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The iGaming industry keeps growing yearly with zero signs of slowing down any time soon. The industry was worth approximately $53.7 billion in 2019 and up to $66 billion in 2020. Therefore, it makes sense to invest your money in this ever-growing industry.
However, profitability should not be your focus, but to start the best online casino using the latest tech. This article highlights seven tips you should know before starting your iGaming business. But first, what is an iGaming business?
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What is iGaming?
iGaming – an acronym for ‘interactive gaming’ – which refers to online casinos or platforms that provide users with a wide range of online games. iGaming platforms offer lots of incentives to players in the form of promotions or bonuses. These marketing gimmicks attract many new and veteran players worldwide, turning them into loyal customers.
Starting an iGaming business is a win-win process for bookmakers, punters, and even operators. Each category makes lots of money from gambling activities on reputable iGaming platforms. That is why the industry keeps growing yearly with no signs of slowing down.
That said, here are 7 tips you need to know before launching your iGaming business:
Research/know your target market
Market research is the #1 step every potential business owner makes before setting up and launching any business. Without in-depth market research, no business will succeed in this cutthroat business landscape.
An iGaming enterprise can be lucrative and enticing. But you shouldn’t rely solely on presenting a good appearance to attract customers. Instead, you need to dedicate quality resources to researching your target market. This is crucial since you’re going up against hundreds of iGaming businesses already established before you came on the scene.
Find out who’s leading the market you want to enter and what they’re doing to retain that top spot. Learn about your competitors, what they are or are not offering their customers, how you can enter the market and carve a niche for yourself by offering what top ballers in the iGaming industry are not, etc.
Find out the gaming or online betting preferences of your target audience. Determine why they enjoy such games, the sports they love to wager on and follow, prevalent market trends, etc.
Recognizing and readily identifying all these features, playing preferences, and popular content will support you when starting your iGaming business. Then, entering the market becomes more efficient, and your online gambling business will kick off on a good start.
However, you need to do your homework. Understanding the challenges, trends, costs, benefits, limitations, etc., of the iGaming universe is crucial. This data you gather from your market research will come in handy when strategizing and planning your next moves.
Determine your offers
Its numerous money-making offerings make the online gambling industry appealing to investors and prospective creators/operators. Therefore, you are in the best position to determine what your brand needs to focus on.
For instance, you can focus on online casino gaming, which offers nearly everything from slots to table games like poker, blackjack, etc., to specialties. If you opt for a sports betting platform, you can offer the most popular sports based on your research and coverage.
Therefore, decide what you want to offer your target audience before taking the next step.
Secure an iGaming license
If you want to attract quality players fast, ensure you obtain a legal iGaming or casino license from authorized bodies or associations. There’s no better way to establish a legitimate online casino business.
A license from recognized authorities always assists online gambling businesses in abiding by regulations and laws. It enhances the security of every financial transaction on your iGaming site. It entices high-quality players to your gaming business. It also guarantees the fairness of every gaming process since the appropriate authorities will scrutinize your offers.
Getting a license for your iGaming business also portrays that sense of loyalty among bettors. Gambling is a heavily regulated industry with several administrative and legal aspects requiring gambling legislation knowledge.
Therefore, expect that applying for a legitimate iGaming license will be a time-consuming and bureaucratically complicated procedure. So, consult seasoned specialists who know the ins and outs of the current legislation in your region. This will speed up the process of obtaining a legitimate online gambling license.
You should also remember that online gambling is not legal in all regions. Therefore, you have to learn about your country’s online betting laws before proceeding with your iGaming business.
So, get familiar with your region’s costs, the reputation of the regulatory bodies, licensing requirements, taxes, etc. Then, you can take the following step.
Choose a trusted software provider
The quality of the software that powers your iGaming platform will make or mar your business. Your online gambling website must be customizable, safe, and reliable. Since this industry offers many iGaming platform-makers, you must compare and sift through the available alternatives.
Moreover, the success of your iGaming business will also depend considerably on the capacity of the platform you want to operate. To enhance your gambling business potential, consider looking to partner with a brand that can do the following:
- Provide extensive back-office services and tools
- Diverse and comprehensive coverage of eSports, sports, and events
- Offers risk and anti-fraud detection
- Provides a boundless range of highly versatile payment options
- Offers a massive casino portfolio, which includes prominent providers that gamers enjoy and love
- Provides comprehensive and highly optimized customization and localization options to tailor your iGaming project to your target market’s demands and needs
The providers should also be able to offer suitable marketing tools for boosting traffic, conversion, and retention. But, again, this is a critical step you shouldn’t ignore or take for granted.
Therefore, ensure you consult and work with experienced industry professionals who can provide what you need to make your iGaming business a resounding success.
Find a suitable payment provider
Another crucial step you should not handle with levity includes finding a suitable payment provider for your iGaming business. Several factors can influence your choice of a payment provider. This usually consists of the region you want to operate your iGaming business from, its regulations or rules, infrastructure, and players’ preferences.
You should endeavor to provide all local and global methods of payment popular in your region. This will make your iGaming platform more player-oriented and accessible. This is where doing your homework or in-depth research – i.e., step One – comes in handy.
Convenient payment methods make it easy to match your market and region. Add efficient services to this offering, and you will beat your competitors, as this enhances the gaming experience of bettors that use your platform. It will also engender customer loyalty, and bettors that use your platform will stay for the long haul.
Ensure the payment options you choose and use in your iGaming business are efficient, quick, and secure. You may need to partner with a reputable supplier that offers several payment options or methods.
Your bettors must have unhindered access to numerous payment methods such as eWallets, e-vouchers, credit/debit cards, and even cryptocurrency.
Customer support is key
Effective customer support understands every need of the several different areas of your bettors and iGaming business. It also covers maintaining high standards and avoiding all operating pitfalls.
Your customer support must always be ready to provide assistance, guidance, and time. In every business, profitability wins, and revenue always drives business decisions. But all these will go out the window if your customer support is inefficient.
Your dedicated customer support team must be able to communicate with bettors via live chats, email, and phone. The team should respond swiftly to customer inquiries while ensuring everything is in perfect order for your customers.
An efficient customer support team correlates to revenue. Therefore, you will have and enjoy smoother operations and consequently boost your revenue.
Marketing strategies you should adopt
The last phase of starting your iGaming business involves your marketing strategy or how to market your brand. To be seen, known, and patronized by your target market, you should promote your new iGaming business through well-planned strategies.
However, your marketing should be driven by data, making connecting with your target market easier. It also becomes easier to gain valuable insights into your audience’s preferences.
Customers won’t be aware your iGaming business exists or what it offers them if you don’t market your brand. This is why you need to focus on marketing strategies that will catch the attention and interest of your target market.
Your primary goal is to position your iGaming brand as a trustworthy, go-to business that cares much more about its customers. You should also offer more possibilities for betting, additional options for winning, extra rewarding campaigns, and more support and care.
Ensure your marketing methods are engaging enough to catch the attention of potential customers. It should also arouse the curiosity of veteran gamers who want to check out your numerous offerings and authenticate them in their reviews about your iGaming brand.
Running a highly successful iGaming business can be challenging, especially if you’re new to this industry. However, you can make big wins if you follow the tips highlighted above while staying abreast of this ever-changing industry.
