Are you looking to build a gambling platform that encompasses casinos and sportsbooks? You have come to the right place, as we cover the step-by-step guide on how to do that.
On the one hand, the casino is a medium for players to wager on their favorite games. The sportsbook is also important, as it allows the punters to place bets on some of the popular sporting events. Combining the two in one platform can be done following a series of steps, as explained below:
1. Understand the Industry and Take Note of the Markets
The Interactive Gaming (iGaming) industry encompasses both casinos and sportsbooks. Basically, iGaming covers all the betting markets. Your aim is to understand the dynamics of the industry as a way of ensuring that you understand the:
- Market trends
- Challenges that could reduce active participation
- Projected growth rate
- Jurisdictions or countries where casinos and sportsbooks are allowed.
- Regulatory policies, such as taxation, registration of the gambling platform business and obtaining of certificates of operation.
2. Create Your Gameplan
Starting an online casino and sportsbook gambling platform is not just a means of earning consistent income. It is also a business and as such, needs to be structured the right way. Creating your gameplan, setting the goals and creating a business plan are some of the important steps to take here.
Conduct Feasibility Studies
Mastering how the gambling markets operate is very essential, which is why you want to conduct several feasibility studies. These researches help you to find out the:
- Demographics (age, income level, gender and preferences) of the target audience.
- Preferred mode of gameplay.
- Jurisdictions where gambling activities are permitted, as well as the regulations in place.
Decide on the Niche to Cover
Another aspect of gameplan creation is the selection of a niche-market to cover. You want to be a “jack of one trade and a master of the same.” For this reason, prioritize specific niches to cover.
For example, focus on slot games if all you want to offer is slot machines via your online casino. Virtual sports, fantasy sports and Electronic Sports (eSports) can be considered for sportsbook.
3. Register the Business and Obtain Licenses
As mentioned earlier, your gambling platform encompassing casino and sportsbook is a business and should be treated as such. You need to register the brand as a business operating in the jurisdiction where you want to establish it.
Decide on the Type of Legal Entity to Use
What type of legal entity do you prefer using when establishing your gambling brand? Both General Partnership and Limited Liability Company (LLC) are two of the popular types of legal entities to use.
On the one hand, General Partnership is ideal if you are just starting the gambling platform or if you don’t intend to scale it to a bigger platform.
On the other hand, going for Limited Liability Company (LLC) registration is ideal if you have hopes of scaling the gambling platform to a bigger brand in the future. Besides, incorporating the platform as an LLC can help you attract investors who would want to be shareholders.
Define Your Market of Operation
Some gambling brands start from the scratch and scale to higher heights in the coming years. Likewise, some prefer localizing the services, while others with eyes on the “big picture” extend the services to other markets.
To that end, defining the market of operation comes in handy as you want to choose a market that helps you determine how big the gambling platform can grow. Some of the options are:
- Regional Market: Covering the region or locality where the gambling business is established.
- International Market: Offering gambling activities beyond the shores of the country where the brand is registered.
- National Market: You can also offer the gambling services to the national market, meaning that you want to extend the services beyond the locality so it could cover the entire country.
4. Choose the Appropriate Software
Make it a point of duty to partner or collaborate with a reliable Interactive Gaming (iGaming) provider. The company is responsible for offering a wide range of tailored-like solutions to help your gambling platform grow to the next level.
You can pick the best casino software provider by:
- Support for multiple languages for effective communication.
- Robust security systems.
- Support for several payment options.
- Quality game content, including graphics and animations.
Picking the best software provider, understanding the market and coming up with implementable goals are some of the best ways to build a gambling platform that offers the best casino and sportsbook services.
It is not always rosy at the start. From establishing the brand presence in the market to tackling competitors’ antics, the challenges are many. But coming up with strategic ways to weather the challenges can help position your gambling brand for greatness.