How To Create Your Own Online Casino – / Blog / Growth / How much does it cost to start an online casino or gaming business?
According to a report by Coherent Market Insights, starting an online casino is a very promising business idea, as the market will grow by 11.5 percent annually over the next seven years. However, this is also a very expensive project. Our article will tell you how much it will cost to open an online casino: how much you need to get a license, create a website, create software and games, integrate payment services, advertising and other costs. Money is required.
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Without a legal entity, you won’t be able to open bank accounts, obtain licenses, and enter into cooperation agreements with software vendors and payment services as needed. It is best to register in the country of license registration, as this is usually required by local laws and, if it is a foreign jurisdiction, there are usually lower taxes.
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The table shows the sum of financial payments when opening your company, but the cost of this case is usually higher, as you will also need to hire a local lawyer to prepare. Step 2 and submit the relevant documents. As a rule of thumb, this is an additional $500 – $1,000. In addition, there may be other costs associated with setting up a company, such as filing fees, registering a trademark, renting an office, hiring equipment and staff. 2. Cost of Software
Software is the most important element in the management structure of an online casino, the success of your project and its continued development is directly dependent on efficiency, effectiveness and reliability. The platform must have a good and expensive design. There are many projects that have a bad reputation, so your website should be reliable for newcomers. A gambling platform requires at least three sets of programs:
It is not necessary to work with software vendors for platform games and games. There’s nothing stopping you from building your own solutions from scratch by hiring outsourced developers. This method gives more control and rights, but it takes a lot of time and money. 3. License Fees
An internet gambling license gives you the right to host your own casino servers in the country that issued the license. You cannot place them anywhere, because they require a local license or Internet gambling is prohibited in the selected country. The most popular countries where online gambling is allowed are:
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A license may grant the right to operate a gambling business locally, nationally or internationally. Further, such authorization may be related to a specific group/group, indicating the type of operation permitted. For example, there are 6 groups of sports licenses in Malta:
In addition to the license fee, you may have to pay a certain amount as payment for other costs that vary by jurisdiction. So, Canavec, you have to pay 15 thousand Canadian dollars for technical verification of the software, Antigua and Barbuda – 15 thousand dollars for document review and another 100 thousand dollars for gambling development (annually, regardless of income sight).
Summarizing, we can say that a full license for foreign companies will cost 100-300 thousand dollars, for the European Union – from 300 to 1 million dollars. If this is more than your budget, you can reduce the cost of your casino license. Different types of businesses to choose from:
4. Website and App Development To communicate with your platform players, you need to create a website and mobile app. Their development begins with the choice of process. In addition to the functions of the gaming platform and the games themselves, it:
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The list of functions can be extended due to multiple languages, text communication, rating system, push notification, support for VR and AR, multi-currency payment, etc. Their implementation will increase development costs, but at the same time. This is when you have the opportunity to stand out from the competition, creating a unique user experience.
How much and how much UK casinos spent on advertising in 2017 (Image source: GambleAwareng)
The cost of developing an online casino can vary from 20 to 100 thousand dollars per month. The higher costs are due to bans on gambling ads on Google, YouTube, Facebook and Instagram. As a result, you will have to spend a lot of money to create SEO content with paid partners.
The top contributing sites in organic search engine results are Google, Baidu, Yahoo, Bing, Ask and Yandex for keywords such as “online casino”, “best online casino” and “top online casino”. Partners, you have to give them big deals for money split – 40 to 60%.
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The remaining 20% will go towards creating SEO content that will compete with other casinos and your partners. Which doesn’t work well, but you won’t have a choice, because that’s the norm in the gambling market.
In addition, you can also support sports teams and events, if local authorities allow. But, it is very expensive. For example, in 2012, Chevrolet paid $559 million for a 7-year sponsorship deal with the Manchester United team. Of course, you can save a lot of money by supporting smaller groups or sports that aren’t popular, but that doesn’t make sense – without knowing enough of the audience. 6. Rewards and Maintenance Online casinos require ongoing management, maintenance and development programs, which require a team of professionals. Initially, it should include 17 experts:
Apart from this, the salaries of managers and intermediaries should also be taken into consideration. Sometimes it is a mandatory requirement of the authorities. Similar to the Isle of Man, where an online casino must have two directors and one official representative.
Salaries for these 17 professionals and executives in Western Europe, Japan, the United States and Canada will range from $500,000 to $600,000 a year, excluding taxes, office rent and staff costs. In Eastern Europe it will be 200-300 thousand dollars per year, in Africa, Latin America and parts of Asia – 100-150 thousand per year.
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Apart from this, you will have to spend 5 to 20 thousand dollars to install a dedicated server and run your software on it. In some countries, such as Curacao, such servers must be located in the country and connected to local financial platforms so that the government can monitor online casino transactions. This is necessary to fight taxes and terrorist financing and money laundering.
Security deposit for paying players (security deposit, financial security) — the amount you must deposit in the bank to ensure that winnings will be paid out at your casino. This money should be in a special bank account, and should not be used to cover operating expenses, tax payments, salaries and other activities.
This amount is usually regulated by law and a certain minimum is set. Minimum Security Deposit Amount:
A professional online gambling or casino development. If you have any questions, contact us for a free consultation.
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Online casinos are a great business that can bring huge profits. But entering the market requires a lot of investment and patience. If you want to start a gambling business as an online casino, the initial investment will be very impressive, and the licensing issues will be huge. But such an approach will bring great profits in the end. If you plan to start as an affiliate of an online casino, it will be easier and cheaper, but the profit will be less.
Starting an online casino is a complex project that requires a lot of passion, knowledge and money. You will have to deal with ambitions and finances on your own, but it is better to go to specialized network developers, legal advisors and game software vendors who understand and know all the details of the game business. They can start such a project out of it. successful We use cookies to make things better. By using our website, you agree to our cookie policy. Cookie settings
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Opening an online casino is a great business idea for many entrepreneurs. The online gambling industry is growing all the time and handles billions of dollars.
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