6 Things to Know Before Starting an iGaming Business!

Online betting and gambling is one of the most growing and lucrative businesses today. The iGaming industry has registered a consistent, steady growth over the past few years. According to Statista, global revenue from online betting is estimated to be valued at more than USD 90 billion by 2023. Thanks to the pandemic, vast accessibility of the internet and advancements in igaming software, this industry looks destined to keep on growing.
As indicated in the Statista publication the iGaming market is increasing, you don't want to miss out on the opportunity as more and more operators enter this market. Making now a great opportunity to launch your own Online Betting or Casino Business. This article aims to provide insights on what you need to know before you get started. Below are the key 6 things to consider when beginning an iGaming Business.

1. Research the market

Market research has always been a vital fundamental of setting up and running any business. The key to succeeding is having researched to learn more about the target market and what you are up against.

Despite the iGaming business seeming lucrative, you will not be the only one in the market. Your business will be up against hundreds of operators, all competing for a piece of the action. So it’s essential to know the target market and what your competitors look like before even thinking about starting your business.

Moving on to competitors! Research into the competition and especially who is leading the market you will enter is vital. Including information like: Who are the other online gambling businesses in your market? How do the top performers in your market operate, and what do they offer that makes them so appealing?

Following the competition you're up against, you should learn about your target audiences betting interests. Knowing all the fundamentals like "What are the players betting and playing preferences, and why do they enjoy them? What are their preferred games to play and why? What sports do they like to follow and wager on?" as well as popular market trends. Recognizing and identifying popular content and features and playing preferences will effectively support you in starting an online gambling business and entering the market more efficiently.

Before making any decisions, do all your homework to understand the trends, costs, challenges, benefits, and limitations. This information allows you to choose a strategy and plan that is more advantageous to your business's scope and provides you with important information on what bettors enjoy and the confidence through knowing that you have looked into every aspect of the market and industry to select and deal with the companies with whom you might choose to collaborate. Learning more about the market and who you will go head to head with will give you the assurance to make that leap into starting your iGaming business.

2. Choose a reliable provider

When you've acquired all of the necessary information about the industry and decided that you are at the stage to launch an online iGaming business, you have a few options on how to get started:

  • To create the whole business on your own, by working with content providers directly. This is quite an intensive process - time, money, and resources-consuming, but you'll have a fully tailored and bespoke business in the end.
  • To acquire a Turnkey or White label solution from a platform provider. This is an ideal option to start with, as you'll be gaining a proven solution with all-you-need in one place.

Although choosing a trusted and reliable platform provider requires deep research on what you will be gaining from the offered products and solutions. The critical consideration is that you have the adaptability to maximize your business with what you have acquired for your business venture to profit and succeed sustainably. An optimal and robust platform that enables you to contend with the competition and provides scalability and flexibility to your business to transform and grow.

The success of your business will significantly depend on the capacity of platforms you will operate. To maximize your business potential you should ideally be looking for a partner that can provide:

  • Extensive and diverse coverage of sports, esports, and events.
  • Massive casino portfolio, including leading providers that players love and enjoy.
  • Comprehensive back-office tools and services.
  • Optimized and extensive localization and customization options to tailor your project to your market needs and demands.
  • Convenient marketing tools for increasing traffic, conversion, and retention.
  • Boundless range of versatile payment options.
  • Anti-fraud and risk detection.

Choosing a platform provider is a tedious task requiring thorough research, although it's decisively the most critical step. Remember, you're selecting not just software and a platform to operate from but also a partner to guide you and be there for you along your business journey: will it be resilient, smooth, prosperous, and successful? Mostly it depends on you, but the right partner will undoubtedly make it easier for you.

Our experienced and professional team is there to make things smoother for all our partners; that's why we are always ready to share our expert knowledge and advice with any business needs, suggestions or questions.

3. Acquire your iGaming license

Obtaining a legal Online betting or casino license from the appropriate authorities is required to establish a legitimate online gaming business.

A license from a recognized legal authority will assist gambling businesses in complying with laws and regulations, enticing players, the security of financial transactions, and the fairness of the gaming process. Licensing also creates a sense of loyalty among bettors. Depending on the Online gambling regulations in each country, the cost, procedures, and duration to obtain a license may vary. Although gambling is permitted in most countries, Online gambling is not the same as Land-Based gambling. As a result, you should check to see if ''Online gambling'' is legally allowed and attainable in your region.

A license from a recognized legal authority will assist gambling businesses in complying with laws and regulations, enticing players, the security of financial transactions, and the fairness of the gaming process. Licensing also creates a sense of loyalty among bettors. Depending on the Online gambling regulations in each country, the cost, procedures, and duration to obtain a license may vary. Although gambling is permitted in most countries, Online gambling is not the same as Land-Based gambling. As a result, you should check to see if ''Online gambling'' is legally allowed and attainable in your region.

Since gambling is a heavily regulated industry with numerous legal and administrative aspects that requires gambling legislation knowledge, applying for an online gambling license can be a costly, bureaucratically complicated, and time-consuming procedure. If you have gone with a platform provider who is genuinely interested in your project, they will usually help you with the licensing process.

Since gambling is a heavily regulated industry with numerous legal and administrative aspects that requires gambling legislation knowledge, applying for an online gambling license can be a costly, bureaucratically complicated, and time-consuming procedure. If you have gone with a platform provider who is genuinely interested in your project, they will usually help you with the licensing process.

As a team of seasoned specialists who are up to speed on current legislation, Uplatform routinely deals with the acquisition of online gambling licenses and can advise and consult you throughout the process, which can be highly beneficial and expedite your licensing acquisition.

4. Choose a reputable payment provider

An important step in creating your own iGaming business is choosing payment providers. There are many factors that influence the choice, among others are the region with its regulation, player’s preferences, and of course, infrastructure. To be more accessible and player-oriented, you should provide all global and local methods that are popular in your region. That’s getting us back to step 1 – you need to do your homework. Having the most convenient payment method to match the relevant market or local region, accompanied by efficient services, will enhance your bettor's gaming experience and build customer loyalty.

The payment options you use should be secure, quick, and efficient. Look for a reputable supplier that offers a large variety of payment methods; this is an absolute requirement when launching an online gambling business as the world of payment options, and providers are vast and open.

Ensure that your bettors have access to alternative payment methods such as e-vouchers, e-wallets, cryptocurrency, etc. For example, Uplatform's sports betting and casino operating platform provide over 300 payment options, including various alternatives.

5. Marketing strategy - loyalty and retention programs

The next phase of the business is growing and marketing your brand; you’ll need to promote your new online gaming business through quality strategies. Data-driven marketing strategy will not only help you grow your customer base, but will also help you connect with them, and provide you with valuable insights into their preferences.

Customers need to be aware of your existence, therefore employing strategies to capture their attention and interest. Your main goal should be to position your brand as a quality, trustworthy business that gives its customers more – more possibilities to bet, more options to win, more rewarding campaigns, more care and support. More importantly, these methods should be engaging enough to entice potential customers to take the next step to regularly bet with you, stay loyal and engaged.

The following a few marketing must-haves for an igaming business's success:

Range of Bonuses - The primary objective of Bonuses is to earn recurring business. At Uplatform we offer various options: Huge variety of Bonuses (welcome bonuses, 1st deposits, etc), Engaging gamification, Cash-back system, and Loyalty program. All of them can be fine-tuned to fit your marketing strategy and include hundreds of selection parameters for enhanced targeting.

Affiliate management - Setting up an efficient affiliate program can help you increase engagement and traffic to a worldwide or regional audience. Affiliates utilize various methods and strategies to target and entice new bettors; we support a simple yet effective affiliate management software, various commission-based options, along with complete management tools for total transparency, making affiliate management straightforward and easy.

CRM Tools - Having a comprehensive CRM can provide powerful insight into your bettors and serve as an effective customer service tool! CRM tools allow you to connect with players, analyze their playing activities, interests, and betting preferences, and customize your business to target and create tailored promotions with great impact.

​​Ensuring that each player feel loved and special is the main purpose. As outlined above, it can be accomplished by utilizing various programs, tools, bonuses, and promotions that keep the excitement and the revenue flowing. Utools from Uplatform is one such provider with a wide variety of strategies to promote, attract and expand your online gaming business.

6. Customer Support

Understanding the needs of the many different areas of your business and bettors, maintaining high standards, and avoiding operating pitfalls are all aspects of effective customer support, as is always being ready to assist and offer guidance on time. Profitability wins every time, and revenue drives all business decisions. It doesn't matter if it happens on day one or day 1000. Your business will need efficient customer support that communicates efficiently via email, phone, and live chats. Dedicated customer support should respond to customer inquiries on time and ensure everything is in order for you and your customers. Customer support is important in a business because it correlates to revenue: businesses with effective customer support maintain smoother operations and consequently increase their revenue.

If you have limited knowledge resources, and support, it may well be challenging to establish quality customer service for your business on your own. Leave the burden to a professional team like Uplatform and allow a reputable sports betting and casino operating platform to handle everything.

Running a successful iGaming business can be complex. This is often the case for those who are new to the industry. It is not always as simple as funding and launching; and now, you are off taking your revenue slice of this vastly growing industry. iGaming is a dynamically changing competitive, regulated, and juristically governed sector with lots of diversity. Establishing an iGaming business necessitates knowledge and, in many cases, hands-on expertise and professional advice across various markets and solutions. Building a successful iGaming business has its challenges. However, the above steps will help you make the right decisions and get your online gambling business on the right track, and off to a promising start.

Uplatform can help new clients by providing a comprehensive turnkey solution for casino and sports betting businesses, with 300+ payment solutions and a complete set of essential tools and services for smooth and profitable operations.

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