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No risk, no reward. This is one of the most common phrases casino lovers quote. And why not? After all, casinos give people hope. The hope of winning a jackpot! Even after losing money, people still visit the casinos, place their wagers, and test their luck in the hope that they’ll win something. Small wins fuel the desire to play more, wager more and that’s what drives several gamblers to casinos.
While for some people, casinos are a great way to kill time and socialize, for some, it’s a source of income. Several people love casinos because it’s culturally accepted and it’s a source of easy and quick cash while several people love casinos because there is always a chance of winning loads of money.
But not everyone gets comfortable with the idea of visiting casinos. Some find it intimidating while for some, the exquisite casino experience still remains miles away. Spending a fortune to travel thousands of miles to wager a fortune is one of those ideas people find it difficult to wrap their heads around.
Hence came in online casinos. Another gift of digitization to gamblers. It’s true that online casinos had a very humble beginning, but over the years, they have transformed themselves into a billion-dollar industry. Online casinos have become one of the most popular forms of entertainment among gamblers. People from all over the world log into online casinos to experience the thrill and to win real money while being entertained.
In the past few years, the casino industry has shown immense potential and has touched new heights. No wonder several business owners are rushing to invest in the lucrative industry. And hence to equip entrepreneurs and business owners with all the crucial insights on how to start an online casino, we’ve written this guide.
But first, let’s understand what exactly online casinos are.
What Is An Online Casino?
Several people often wonder what exactly is an online casino. And here is the simple answer. Online casinos also go by the name of internet casinos or virtual casinos. These casinos provide all the facilities traditional casinos provide. The only difference is, people use the internet to access them and wager money. Online casinos have been around since the initial days of the internet, but over the time, they have evolved to render best-in-class services and outstanding casino experiences.
Key Terminologies Of Online Casinos
You’ll find hundreds of casino terms in the online casino terms dictionary. But we have decided to keep things simple. We have handpicked a few casino terms from the comprehensive casino terminology dictionary to help you understand the article better.
Bankroll: The sum of money a player gambles with is known as a bankroll.
Bonus: The amount of money that’s offered to a player when he/she meets certain requirements is known as a bonus.
Cash-out: When a player withdraws money, it’s known as cashout.
Casino Advantage: Also known as the house edge, a casino advantage is the advantage casinos have over the players.
Chips: Chips are the tokens that represent money in the casinos.
Dealer: The person who deals cards in the casino is known as a dealer.
Deposits: Making a deposit is a process of depositing money in the casino.
High-roller: The players who play casino games with high stakes are known as high rollers.
House: A casino is also known as the house.
House rules: Every casino has a set of different rules known as house rules.
Reload bonus: When existing customers make new deposits, the bonuses they are offered are known as reload bonuses.
RNG: Random number generator software is often referred to as RNG.
Stake: The amount of money a player wagers on a particular outcome is called stake.
History of Online Casinos
When did online casino start? How did online casino evolution take place? Who were the first investors? Well, there is an interesting story behind it all.
In the mid ’90s, the first online casino websites were launched. No doubt that the services they offered were nowhere near to what our online gamblers have today, but these surely opened the gates for new innovations and opportunities. These websites started to operate in Barbuda and Antigua after the free trade and processing act was implemented in 1994. This act was the key factor that empowered the Caribbean nation to provide licenses to those entrepreneurs and business owners that wanted to invest in the online casino and gambling business.
Other major events in the history of online gaming were the establishment of Microgaming and Cryptologic in 1995. Microgaming was a software company while Cryptologic specialized in transactions. This fueled the launch of real money casinos and the launch of the InterCasino tool place. InterCasino is one of the oldest casinos that still renders splendid casino experiences to the gamblers.
Within the year, as people realized the potential of the industry. Several casinos started to emerge online. The astonishing success of the InterCasino motivated several businesses to invest in the industry. Of Course, each one of these casinos tried their best to stand out. And to do so, every casino offered a wide selection of games, diverse schemes, etc and finally, welcome bonuses came into play in order to attract as many gamblers as possible.
Fierce competition boosted innovation. Every online casino business strove to provide the best casino experience and services. The result? Several high-end software solutions were developed to provide the plush casino like experiences to the gamblers. As the limiting technological barriers were removed, the casinos got equipped with even better technology, got equipped with virtual as well as live dealer games, live streamings were introduced to the platforms along with the leaderboards, and all these factors enabled casinos to become what we see today.
The Shift from Traditional Casino to Online Casino
Traditional land-based casinos have been around for a long time. And still, people spend thousands of dollars to travel thousands of miles to experience the one-of-a-kind casino experience. Monaco, Canada, Louisiana, Macau, Las Vegas are some of the most popular destinations for casino lovers.
But not everyone can travel to these destinations. And this is one of the key reasons why online casinos became popular. Apart from this, there are several other factors that are listed below, which are responsible for the shift from traditional casinos to online casinos.
Comfort & Convenience
Online casino websites can be accessed 24/7. This gives gamblers the freedom to access the online casino platforms at any time of the day and enables them to enjoy the casino experience from the comfort of their home, at their preferred timings.
The tough competition has pushed the online casinos to deliver the best. This is one of the reasons why every casino website comes with a wide variety of games. In addition to this, several online casinos give access to more games than land-based casinos which is another reason why several people prefer online casinos these days. Some of the top-most online casinos provide access to hundreds of online games, all under one platform which boosts the engagement of the gamblers.
Online casinos can be accessed from any part of the world. This is one of the reasons why online casinos are booming. People from all over the world access them which also allow them to explore diverse online casinos from the comfort of their homes. In addition to this, global casinos also eliminate the need of travelling to destinations and help gamblers save money.
Online casinos come equipped with several and diverse payment options that enable gamblers to make deposits and withdrawals quickly, on their terms, as per their convenience, without any frets or hassle.
Joining Bonuses and loyalty programs
Almost all online casinos provide joining bonuses to attract as many gamblers as they can and to get them started on the platform. Different casinos also have diverse loyalty programs that ensure customer retention on the platforms.
Free Casino Games
Several casinos allow gamblers to play some games for free, without any risks. This enables new gamblers to explore and find out which games they feel comfortable with and also allows them to practice.
Online Casino Industry Statistics, Scope and Modern Casino Trends
There is no doubt that COVID-19 has impacted and crippled several industries. But fortunately, the online casino industry isn’t one of them. In fact, with millions of people looking for ways to be entertained and spending most of their time online, this could be the best time to invest in the online casino business.
Several experts are predicting the increase of the online casino market size by 3% to 10% annually and by the end of 2027, the online casino industry is expected to hit the mark of $127.3 billion! In addition to this, according to the American Gaming Association, in the year 2018, 2,800 online casino websites were active and this number has certainly grown in previous years.
There is no doubt that the casino industry is booming rapidly and there are several factors that are shaping the modern online casinos and leading to their quick growth. Let’s take a look at them.
Financially Secure Participants
One of the key reasons why the online casino industry is booming is because of the increasing number of participants with good spending capability and habits. People who wager money in online casinos not only have a high standard of living but also they are financially secure. The growth of urban areas and the recent digitization are also the factors that have contributed to the growth of online casinos.
Rise of Live Dealer Games
Charming and witty dealers have been the heart and soul of the casino industry. And thanks to the modern advancements, the rising demand of live dealer games can be fulfilled. The dealers in the live dealer games look almost as real and this is one of the key reasons why games like Blackjack and Baccarat are gaining immense popularity.
Cryptocurrency Based Online Casinos
Several online casinos have started to accept cryptocurrencies. Players are leveraging cryptocurrencies and are making withdrawals as well as deposits as these modes are secure and help them maintain anonymity. As these cannot be traced or hacked, cryptocurrencies have become the first choice of several gamblers.
New Table Games To Boost Engagement
Not everyone can excel in skill-based games. Games like blackjack, poker, etc require a serious level of skill to win. Now since everyone cannot become an expert, online casinos keep introducing new games, so that their customers can find the games they feel comfortable with.
Access on fingertips
The rise of smartphones that support high-end graphics has empowered the online casino industry. Online casino websites know that users cannot carry desktop and laptops everywhere. Hence several provide their users with mobile responsive websites and several provide their users with casino mobile applications.
Segmentation of Online Casino Market
The online casino market can be segmented on the basis of various factors that are listed below:
- Segmentation Based On Device
- -Personal Computers
- Segmentation Based On Type Of Online Casino
- -Live dealer casino games
- -Download-based casino games
- -Virtual casino games
- -Web-based online casinos
- Segmentation Based On End-user
- Segmentation Based On Geographical Region
- -Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- -Asia Pacific
- -The UK
- -Benelux Union
- -Nordic Countries
- -Rest of Europe
- Middle East and Africa
- -South Africa
- -Saudi Arabia
- South America
- Latin America
- -Rest of Latin America
- North America
- -Rest of North America
Top 5 Online Casino Websites And What You Can Learn From Them
Even though several casinos are emerging online every month, some casinos have never failed to impress. There are some casinos that sit on the top of the list of best rated online casinos and are delivering top-notch online casinos experience to the users. Below is the list of top 5 online casino sites and their offerings that will help you know what enables them to stand out from the rest.
Intertops was a traditional casino that launched its own website in 1983. Intertops provides its users both options, downloadable software as well as instant play. In addition to this, the website also offers a myriad of table games, specialty games, slots, and also some of the most popular and loved games such as Blackjack, Red dog poker, Roulette, Craps, Baccarat, Mulligan poker and many more. Intertops makes use of attractive welcome bonuses, niche sports betting, offline play, and consistent customer service to attract massive number of players.
Vegas casino online is one of the oldest online casinos which is operated by the Main street vegas group. Regulated and licensed in Costa Rica, Vegas casino online also operates and owns other prominent brands such as Las Vegas USA. The online casino attracts customers by offering them variations and a wide selection of poker games, preview games for free, massive welcome bonuses, and several poker game variations.
888 Tiger Casino is the perfect pick for the slot games. The best trait? It supports cryptocurrencies which enable players to make safe and secure transactions. In addition to this, the website gives access to a wide variety of slot games to users, provides several welcome bonuses, and also enables players to enjoy 3D games that almost look real.
Poker tournaments are one of the major highlights of BetOnline Poker. The online casino website is known for fast payouts, which means players can make deposits and get paid easily. Other highlights of the website include regular tournaments keep the players engaged, no restrictions for US players, and a rich user base that enables players to compete with each other.
One of the best traits of Red Dog Casino is that it offers mobile support. This means players don’t get tied to their PCs or laptops and can access the platform with tablets, android, smartphones, and many more devices. The website offers several games to boost engagement on the platform which include slots, table games, poker, and other specialty games. Another feature that attracts customers is that red dog casino enables players to restrict their accounts to facilitate responsible gambling.
Learning from these reputable online casinos can enable you to create a rock-solid strategy and can equip you with all the crucial insights required to kickstart your own business. Now that we know what the online casino business biggies are doing, let’s take a look at the online casino industry’s future and the upcoming trends that will shape the industry.
Future of Online Casinos
There is no doubt that the future of online casinos is bright. The online casinos in the future will continue to grow in the coming years and new casinos will keep emerging. But there are several factors that will influence the online casino industry immensely. Some of these have been already adopted by some of the most prominent online casinos and some of these are yet to be.
Below is the list of some of the technological advancements that we can expect in the coming years.
Rise of Esports
Esports have already made a place in the sports betting industry. And soon, we’ll be able to see esports in online casinos too. Some of the famous casinos, for example, William Hill have already incorporated some of the most loved esports such as DOTA 2, League of Legends, Counter-Strike, Call of Duty, and many more in their offerings.
Several players today expect blockchain-based casinos as they ensure transparency. These enable them to stay informed and keep them updated with all the information they must have access to as players. Cryptocurrencies also make use of blockchain technology and enable players to make transactions by using untraceable currencies without revealing their identity.
Increase of Live Games
Most people visit casinos not just for entertainment but also for socializing. And this is one of the reasons why the demand for live dealer games is increasing day by day. The recent technological marvels have made it possible for the dealers to look almost real and have taken the online casino experience to a completely next level. There is no doubt that people will be expecting more live dealer games in the future to get the futuristic casino experience from their home.
Virtual reality was introduced to the gaming industry in 2016 and it has impacted the online casino industry as well. As the demand for the VR devices will grow in the future, more and more people will be expecting VR based games on the online casino platforms.
Now that we know what the industry hotshots are doing, what the future holds for the online casino industry, what trends are shaping the industry, and what we can expect in the future, lets come to the point. Let us now discuss things to consider in the online casino business plan.
What Things Should be Considered in an Online Casino Business Plan?
Several entrepreneurs seek the answer to the question of how to start an online casino. Several stay clueless when it comes to creating a business plan. How to get started? What points should be considered? But not anymore. Below we have covered and discussed every point that should be considered and these points will give you complete clarity on how to start an online casino business.
The Budget Plan
Every business needs a budget plan. After all, you want to save for other aspects of your business as well. Hence it’s important to get a complete idea of how much money you want to spend and where. Several aspects like licensing, registration, software purchases, marketing, etc will require significant funds. Hence it’s crucial to allocate appropriate funds to each aspect.
This is the very first step. Registering your business. The cost of registration will vary and will depend on the area you want to operate in. This process will include registering your business, opening bank accounts, etc.
Gambling activities require a license. It’s important to acquire the license of the jurisdiction you are planning to operate in. Some of the most popular destinations include Costa Rica, Curacao, Panama, Barbuda, Antigua, Malta, Belize, Kahnawake, etc.
Online & Casino Software Development/Website Development
Now, this is the tricky part. Deciding between the software solution. You can either get the software solution from the ground up or you can go for template-based solutions, that is, to start your own online casino, you can either go for a custom online casino software solution or you can go for a white-label or turnkey online casino software solutions. If you have budget and time, you can go for custom solutions, if you are looking for cost-effective solutions that can be launched quickly, white-label or turnkey solutions are recommended. The most crucial aspect is picking a trusted online casino software solution provider. Ensure the company that you are partnering up with has a good background, positive customer reviews, and experience in the iGaming industry.
Acquiring Software Solutions
Gaming software solutions will play a key role in attracting customers to your website. It’s crucial to get licensed software solutions from a trusted software provider. Ensure you invest in popular software solutions that are loved and preferred by players to attract as many customers as possible.
Payment Method Integrations
Integrating fast and convenient payment methods is crucial for online casinos. Difficult to understand and inconvenient payment methods often drive away customers from the platform. Hence it’s important to include payment methods that are easy to use and offer fast payouts to your users.
Last but not the least, you’ll need a solid marketing strategy to spread the word about your business. The more people know about your online casino platform, the more people will join it. Marketing your business, welcome bonuses, your offerings, games, deals, free spins, etc can help you gain a significant user base to get started.
So now you know the crucial aspects you need to consider while starting your business. But what about the features? The features on your online casino website will add to the gaming experience of your users. Hence it’s crucial to invest in a feature-rich platform. So what are the must-have features? Let’s take a look.
Must-have Features For A Successful Online Casino Website
Below is the list of must-have features of online casino site that will enable you to attract as many customers as possible.
Fiat and Cryptocurrency Acceptance
Cryptocurrency support is crucial as it facilitates safe gambling, prevents identity theft, and these are untraceable. These are the reasons why several online casinos have adopted the fiat and cryptocurrency payment system.
The anti-fraud system enables you to prevent breaches and keep the platform safe and secure.
Real-time chats boost engagements and enable players to chat with one other, exchange ideas, and socialize better.
Facilitating responsible gaming keeps users safe and prevent huge losses which enables them to enjoy the casino experience in a safe and secure environment.
Live Dealer Games
Live dealer games are high in demand as they give the real brick and mortar casino vibe and add to the casino experience of the users.
Random Number Generator
Random number generators help you remove biases and maintain fairness in the on-going games.
Leaderboards boost the enthusiasm of players by showing the ranks of top players and fuel healthy competition on the platform.
Convenient Payment Options
Platforms with convenient payment options enable users to facilitate transactions without any frets and keep the users coming back.
Security and Transparency
Safety, security and transparency are crucial for online casinos. Players look for safe and secure platforms while picking the platform to gamble.
Your website design will reflect the quality of your brand. Clutter-free designs enable your users to navigate across the platform without any hassle.
Multilingual solutions enable players to access platforms in the languages they prefer and are fluent in. This provides them the ease of access and enables them to use the online casino as per their convenience.
Achievement badges help players climb up the ranks and also enable you to provide recognition to players on the platform for their gaming achievements.
Quick Verification Process and Dedicated User Profiles
Quick verification process enables your customers to get started quickly. In addition to this, equipping them with dedicated user profiles enable users to keep everything organized and access things quickly and conveniently.
In-game purchases enable customers to buy add-ons for their preferred games and keeps them engaged.
Now that we know what it takes to start a successful business and what features to include, let’s take a look and what gamblers look for in an online casino.
Characteristics of a Thriving Online Casino
Noob bettors might get lost in your platform if it’s complicated. Keeping your interfaces easy to use not only helps noob bettors but also enables professional bettors to use the platform without any hassle.
High-end Graphics and Sound
Another factor that enables several online casinos to thrive is high-end graphics and sounds. The technological marvels have successfully pushed the boundaries and this has led to increased expectations of gamblers. High-end graphics and sound give your platform the look and feel of a real casino and boost engagement of the customers.
Variety of Games
Several casinos even after having a wide selection of games keep introducing new games. This enables bettors to explore and find new games to get comfortable with and play. New games also bring customers back and keep them engaged.
24/7 support enables your customers to get their queries resolved. Having robust customer support enables online casinos to build trust and credibility among users.
First deposit Bonuses and Loyalty Programs
First deposit bonuses attract customers and get them started on the platform while loyalty programs ensure customer retention.
Casino Mobile Applications
Customers cannot stay tied to their PCs or laptops the whole day. Hence online casinos invest in mobile applications to provide uninterrupted services to their customers.
Last but not the least, reputation. Having a good online presence, positive reviews, as well as a good reputation help in attracting customers on the platform.
Looking for a Reliable Casino Software Provider?
GammaStack can help. We at GammaStack equip entrepreneurs, small businesses as well as large businesses with robust and powerful online casino websites and casino software solutions that enable them to climb new ladders of success and reach new heights.
Our key offerings include turnkey online casino software, white-label online casino software, Crypto Online Casino Software, Blockchain Online Casino Software, live dealer games and so much more.
Equipped with 8+ years of experience in the iGaming industry and a team of highly skilled as well as proficient designers and developers, we empower businesses to meet their business goals, enhance their reach and boost the engagement of their customers. Our powerful online casino software solutions come with a plethora of features, several tools, and functionalities that enable you to deliver spectacular as well as splendid casino experience to your users.
Want to start your own online casino? Looking to discuss your next big idea, have any questions or queries about us or our offerings? We are all ears! Contact us today to know more.