You’ve probably heard the term “iGaming” used a lot as regulated sports betting sweeps across the global. Mobile wagering is expanding tremendously around the world, and more private sportsbooks are arriving onto the Asia sports betting market.
The convenience of iGaming has made it far more popular than in-person wagering at brick-and mortar casinos. With Asia region like Malaysia and Singapore launched online sports betting in the last few years, iGaming revenue figures are reaching new records each month.
The Online Gaming sector is without a doubt a fast-growing industry that is very attractive to gamblers and investors. This is because it has seen a tremendous growth with no sign of letting up over two decades.
At the moment, the current iGaming market is worth close to $59 billion with a CAGR growth f0 10%. Needless to say, many people and iGaming operators are thinking about entering this high profit market. Our iGaming operator’s tutorial will explain things you need to know before start an online gaming operation.
The process of opening an online gambling business is not as easy or as difficult as many people think. This is because it all depends on how a bookie or iGaming operator decides to go about doing it. However, one thing that is certain is that correctly preparing to open an online gaming operation will make things easier.
Yes, we are talking about doing the right kind of research. This includes being in compliance with the law, market research, due diligence, iGaming platform software and more. Once the preparations and research are done, then it will be much easier to open an online gaming website that provide gaming content including live casinos, slots, fishing games, sportsbook, virtual sports and more.
What Is iGaming? #
Simply put, iGaming is any kind of online betting that wagers on the future outcome of a game or event through website or apps. Sports betting, online casinos, poker, slots, and e-Sports all fall under the iGaming definition.
The online gambling market is worth an estimated $66.7 billion per year when you factor in every available market. As more and more iGaming launching around the world, this figure will continue to grow significantly for years to come.
The availability of iGaming varies in all regions, ranging from restricted to regulated. Let’s go through the current state of iGaming and point out some notable locations where it’s available.
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The Current State of iGaming #
The legality of iGaming has different timelines around the world, and regions like Asia United States and Europe are some of the most recent to establish iGaming markets.
Even though iGaming is defined as any kind of online betting, that doesn’t mean every country allows the same legal betting options in all regions. The launch of iGaming casinos as opposed to something like mobile sports betting is staggered in some places and simultaneous in others.
For instance, legal online sports betting has only been available in certain US states as of 2018. Compare that to countries like the United Kingdom, where off-course betting has been legal since 1960, with revamped laws in 2005 regulating online sports betting, casinos, and poker sites.
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History of iGaming #
Examining major developments in the history of iGaming is a good idea while we’re looking at a high-level overview. Check out this timeline of iGaming’s history:
- 1994: The first online iGaming website is launched with ticketing for the Liechtenstein International Lottery in October of 1994.
- 1996: The Kahnawake Gaming Commission is established in Canada, regulating all gaming activity on Kahnawake Mohawk Territory despite the governments of Quebec and Canada not recognizing their efforts.
- 2000: The iGaming industry surpasses $2 billion in revenue. The overall market is forecasted to be worth over $70 billion per year by 2023.
- 2003: The 888.com online casino website is launched, and ten years later it would become the first exclusively online casino to be licensed in the US.
- 2018: The Professional and Amateur Sports Protection Act (PASPA) is repealed by the United States Supreme Court, paving the way for online US sports betting.
As mentioned earlier, the availability of iGaming has different timelines depending on what country you’re looking at. Some places like the UK have had all forms of iGaming software providers for a long time, while certain components of it are just starting to emerge in the US and Canada.
Remember, iGaming is any form of online wagering—and that definition hasn’t changed since its inception in 1994.
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Where and Whom #
The first step is to figure out where you will setup online gaming platform and where your players will come from. For example, in the Asia market, many countries now have online gaming laws which means a license is often necessary. Therefore, take the time to learn about regulations and find the best country to that suit your needs.
While many small iGaming operators and bookmakers do not feel the need to obtain one, it is a good idea to get one. This is because it will protect your iGaming business as well as your players. Some popular places to obtain one include Antigua and the Philippines because their Gaming license are affordable.
Your players or gamblers will dictate how you run and operate your gaming website. In this case, we are not talking about the type of gamblers but their location. This is important because it once again comes down to the law. For example, the Korean online gambling market is not legal nor illegal. However, banking is difficult as it is not very friendly to gamblers.
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Research & Marketing #
This item on preparing to start an online gaming operation could also be first on the list. By doing the market research first, you get a better idea as to where you want to setup online gaming website. This is because you can research the iGaming market from number of potential clients to cost of iGaming operation and licenses.
Marketing is a big part of offering your gaming content and services to gamblers and cannot be forgotten. Furthermore, marketing is not cheap and you could be competing with some of the largest gaming operations in the world. Needless to say, researching cost and options will help you figure out your budget and potential sales.
Open a Business Bank Account #
You will need to open a business bank account in order to make and receive payments, track your finances and have an official record of your accounts. In most cases, iGaming operation companies open a few bank accounts that if there is a case when an account must be closed, the company can sustain its’ business and can keep pay for suppliers and receive funds from PSPs and players.
Again, this is truly a must when starting an online casino website.
What’s next? #
The best and easiest way to setup an online gaming operation is to find the right help. This comes in the form of an expert in the field of online gaming operations. You now have a basic understanding of how to start an online gaming site. You should get in touch with a competent legal expert to find out more.
To sum it all up, starting an online gaming or gambling business requires a lot of focus and effort. You need to know the rules, advantages, disadvantages and risks that come with the iGaming market that you are targeting. You must also know how to be adaptive in any circumstances.
Work with reliable iGaming platform partners to help strengthen the bond between you and your players, Be in tune with what services and features potential players seek. Set your goals. Legitimacy and technicalities should be taken into consideration as well. Always operate your online gaming business under legal boundaries.
More importantly, always keep in mind to stay updated with the latest industry trends and keep high-quality standards. By following the steps mentioned above, you are gearing your iGaming business towards long-term development and success.
