How to launch an iGaming project in 2024: brief guide

The gambling business has always been a profitable area. During the coronavirus epidemic, most gambling has moved to the online sector. Online casinos and bookmakers have conquered the world and continue to attract a huge number of players every day since now.

The prosperity of the iGaming industry, the potential for significant income and a wide range of potential audiences – these and other reasons motivate thousands of entrepreneurs to launch their gambling projects and enter the market.

This article is a short but comprehensive guide for the future gaming operator. If you are thinking about or have already decided to open your own online casino or sportsbook, read this text to get the most essential information.

We will consider the advantages and pitfalls of running a gambling business, the process of launching an online casino; figure out how to choose a jurisdiction for obtaining a license, what casino games are popular now and how to quickly and easily integrate them into your website using the APIgrator service. Let’s get started!

Why to launch an online casino in 2024?

Is the online gambling business really as attractive as it seems? Our answer is yes. And here are the 5 main factors that make it so.

1. High demand. The demand for online gambling continues to grow exponentially. With the increasing penetration of the internet and smartphones, more people are accessing online gambling platforms. The convenience of playing from home, coupled with a wide variety of games, attracts a diverse audience. The allure of winning big with small bets also adds to the high demand, making online casinos a lucrative business.
2. Wide geography. Online gambling platforms can reach a global audience. Unlike physical casinos, which are limited by location, online casinos can operate across multiple countries, tapping into various markets. This geographical flexibility allows operators to cater to different demographics and preferences, ensuring a steady stream of players from around the world.
3. Permanent operation. One of the significant advantages of online casinos is their ability to operate 24/7. Unlike traditional casinos with operating hours, online platforms are always accessible, allowing players to gamble all the time. This round-the-clock availability translates to continuous revenue generation for operators, maximizing profits.
4. Low costs. Compared to land-based casinos, the overhead costs of running an online casino are significantly lower. The primary costs involve technology infrastructure, software, licensing, and marketing. This cost-efficiency makes it easier for new entrants to set up and operate their gambling business.
5. Consistent legalization. The trend towards the legalization of iGaming is growing. Many countries are recognizing the economic benefits of regulating the industry and are implementing favorable laws and regulations. Consistent legalization provides a stable environment for operators, ensuring they can run their businesses without the fear of legal repercussions. It also builds trust among players, knowing they are gambling on licensed and regulated platforms.

Potential drawbacks of running an iGaming business

Despite the listed benefits of the gambling business, it is also important to be aware of its disadvantages. Let’s list the most serious of them.

1. Unfriendly attitude towards the industry. The gambling industry often faces a negative perception from the public. Many people associate it with addiction, financial ruin, and unethical behavior. This attitude can lead to challenges in marketing and gaining trust from potential customers. It may also attract negative media attention, impacting the brand’s reputation.
2. Restrictions and prohibitions.Various countries have strict regulations and outright bans on gambling and betting. Navigating these restrictions requires a deep understanding of international laws and can limit the markets you can enter. Compliance with diverse regulations across different regions can be costly and time-consuming, potentially hindering business expansion.
3. Regulatory challenges. Even in jurisdictions where online gambling is legal, the regulatory landscape is complex and ever-changing. Keeping up with the latest regulations, ensuring compliance, and passing regular audits can be demanding. Non-compliance can result in hefty fines, license revocation, or even criminal charges, making regulatory adherence a constant challenge.
4. High risks. The iGaming industry is fraught with high risks, including financial instability, fraud, and cybersecurity threats. Operators must invest in robust security measures to protect against hacking and data breaches. Additionally, the volatility of player behavior and potential for large payouts can create financial instability, necessitating careful risk management.
5. High competition. The online gambling market is highly competitive, with numerous established players and new entrants constantly emerging. Standing out in such a crowded market requires substantial investment in marketing and innovation. The competition for customer acquisition is fierce, and retaining players demands ongoing efforts to enhance the gaming experience and offer attractive incentives.

Don’t worry, all these problems can be solved, you just have to put in the effort. In addition, there are many supportive companies in the gambling industry. Their teams are ready to help you launch an iGaming project without unnecessary delays and legal problems. Such a company, for example, is Slotegrator. The first consultation with its experts is free.

10 steps to opening an online casino

Now let’s figure out what stages you need to go through on the way to launching an online gambling project. Although the exact procedure depends on the jurisdiction where the operator plans to operate, there are 10 basic steps that are common for all. 

1. Market research. First of all, you need to conduct a market analysis. Carefully study the needs of your audience, the latest industry trends, and the strengths and weaknesses of your competitors. Awareness is the cornerstone of any successful business, and therefore skipping this step is strictly not recommended.
2. Business plan. A business plan is a roadmap for the future operator. By creating a detailed and thoughtful plan, you can stick to your goals and stay on track. By the way, a business plan is also important for obtaining a license. Regulators often ask for it to assess the potential of a gambling company.
3. Choosing software providers/developing a platform. At the platform creation stage, you have two options: develop it yourself or turn to reliable providers. For industry newcomers, we recommend the second option. Purchasing ready-made software for online casinos will significantly speed up and facilitate the process of launching a project. In addition, when getting a product from leading developers, you can be sure of the quality.
4. Gaming content integration. Selecting games and their integration is a very important stage, which requires considerable costs. It’s not just about money, but also about time. However, there is a way to not only speed up the procedure, but also make it more cost-effective. We are talking about quick and convenient integration of several games from top developers through a special API. This solution is provided by the company Slotegrator. We’ll tell more about its services later in this article.
5. Payment systems integration. Integration of payment systems is another stage, the importance of which is difficult to overestimate. Firstly, choosing reputable and reliable payment systems will ensure your customers’ trust, as well as the security of their (and yours) funds. In addition, we recommend not sticking to just one payment method. The more deposit and withdrawal options you provide, the more clients you will receive.
6. Security measures/AML compliance. IGaming is a very vulnerable area for financial crimes and money laundering. That is why security should be given special attention. Implement all necessary measures and do not forget about responsible gambling policy. You need to ensure that minors are protected from gambling.
7. License acquisition. A gambling license is an operator’s permission to work legally. This document allows you to avoid problems with the law, and also allows you to increase the level of trust of players and colleagues. You can obtain the document in one of the licensing jurisdictions. We will tell you how to choose a proper location in one of the following sections.
8. Marketing strategy. A well-thought-out and detailed promotion strategy is the key to the success of any business. You need to know exactly how and where you will advertise the website. Pay attention to marketing restrictions regarding gambling projects so as not to get into trouble.
9. Customer support. Organize a high-quality and productive support service. It is important that players’ problems are resolved quickly and properly. A positive experience contacting support will make the client loyal to your platform forever.
10. Launch and ongoing maintenance. Once a project is launched, work on it does not end. Continuous improvement in accordance with new trends and changing legislation are the basic tasks of any operator. In addition, over time, you can think about expanding your business, adding new games or sports betting activities. 

Choosing the best jurisdiction for licensing

So, how to choose the right place to obtain a license? Let’s list the major factors you need to take into account when deciding. 

1. Reputation. The reputation of the licensing jurisdiction affects player trust and the credibility of your online casino. Jurisdictions like Malta and the United Kingdom are well-respected in the iGaming industry, enhancing your brand’s credibility.
2. Regulations. Different jurisdictions have varying regulations governing online gambling. It’s important to choose a jurisdiction with clear, fair, and stable regulations to avoid legal issues. For example, Gibraltar and Alderney are known for their comprehensive regulatory frameworks.
3. Costs and taxes. The costs associated with obtaining and maintaining a license, as well as the tax rates, vary widely. Some jurisdictions offer lower costs and taxes, such as Curacao and Anjouan, making them attractive for startups. However, balancing cost with regulatory benefits is crucial.
4. Requirements. Licensing requirements can include technical standards, responsible gaming measures, and financial reserves. Jurisdictions like the Isle of Man have stringent requirements, ensuring a high level of operational integrity but potentially increasing initial setup costs.
5. Attitude towards the gambling industry. The local government’s attitude towards gambling can influence your operations. A supportive jurisdiction, such as Malta, which has a dedicated gaming authority, can provide a more conducive environment for your business to thrive.
6. The coverage of a local license. Consider whether the license from a jurisdiction allows you to operate in your target markets. Some licenses have broader acceptance and recognition, like those from the UK Gambling Commission, enabling wider market access.

The best games for online casinos

What casino games are popular today? And is it a good idea to add several types of games to the website? Let’s figure it out.

In 2024, classic games like slots (slot machines), blackjack, roulette, poker, baccarat, craps, keno and bingo are still popular. Players also love video poker and games with live dealers. The latter allows you to transfer the atmosphere of a land-based casino online, because in essence people play with a real dealer, even though they are at home. 

APIgrator and other services for operators

Finally, let’s talk in more detail about the APIgrator service from the Slotegrator company. This is a simple and convenient solution for integrating online casino games. More than 150 thousand games from more than 100 leading developers from all over the world.

How does it work? You receive a free consultation from the company’s experts and after solving the legal issues, you choose the games you like. A nice bonus: the more games you choose, the more profitable the contract price will be. After selecting games, integration and testing occurs. Slotegrator experts are also ready to help you with other tasks and issues. Here is a list of the company’s services and solutions:

• Turnkey online casino or sportsbook;
• Crypto casino;
• Telegram casino bot;
• Payment system integration;
• License acquisition;
• Affiliate management solution;
• Bonus systems solutions;
• Bank/merchant account opening;
• Trademark registration;
• Legal advice. 

So, if you are a future or new online casino operator or bookie, try to learn as much as possible about the industry before launching your own project. Study the gambling laws of your licensing jurisdiction, the market and competitors, and make sure that the games you choose are popular among your audience. Professional support will help you to avoid mistakes on this interesting but difficult path.

Contact Slotegrator experts for your first free consultation and get answers to all necessary questions, and possibly further support in launching and maintaining the project.

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