Online casinos are proliferating as they are popular and profitable. So why not start one of your own? If you have the gumption and funds, why not do it in Canada? It is one of the best places for such an enterprise.
Funds and licensing
It takes some capital but the effort will be well worth it. Remember that while we are in a pandemic and people are staying home, they need a reliable pastime. This business has good profit margins and can yield a generous revenue stream.
First you need a license in the region of choice. Yes, it is a big expense, but mandatory. Then you can conduct business legally and with approval. Your business plan also entails access to software of high quality designed especially for casino platforms. Most insist on doing business with licensees and players feel the same way.
One caveat: be mindful of the more stringent gambling laws in Canada. If you elect alternatives like Curacao, Costa Rica, and Gibraltar, they typically charge between $15,000 to $20,000 per year for a license.
In Canada, the requisite license will cost at least $ 35,000 per year. Plus, there will be number of fees and charges, the requirement of providing financial reporting, and, of course, taxes to pay.
Software is key
It pays to get savvy about software providers. You must select a reliable company as software is key to the online casino sector. Without this box ticked off your list, you will not be able to compete in the saturated market.
What to look for? It is all about content, cooperation, and technical support. There are three areas involved in any deal:
platform as a system to manage and administer player accounts; a casino solution with gaming content included, and extras like tech support, security features, and certifications.
The cost of a good software package varies so it pays to compare. It comes down to the platform itself and the conditions of the agreement. Reportedly, it can run anywhere from $10,000 to over a million dollars. It depends upon the vendor and the chosen functionality.
Lots of games are needed
There is more to the matter. Now you have to choose the games you want to offer and there should be a variety of them. The more the merrier, but the more the costlier! If you can’t swing it, then a boutique casino is your best bet.
Multiple options are sure to build your reputation and a steady clientele. There is, of course, a lot out there in the realm of slot machine games, poker, roulette, blackjack, and others. Make sure they integrate well with your platform.
Next, decide on a payment system that includes credit cards, e-wallets, Paypal, and even cryptocurrencies. People expect them along with quick transactions.
Equally important is your storefront itself and website organization. It must make a good impression. Make sure you build it appropriate or ask an expert for help as you need to know how to integrate the areas effectively.
Your website is also a tool for marketing, so include that expense along with costs for staff, salaries, taxes, and contingency funds.
While a considerable investment, an online casino can be your ticket to ride. There are ways to thrive in Canada if you appeal to the local players – and there are many of them out there looking for fun. Offer unique options to satisfy their pursuit of thrills and big wins.