How to open and grow an online casino in 2024: a guide

Online gambling has always been one of the most lucrative and desirable areas for business owners, regardless of whether they have experience in this field. To open a successful online casino, such as bestbonusmoney.uk, that benefits its owner and makes players happy, you need to follow a few key steps. Many service providers and developers are willing to share their expertise in this field. Especially for you, we have developed and compiled a detailed guide to opening and promoting an online casino in 2024. We hope that our experience will help future online casino owners (operators) avoid common mistakes and start a successful online casino business. Enjoy reading.

Basic steps to start your journey in the world of online casinos

One of the most important things you should start with when starting an online casino business is proper and thorough planning. It’s a great idea to write a detailed step-by-step business plan for an entire year of operation. Not only does this give you a clear agenda and strategy, but it can also help reduce stress – it’s much easier to take one step at a time and track your progress than to focus on too many tasks at once.

Here are four key steps you need to take to successfully launch your own online casino:

Analyse the online casino market

The popularity of online gambling has grown significantly in recent years, especially since the pandemic. Both sports betting and online casino games have recently become increasingly popular (as have many other sources of online entertainment). The online gambling industry offers significant revenue opportunities even in the face of global economic and political changes. Online casinos also outperform traditional land-based casinos in terms of accessibility. In support of this view, data from many statistical companies forecast the user base in the online gambling market to expand to 233.7 million by 2027, with revenues expected to reach $124 billion. This growth trajectory gives a good indication of the potential of the iGaming industry and the size of its market.

Recognising its promising future, many governments are actively working towards the regularisation and legalisation of the online gambling sector. For current and aspiring online casino operators, these projections signal strong and positive market growth.

Although most online casinos are in .com, players are still physically located in a particular country. Offering your online casino to players electronically is still governed by certain laws and obligations, which brings us to the next point:

Licensing and legal aspects

Just like land-based casinos, online casinos also require a license. These are issued by certain countries or their controlled jurisdictions.

Each licence has its pros and cons – cost, application time and reputation. It usually takes from a few months to a year to obtain a gaming licence, for example in Malta at least 6 months.

In recent years, the online gambling industry has seen a significant shift in regulation – moving away from international gambling licences (e.g. Malta and Curacao) to country-specific regulation. This change motivates operators to consider adapting their brand and offering in regulated markets.

International licences are adapting to these changes. For example, Curaçao is developing a new regulator and modernising its system to improve safety and compliance. Similarly, Malta is modernising its operations with a focus on sustainable practices and responsible gaming.

How do operators choose an online gaming licence? Choosing the right licence for an online casino or bookmaker is more complex than ever. It’s not just about ticking boxes in terms of operational requirements. It involves matching the licence to your business’s long-term goals, target markets and growth plans.

Given the current trajectory of the industry, betting on a single licence seems less practical in the long term. It’s critical to assess risk, plan strategically to grow your brand, and partner with software technology providers that are aligned with specific market and regulatory needs.

As a result, many service providers offer several options:

• Turnkey casino solution: suitable for operators who already have licences and certifications, it offers the software, infrastructure and iGaming support needed to launch a fully independent casino.
• Crypto Casino Solution: a secure software solution specifically designed for casinos looking to attract a cryptocurrency audience.
• White Label Casino Solution: ideal for a quick launch, provides everything including an international licence.
• The next step after choosing a jurisdiction is to register a legal entity – a gaming company, open a bank account and contract with payment providers to finalise the setup of the legal and financial infrastructure.

Choosing casino software

Many technology companies develop their own software and systems on which the online casino runs. When looking for a reliable casino software developer, it is wise to evaluate the software in terms of your business requirements.

Aside from an attractive casino interface design and popular games for players, a quality casino product requires more than just quality code. A truly robust casino software platform must also be modular and adaptable to different market requirements. These software components are mainly needed:

• Content Management System (CMS)
• Player Account Management System (PAM)
• Bonus and promotions module
• Payment system management interface
• Reporting module
• Administrator Role Settings
• Affiliate programme management software
• Antifraud module and systems
• Email retention strategy and tools

Regular software and game updates, hosting and technical support should also be part of the vendor’s package. Professional vendors always take full technical support after launch.

A software package that includes all of the above components may cost more, but modular software is a worthwhile investment. As a result, you get a reliable partner ready to support you throughout the entire project lifecycle. Buying a cheaper solution, such as a one-off casino script, can lead to high costs in the future.

Casino marketing plan

An effective marketing strategy is an absolute necessity for running a casino. This is where competitor research becomes a crucial step. It will give you an overview of the leading casino brands, what strategies they use to attract and retain users, and what opportunities you have to be as high quality or even better than them.

Knowing who you’re competing with and creating a unique offering that players can’t refuse is key. Benchmarking against competitors is fundamental to the success of an online casino, and most importantly, it’s free. In terms of budget, plan your marketing strategy by adopting best practices in promotion, advertising and brand development.

If the company opening the online casino runs a personal gaming business, it can be crucial to attract existing customers to play at the online version of the casino. Using an integrated marketing strategy for both online and offline brands can be a win-win situation.

If you have experience with online marketing, user engagement, growth marketing, and affiliate marketing – you probably know where to start with an online casino marketing strategy. If not, consider hiring companies, agencies, and individuals with similar experience and expertise.

Last but not least, think about your future bonus policy and affiliate programme. These will help attract and retain players and should not be ignored. And, of course, make sure that the software you choose provides the right technical capabilities to bring your strategy to life.

So, how long is it?

The timeline for launching an online casino depends on both the business owner and the software provider. It usually takes up to 3 months for the provider to set up the software and create a unique casino site. This includes customising games, adding bonus policy settings and possible custom features, as well as developing a brand look and feel. Make sure the website is carefully designed and easy to navigate. Remember, your requirements can be taken into consideration faster if they are discussed on time.

Additionally, the business owner needs to promptly address the important issues discussed above:

• Obtaining a gaming licence
• It is necessary to open a bank account
• Enter into contracts with payment system providers

Many software providers can fulfil these points for you, which will significantly speed up the opening of your online casino. This option allows traders to enter the market in a short period of time.

Running an online casino

The secret to the most popular and successful online casinos is not quality design or thousands of games. The best online casinos often have a simple design and contain an average of 500 games at launch.

The online casino market is extremely competitive: it’s very difficult to enter at first, and even harder to establish a strong foothold later on. As a rule, a company needs to make every effort to stand out from the competition. Below is a list of vital points for any online casino that plans to thrive.

Positioning

Assemble a professional marketing team and develop a strategy for your goals (business, company, brand) and mission. Determine how you will differentiate yourself from your competitors, what unique features your casino will have and what steps you will take next.

Quality games

You can launch your casino with a limited number of game providers by focusing on games based on HTML5 technology. This technology allows users to enjoy games with rich graphics and enhance the overall casino experience on mobile devices.

Many providers offer gaming content from well-known providers such as Evolution, Pragmatic Play, Games Global and others. Beforehand, you need to find out which casino games are best suited for the markets you plan to operate in.

Pre-launch advertising campaign

Before you start developing your online casino, you need to promote it to inspire your potential customers to look forward to its launch; use all available channels: affiliate networks, online ads, offline presentations, media publications, etc.

Ongoing promotional support

In today’s market, constant player engagement is essential for growth. It is crucial for operators to implement ongoing promotional strategies to ensure a constant influx of new players.

Be sure to experiment and see what works best for your player base. Always plan ahead and always try to offer your players something new.

Strategise to attract, support and retain players

Set up an efficient support team or a 24/7 call centre that your players can contact at any time. Take care of your players by making the site easy to navigate: create ‘How To’ or FAQ sections, write game guides, provide demos and make everything clear and easy to understand.

Develop a bonus system, run auctions, entertain and reward your players for their activity.

Launch an affiliate programme

Develop contacts with affiliate programmes that can use your online resources to promote your online casino. Operators use affiliate management software to manage these affiliate relationships. An affiliate platform is without a doubt the best tool to expand your affiliate network.

Cryptocurrency casino

Advanced online casino software providers offer both cryptocurrencies and paper currencies. Payment systems are fundamental to a high-quality player experience.

Online casino owners around the world appreciate the benefits of cryptocurrency casinos such as increased player loyalty, fast payment processing and many others.

Recognised cryptocurrency casino experts recommend all potential bitcoin casino owners to get a clear understanding of cryptocurrency, learn the features of cryptocurrency gambling and learn how transactions work by placing a few bets at an existing casino.

Jackpots

Jackpots are an integral part of casinos. Online casinos are no exception either. They are loved by players for the opportunity to win big rewards, and by operators for the engagement they create.

Players have the opportunity to compete for bonuses, physical prizes and loyalty points. Jackpots can be realised through dedicated tournament tools or additional jackpot modules integrated into the casino platform.

Some of the benefits of jackpot realisation include:

• Increasing the player’s LTV
• Increase in the amount of bets
• Acquisition of new players
• Retention of existing players
• Increase in revenue

Sports betting

In recent years, a significant number of online casinos have integrated sports betting into their platforms. It has been proven that combining a casino and a betting shop is extremely beneficial, as it enhances the overall performance of the project and significantly increases user engagement.

Integrating a full-fledged sports betting platform has many benefits. With this feature, players can bet on various sports such as football, basketball, tennis, hockey and many others. It also allows them to watch live sports broadcasts on your website, receive special bonuses and build loyalty to your brand.

Overall, players are more likely to remain loyal to a platform that fulfils all their needs and allows them to do everything at the same time – play casino games, bet on sports and simply try their luck at slots.

How much does it cost to open and maintain an online casino?

Once legal, software and marketing costs have been determined, it’s time to plan your budget. The best option for a start-up business is to set a budget for at least the first year of operation. Experienced businesses can plan their budget several years in advance.

Don’t plan your budget after setting up your online casino site – plan ahead. For new entrants to the market, setting up a business often requires a higher initial outlay than experienced operators. This difference is largely due to the advantages enjoyed by established businesses, such as an established customer base and recognisable brand, especially for those transitioning from an in-person to an online model.

For a start-up business, this emphasises the importance of detailed financial planning. Before taking major steps such as launching a website, it’s important to carefully balance your finances (profit and loss statements are a good place to start).

In general, your expenses fall into two broad categories: pre-launch expenses and post-launch expenses.

For example, the biggest pre-launch expenses include software purchase and setup (25-35%), marketing costs (15-20%) and licence purchases (10-30%). This initial stage of development requires more attention and, as a result, more investment.

In the post-launch phase, it is crucial to allocate half of the funds to marketing and promotion of the casino to attract new players.

Final considerations

Running an online casino is hard work, but when all legal and financial issues are addressed in a timely manner, quality software is chosen and a strong marketing strategy is in place, it can be a successful and encouraging experience for everyone – online casino owners and players alike.

Following all the steps outlined above will help a newly established online casino to grow steadily and outperform the competition. Thank you for your attention.