the iGaming industry. With three out of five businesses failing in their first year, here are some useful suggestions that will help start a successful iGaming business with some reputable platform providers like Softswiss, isoftbet or GamingSoft for being safe, secure and honest in operation.
Level of investment #
It can cost tens of thousands of dollars to setup an iGaming website, though costs will vary depending on the volume of production. The most cost-effective way to kick-start new iGaming sites is as an affiliate website if iGaming operators have skills and experience with internet marketing. To ensure a high return on investments, iGaming operators will need to invest in exciting and engaging iGaming content with an attractive promotion and bonus system that is compatible across all platforms. Whilst affiliate website are often launched within two to three months and cost less than developing operator’s own iGaming website, the platform owner controls the iGaming content that will be available. On the positive side, they also provide a license alongside payment services, customer support and more. A non-affiliate iGaming website could take from three months to one year to launch as these are customised to the operator’s requirements.
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Obtain an iGaming License for Your Target Market #
iGamings website must be licensed. A license means the business must comply with the laws and regulations of the authority that has granted it, including security, fairness, responsible gaming. This shows that iGaming platform owners are a law-abiding operator. There are several authorities worldwide that issue iGaming licenses including First Cagayan Resort & Leisure Corporation (FCRLC), Curacao eGaming, the UK IGaming Commission and the Malta Gaming Authority, each with its own costs and reputation.
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Choose reliable iGaming software providers #
It is crucial to select reliable iGaming software provider and this will require significant market research to ensure iGaming operators have the right games for their target audience. iGaming operators may glance over at our iGaming Software Developer and White Label Provider list to choose the best for their players which include quality animations, graphics, and sound, excellent customer support service, robust security systems, a user-friendly iGaming interface, payment methods and supported currencies and a multilingual platform. iGaming operators also need to check that they have the best business agreement with the software developer or white label provider companies to include pricing and terms of guarantees. Check iGaming reviews and security features as well as individual cooperation conditions, certifications and technical support which should be part of the iGaming business agreement.
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Select the Best iGaming content #
There is fierce competition between iGaming operators, so it is important to offer diverse iGaming content to stand out in a crowded market. A portfolio of various game genres will attract a broader range of players and make sure games are available to play on mobile devices as this is the fastest-growing sector in the business. Consider incorporating live video streaming features with live dealers or add a sportsbook.
Apply for secure & verified payment methods
iGaming website is unquestionably a global pastime; therefore, it’s only natural to include international economic activities, such as sending and receiving money internationally.
Players will be prevented from depositing money or withdrawing it if their iGaming website does not integrate with major e-payment systems. Ignoring payment options such as credit cards and vouchers is a bad business practice that can harm iGaming operator’s image. Operators should establish numerous agreements with payment system providers devoted to transaction security if operators want to secure verified payment options for their iGaming website.
iGaming platform may benefit from a wide range of high-caliber services, including multicurrency support, antifraud, comprehensive risk management, and connection with most of the major payment systems using payment processing platform provided by reputable white label providers like SoftGaming, GamingSoft, iSoftBet and etc.for players all across the world including Asian players.
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Marketing and Promotions #
Promotions and marketing will encourage players to operator’s iGaming site, Welcome Match Bonus offer for new players whilst Loyalty Programs tailored to reward regular players. Secure verified methods of payment will be an important part of iGaming operator’s marketing campaign, with options available for traditional payment methods and major e-payment systems including crypto-currencies supported by anti-fraud and advanced risk management.
What’s next? #
The top 6 steps mentioned are the most crucial aspects in starting an iGaming website. Once iGaming operators had established a solid foundation for their business, iGaming operators can move on to the secondary aspects, including the design, user interface, and retention marketing strategy. Commonly, most players judge the looks of a iGaming website. However, no matter how attractive a iGaming site is, players can still choose other iGaming websites that have a better selection of games. Among other reasons to choose an iGaming website is having the convenience of playing games on any device easily.
Everything is all about convenience. It’s important to remember that players look for iGaming websites that have a lot of options in terms of payments, games content, device interface, promotions, and much more. As long as iGaming operators make players feel the same thrilling experience as they would have in a land-based casino, then the iGaming website launched by operator will become successful.
Don’t forget to check out the infographic below for more ideas to operate an iGaming website successfully.
