Ultimate Guide to Opening an Online Casino in 2024

Running a gambling business is challenging, but our extensive experience and deep industry knowledge can help you successfully launch your casino or bookmaker and establish a strong presence in the market.

In this article, we’ll outline the essential steps and key players needed to launch a minimum viable product (MVP) for your gambling business. While these recommendations are not exhaustive, they represent the fundamental setup required to get started. Scaling and solidifying your market position will require significantly more resources and effort. While starting an online casino may be straightforward, making it successful and profitable is complex.

Platform Selection

A casino’s foundation is its platform, which serves as the core of the entire product. The market offers numerous options, but 90% of them lead to dead ends, failing to achieve self-sufficiency. Choosing the right platform is crucial for the success of your project.
To determine the best platform for your needs, consider the following questions:
– What are your primary regions of operation?
– Are you planning to launch only a casino, or both a casino and a bookmaker?
– What are the citizenships of your shareholders and directors?
– What are your launch timelines?

By answering these questions, we can recommend several platforms that suit your needs. We have extensive experience with various platforms and maintain ongoing communication with their providers.
The cost of connecting a platform ranges from $5,000 to $200,000. A reasonably functional platform typically costs between $20,000 and $30,000. In addition to the one-time connection fee, expect fixed monthly payments ranging from $1,500 to $20,000, which usually cover technical support, hosting, and additional modules. Platforms also typically take a percentage of the casino’s monthly gross gaming revenue (GGR), ranging from 0% to 15%.
Many newcomers consider developing their own platform. However, unless you have prior gambling industry experience, we recommend against this due to the high costs and complexities involved. If you’re curious about the potential pitfalls, contact us for a detailed discussion.

Legal Considerations

Choosing the right company structure and license depends on several factors:

  • What are your main regions of operation?
  • Do you plan to launch only a casino, or both a casino and a bookmaker?
  • What are the citizenships of your shareholders and directors?
  • What are the tax residencies of your founders/shareholders?
  • What are your launch timelines?

The most common approach involves setting up a company and obtaining a license in Curacao, combined with a company in Cyprus acting as a paying agent. Recently, licenses from jurisdictions like Tobique or Anjouan have also become popular.

The cost of this setup varies based on factors such as the number of shareholders, the platform used, and the client’s ability to provide necessary documents and a compliant business plan. Indicative pricing for a Curacao license can be found here. While there are market offers to operate under a platform holder’s license, we do not recommend this due to the limitations and risks involved. For a personalized commercial offer, please contact our specialists.

Opening Current Accounts

For companies in Curacao and Cyprus, opening current accounts is essential. We recommend having at least two accounts per company to ensure operational continuity in case of unforeseen issues. The cost of opening an account typically starts at $3,000, depending on the institution’s understanding of and ability to work with your industry. Otherwise, you risk account blocks, fund freezes, and numerous compliance inquiries.

Connecting Payment Methods

While some platforms include payment methods in their base price, most require additional purchases for various reasons. The cost of connecting a payment method usually starts at $1,000 and depends on multiple factors.

If you need further assistance or a detailed consultation on any of these aspects, please reach out to our team of experts.

Analytics

Analytics form the backbone of any successful gambling establishment. While some platforms come with built-in analytics tools, which can be quite effective, it is often necessary to develop your own independent analytics system. A casino generates a vast stream of big data that must be accurately interpreted to make informed decisions. Without robust analytics, a casino is essentially squandering its potential.

Essential Specialists for a Successful Launch

Analyst
You need more than just a general business or data analyst; you need an analyst with specialized experience in the gambling industry. It’s not enough to merely collect data; the key is interpreting it correctly and knowing which metrics to prioritize.

Payment Operator
Efficient fund withdrawals, swift resolution of client issues related to deposits, and prompt handling of payment method problems are critical for the smooth operation of a gambling project. Your payment operator should have substantial experience in the gambling industry and a deep understanding of the specific regions where you plan to operate.

Anti-Fraud Specialist
Casinos and bookmakers are prime targets for user fraud. To protect your business from significant losses, it is crucial to have an anti-fraud specialist with extensive experience in the gambling industry. This expert will help you identify and mitigate risks from scammers, abusers, bonus hunters, and other malicious actors attempting to exploit your casino.

Marketing and Traffic
Offering specific recommendations for marketing and traffic is challenging, as strategies, budgets, and team compositions vary widely. However, it’s crucial to recognize that marketing and traffic generation are second in importance only to the platform itself.

Design Team
Design plays a critical role in boosting conversions and retaining users. A well-rounded design team should consist of at least two designers due to the extensive workload, which includes creating promotional designs, creatives, landing pages, social media content, affiliate materials, newsletters, website assets for A/B testing, and more. Designers with gambling industry experience are essential, as the sector’s unique requirements differ significantly from those of other industries.

CRM Team
Customer retention and development are paramount. Retaining an existing customer is far more cost-effective than acquiring a new one, making the CRM team a vital component of your business. The team’s size will depend on the regions and services you plan to offer, but at minimum, you need two specialists to handle the extensive workload. This includes developing and maintaining loyalty programs, planning bonus campaigns, and managing player activation, retention, and reactivation through various channels. These specialists should have a strong background in the gambling industry.

Customer Support
For a serious gambling operation, having an in-house support team is advisable. Relying on third-party services can lead to client data leaks, client loss, slow response to technical issues, and poor communication, all of which can negatively impact your revenue and reputation. The number of support staff required will depend on the regions you operate in and the time zones you cover.

Time Frame to Open an Online Casino

From preparation to launch, you should allocate at least 3 months, though the process typically takes 4-6 months.

Conclusion

To begin operations and launch your online casino, you will need a minimum team of 7-8 people, a time frame of 3-6 months, and at least $100,000, assuming the team is highly motivated and committed. This budget does not include marketing expenses. If you have any questions or need guidance, feel free to contact us. We can lead you through the complexities of the gambling industry, help you avoid common pitfalls, and assist you in launching a successful gambling business.