What does a good start mean for a gambling business?
People like playing games, especially when they can play them online. This is the reason why the iGaming industry is growing with such a progressive speed. The more money people spend on online gambling, the harder it gets for casinos to stand out and outrun the competitors.
No matter what strategy you have in mind for your business, consider these things as obligatory if you decide to build a gambling platform:
-
High-quality business software;
-
A license from the gambling commission;
-
A merchant account;
-
A reliable server.
But these items alone do not guarantee that you’ll win your audience and a solid part of the market share.
There is no panacea capable of helping any business to grow. But there are definitely some strategic steps that lots of marketers skip on the way. We’re going to share with you several tips which will benefit the future of your business.
6 Steps to Make Before Launching a New Gaming Product
1. Choose the best game software providers
When you create an app, you can’t release it and forget about it. Choosing a software provider in this case means building relations of trust, so you should be picky and careful when you research market prices and services.
You must be sure that the software company has a sturdy reputation on the market with recommendations from happy clients. Beginners won’t be able to meet the expectations of the market and your strategic plans.
There is always a longer way - when you control the process starting from the app design stage up to the post-launch. And you have an option to choose a “white-label” product. This term was first used when vinyl music appeared - it basically means that you have a ready-made solution on the pre-launch stage. So you lease a kind of a package: software itself, a license, and a payment system. Let’s look at the full list of the components that you should pay attention to:
-
A well-built and understandable gaming management system
-
A high customization level of the front-end part;
-
Multi-currency option in the payment system;
-
The fullest list of betting markets;
-
Access to the most popular casino games;
-
License;
-
Customer support.
2. Draw a full picture of your requirements and the product’s features
If you have no other doubts that you want to compete on the iGaming field, there are some important questions you need to get answered. Starting from this step, you will have a firm idea of how the end software should look like.
-
Consider the software platform your website will be built on.
-
Make a list of games that will probably be on your website. It can be a list of popular ones like roulette or blackjack, or something less popular but with a unique look.
-
Consider adding a live casino module. It brings a player the feeling that he’s actually at the gaming tables thanks to live streams and well-thought interfaces.
-
You should also think about implementing sports betting. We expect this online betting activity to grow along with video streaming mentioned before.
-
Make a list of additional features. There are many of them, and you should know the essentials needed at the beginning. It could be statistics on players or tournament games - just follow your demands.
Eventually, you’ll have two lists. The first one concerns only the most important features needed at the beginning. It’s possible that you’ll focus only on one thing like solely on a casino. The second list is what you’d like to implement in the future. If you choose a reliable iGaming provider, adding new games to your platform will be a piece of cake. So always keep the product’s strategy in mind.
3. Get a gambling license
No matter what plans you have, you’ll inevitably face limitations and regulations connected to any online gambling business nowadays. But walking a minefield is not that dangerous when you know what rules to follow.
First of all, you must know the framework that limits gambling activities around the globe:
-
Countries that have certain gambling regulations individual for their territories.
-
Countries fighting with monopolies.
-
Countries prohibiting betting on their territories.
-
Countries that still don’t have a clear picture of gambling regulations.
The local powers always win when it comes to legal regulations. You could get a license from a reliable jurisdiction, such as the Isle of Man or Curacao, but with limitations existing in your country, the license becomes invalid.
It’s a good idea to test the waters before diving into them. If you’ve already chosen a country where you’ll start your business, learn everything about the process of getting a license. It can take about a year to obtain the document, and you should be ready to wait long enough.
Take into account these factors when you choose a gambling jurisdiction:
-
Its reputation;
-
Requirements to get a license;
-
The time needed for the overall application process;
-
Pricing and taxes.
There is also an option to turn to your iGaming provider - some of them already have licenses for their clients. They obtain documentation from a trusted jurisdiction beforehand.
4. Choose a proven payment system partner
With a harsh market competition, providing players with several payment options becomes not a choice but a necessity. Online transactions use private data, so you need to spare some time to find a reliable payment system provider. This is also a long-term partnership that gives gamers security and a smooth payment process - and that is a big deal.
There is also another factor you should consider. The faster the market grows, the more it influences the number of providers. Now it could take a lot of effort to find a professional payment system provider with a good reputation.
On the other hand, you can always turn to the right software provider and use the full range of services:
-
Payment handling;
-
Access to all Internet merchants;
-
Support of several currencies;
-
Professional risk management;
-
Security checks.
At this stage, you already have a list of games that suit your business model, some thoughts about your target audience, and reliable partners when it comes to the product and payments. This is a solid foundation for your idea.
Moreover, the number of payment methods increases each year. Along with traditional credit cards, users soon may be able to opt for the bitcoin. You have to always be on the lookout and fully realize the importance of secure and diverse payment solutions on your website.
5. Seek for the perfect design
When players surf the web and find a new gaming platform, they know nothing about its strategy, marketing, or the server side yet. First and foremost, they need to be attracted. User-friendly web solutions mean everything for a business: high conversion rates, an increasing number of visitors, and growing profits.
We’re giving you three pieces of advice that you need to lean on when building a design concept:
-
Fast vehicles take you further, and so do fast-working websites. If you feel that a particular element is not necessary, get rid of it, as it can slow down the whole platform and increase bounce rates.
-
The core of your product is important now, so don’t waste your time and money on complex graphics, videos, or other visuals. It’s better to spend your resources on marketing efforts.
-
The front-end and back-end parts of your website should be integrated smoothly and effortlessly.
We strongly recommend working with your software provider when creating a front-end side of your platform. When one team works on both front-end and back-end, the time scope of your project decreases significantly.
6. Give careful thought to your marketing strategy
Never underestimate the power of marketing. On this stage, it’s important to think out of the box and look around. Marketing teaches us thinking with the customer in mind. You might already know the list of your main competitors - visit their websites and play around on them. Your conclusions will become the advantages of your platform.
The two pillars for online casinos are quality and trust. Quality distinguishes you among other market competitors, and trust allows people to stay on your website and leave private data there.
Lots of marketers focus lots of their attention on the first launch of the product, but there is something more than that. Marketing efforts are a non-stop work, and the main goal is to make players stay and tell about your business to others. Consider bonuses and retention activities that will make users happy. And remember: the customer’s happiness is always a priority.
Loyalty programs
Here are several ideas for you gathered from around the market:
-
A sign-up bonus is given to the user as soon as he becomes a registered website member.
-
A bonus for the deposit starts working when a user deposits some money on the website.
-
Sometimes, the user is offered free money, without a deposit. This often happens in the sportsbook branch.
-
Free bets usually depend on the sum of the deposit.
Retention measures
And this is how you make users actually stay on your platform:
-
Frequent Player Points are both a loyalty and a retention measure. Visitors who come back the most often feel rewarded for their loyalty.
-
VIP programs allow players to feel really special - it’s a small psychological trick. The status seems not easily obtainable, and not many people are ready to change the platform after achieving that.
-
Attention to events that are shared for all players, such as tournaments or championships. And let’s not forget about holidays like Christmas or Easter - keep in mind any occasion that matters.
-
Assistance and support seem to be an obvious thing, but people still appreciate attention a lot, especially newcomers.
Conclusion
New beginnings are always a challenging thing for businesses.
First of all, your product must meet the standards of a particular jurisdiction and requirements of the local legal system. It’s necessary if you want to get a gambling license and to avoid any organizational problems in the future.
We’ve reviewed several important factors requiring thorough consideration: a payment system and customization according to the audience’s demands. Taking care of all that is a difficult task, that’s why entrepreneurs gladly turn to software providers that usually have everything a business needs. Whether you choose white-label solutions or a product from scratch, iGaming providers remain the best option.
And finally, a software provider and a marketing department make a perfect match for the ongoing success of your business. Creating loyalty is another challenge, and marketing specialists need to know how to build strong relations with customers using retention activities.
Ready to make next steps to an online casino business? Just get in touch!
