Online Casino Industry Startup Questions

[ronak]

Dear all

I am looking into the online gaming and casino business.
My background is from Real Estate and Construction, and hence this is a new industry to me.

I have my marketing team look into the industry as a whole.

So far I have looked at turnkey casinos vs white labelled casinos.

Either way I would like to hear back if possible from industry professionals.

Is this a good industry to do business? Any good advice would be highly appreciated.

Kindest regards

 

[Casinomeister]

If you truly want to get involved in the business, you need to start networking now. I'm assuming your venture will be European facing, so you should consider attending the following conferences:

EIG - 21-23 October Berlin

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BAC - 23 - 27 October Barcelona

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MiGS - 11 - 13 November Malta

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Both the EIG and MiGS are focused on the operations of an online casino - software providers, licensing jurisdictions, i-gaming law, e-cash, security. etc. The BAC is primarily focused on marketing.

By meeting people and sitting in many of these seminars, you'll be able to gather up all information you need to get involved in this industry. Knowledge and personal contacts = success.

 

[iGameConsult]

As mentioned above, iGaming conferences would be great places to meet with industry representatives and get acknowledged with options in terms of jurisdiction, platform providers and more. However, extensive search online and communication with industry experts could even eliminate need for such trips.

IMO, starting online casino, there are several very important choices that are dictated by factors like budget, time to market, reputation et.c.:

1) Licensing jurisdiction. There are several, typically offshore or special economic zone places offering gaming licenses: Malta, Isle of Man, Kahnawake, Antigua, Philippines and Curacao to name a few. Based on track record and legal framework, different jurisdictions have varying level of cost and reputation. Typically EU countries and their dependencies score better on reputation scale but require higher cost to obtain the license. So it is a balance of cost vs reputation in eyes of casino clients dictating the choice.

2) Casino platform provider. Of course, players are way more likely to trust fairness of games from major software providers. However, those can be quite expensive, demanding to their potential licensees (sometimes, reportedly, on the brink of arrogance) and slow in reaction time. Smaller providers are less expensive, more agile but can lack the product recognition of industry giants.

3) White label vs. standalone. This choice is dictated by budget, time to market and personnel availability. If founders have solid budget and access to reasonably priced, trainable staff or willing to take part in operation on their own, standalone makes more sense. It adds a notch in reputation due to having own structure and appears more distinct, not one of many quite similar skins. If time to market is key, it may make sense to opt for quick rollout of white label, having platform provider do some operational duties and in turn paying higher royalties to them.

Feel free to PM if you would like to know more.

 

[Casinomeister]

...

Feel free to PM if you would like to know more.

Or just post the information here since this is a public thread.

 

[alexk]

Any updates

Hi ronak,


What happened in the end have you found all the info you would like to know about our industry. I would be glad to share first hand as ii was part of a startup couple of years back.



Best of luck to you!

 

[ronak]

Hello

Dear Alex

Many thanks for your mail and concern.
I have decided to NOT invest in this industry, as it has to many grey areas.

I was very tempted, but saw how much money I would sink in marketing, with little guarantees of success.

Just as a matter of curiosity, how did your business do, and are you still in the gaming world?

Kind regards
Ronak

ps: my email address is: ronak@hn.co.pt


What happened in the end have you found all the info you would like to know about our industry. I would be glad to share first hand as ii was part of a startup couple of years back.



Best of luck to you![/QUOTE]

 

[alexk]

Sorry didnt reply to the question just saw it

Dear Alex

Many thanks for your mail and concern.
I have decided to NOT invest in this industry, as it has to many grey areas.

I was very tempted, but saw how much money I would sink in marketing, with little guarantees of success.

Just as a matter of curiosity, how did your business do, and are you still in the gaming world?

Kind regards
Ronak

ps: my email address is: ronak@hn.co.pt






What happened in the end have you found all the info you would like to know about our industry. I would be glad to share first hand as ii was part of a startup couple of years back.



Best of luck to you!

[/QUOTE]

Business went well, then was sold by owner to another company. Yes I am still in the gaming industry wouldn't change it for nothing, this is an amazing industry and it will only keep on growing and hopefully improving.