Online gambling has always been one of the most lucrative and desirable areas to explore for business owners despite of whether they have experience in the field. In order to open a successful online casino that will benefit an owner and bring pleasure to customers, one needs to follow the proper sequence of steps paying serious attention to all details. As an online casino software provider SoftSwiss is glad to share its experience to help future online casino owners avoid common mistakes that may impede business launch, inflate budget or even close the business down.
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Step 1. Preparation
a) Legal issues
Online gambling is a subject to licensing, thus an essential thing is to think about choosing the jurisdiction and obtaining a license. There are two main venues where it can be done: offshore countries and the European Union countries. Each has their pros and cons – budget, time, reputation. Usually it takes from a couple of months to a year to obtain a gaming license, for example, 6 months in Malta.
The next step after choosing the jurisdiction is to register a legal entity – a gaming company, opening a bank account and making agreements with payment system providers which will make the legal and financial infrastructure complete.
As an alternative to this method there is a “White Label” scheme which means leasing of software together with the gaming license and financial infrastructure from a software provider and operating your casino under your own brand but with the ready-to-use infrastructure. Such a scheme protects from excessive legal and banking bothers but involves additional costs.
b) Software
As soon as all legal issues are investigated separately or simultaneously, it is time to choose a professional online casino software provider. While searching the market it is wise to evaluate the price and quality balance. Besides the attractive design and a set of popular games, a quality product shall also include a reliable gaming platform which allows for effective management of casino business and includes the following components:
• CMS
• Player management system
• Bonus and promotions management system
• Game management system
• Payment system management interface
• Cashier system
• Reporting engine
• Support of different roles for administrators
• Affiliate management system
• Anti-fraud system
• Retention email system
Regular software and game updates, hosting and technical support shall also be part of the provider’s package. Professional suppliers always take the responsibility for the full technical support of the after-launch product operation.
The software package that includes all of the above components might be on the upper edge in terms of costs, but the financial investments are worth it because as a result you get a reliable partner ready to support you during the whole project life cycle. Be aware of the fact that buying a cheaper solution might result in double spending in the future.
c) Marketing planning
An effective marketing strategy is a key point to online casino success. At this stage it is strategically correct to make a rigid competitors research. First of all, it will provide you with a full picture of the market: who the leaders are, what strategies they use, what return on investment they get, etc. Thus, knowing the game rules allows creating a unique offer which customers won’t be able to decline. Using the method of benchmarking plays perfect for the good of online casino success, and what is more important, it is free. Plan your marketing strategy by adapting the best practices of promotion, advertising, and brand development.
If a company starting an online casino is operating land-based gaming business, it is crucial to bring the existing clients to play in Internet casino by offering attractive bonuses and thus developing loyalty and respect to the website. Any know-how are always welcome but be aware of wrong calculated ideas from the mathematical point of view.
The next move is to contact internet marketing companies or individuals specializing in online gambling: SEO agencies, email marketing companies, media resources providing casino overviews, etc. This will help define the best offers on the market and choose the right partners before the website is ready to launch.
At this stage, it is also time to think about your future bonus policy and affiliate marketing strategy, as well as check if the selected software provides the appropriate technical opportunities.
d) Budgeting
Once the costs for legal issues, software and marketing are defined, it’s time to plan your budget. The best option for startup companies is to set the budget at least for the first year of operation, whereas for experienced companies who are entering the igaming market, the budget shall be defined for as long as possible. Don’t plan your budget after setting up the online casino website, plan it before. If you are a startup-company you have to understand that your costs will be higher. Your goal is to earn trust of players from the beginning. Existing land-based brands already have trust.
Below there is an approximate expenses separation a future casino owner shall have in mind while developing a detailed budget within a business plan.
| Pre-Launch expenses | After-Launch expenses, 1st year |
| Company set up – 3-7% | Company running – 5% |
| License set up – 10-30% | License fees – 1-10% |
| Software set up – 25- 35% | Software support – 10% |
| Staff hiring – 10-20% | Games Providers – 5% |
| Pre-Marketing – 15-20% | Marketing – 50% |
| Other costs – 5-15% | Staff – 20-30% |
At the pre-launch stage the biggest budget share shall be devoted to software set-up in order to provide future users with quality product. But after the launch it is vitally important to address half the funds to casino marketing and promotion.
Step 2. Launch
The time frame for online casino launch depends on both, business owner and software provider. Usually it takes up to 3 months for the provider to set up the software. It includes web site design, platform and games set up, custom settings and possible individual features. The business owner may speed up the process of launch by providing regular feedback to all questions that designers and programmers might have. Any issue can be resolved if discussed in time.
Besides, the business owner shall timely address the issues discussed above:
• Obtaining a gaming license;
• Opening a corporate bank account and merchant account;
• Making agreements with payment system providers.
Setting legal and financial infrastructure is the task that only the business owner can accomplish. In SoftSwiss we provide consulting services (best options, contacts, etc.) on such points but we can’t guarantee success as the whole responsibility lies on the business owner. You will have to collect a bunch of documents for lawyers and banks like certified passport copy, utility bill copy, certificate of non-criminal records…
Step 3. Marketing
The secret of the most popular and successful online casino success and popularity is not about the top-notch design or billions of games included. The best online casinos are simply designed and contain 500 games on average at the beginning. The secret is in responsible marketing strategy implemented on all stages of the project. Online casino market is an extremely competitive one: first, it is very hard to break into it, and then it is even harder to take a firm stand. Thus, a company has only one chance to win the fierce race among competitors. Below is a list of points that are vital for any online casino that is planning to be prosperous.
• Positioning – Gather professional marketing team and develop strategic and tactical development phases, announce your goals (business, company, brand), and mission. Determine what niche you would like to step in, how you are different from the competitors, what unique features your casino has, and what steps you are going to make further.
Use only quality games from trusted game-providers. You can start your casino with a limited number of game providers, with focus on games based on HTML 5 technology. This technology allows users to enjoy rich graphics games and enhance the overall experience with playing casino games on mobile devices. At SoftSwiss, among our own high-quality HTML5 games we offer game content from the well-known providers, such as Amatic Industries, Microgaming, NetEnt, and we are sure about their quality.
• Prelaunch advertising campaign – Announce your casino, inspire your potential customers to wait for its launch; use all possible methods: online advertising, presentations, publications, etc.
• Online casino promotion after launch – Use SEO, online advertising, banner networks. Everything will work on such a competitive market.
• Client attraction and retention campaign – Establish an efficient support service or 24h call-center which your customers can address at any time. Take care of your clients by making navigation through the website: create “How to” sections or FAQs, write manuals on how to play the games, provide demo versions, make everything clear and understandable.
Develop a bonus system, make auctions and entertain and reward your customers all the time.
Remember! Only business owner can establish the right content on the page. The software provider should give you the possibility to work with the content, but not create the content.
•Implement affiliate networks – Develop contacts with partners which will be an impetus to online casino development.
Additional Step 4. Bitcoin casino
Forward looking online casino software providers offer Bitcoin as an alternative payment system for their solutions. Online casino owners all over the world appreciated such advantages of Bitcoin casino as significant savings on license application costs and monthly fees, increased customer loyalty, fast payment processing and many more.
As an acknowledged Bitcoin casino experts, SoftSwiss would like to recommend all potential Bitcoin casino owners to get a clear understanding of the crypto currency, research on the peculiarities of Bitcoin gambling, and learn how transactions work by making a couple of bets at an existing casino. Understanding the core of the payment system is essential in business, moreover it will help to build a strong marketing campaign and further manage the Bitcoin casino. Contact SoftSwiss for professional advice on Bitcoin casino launch.
Managing an online casino is hard work but with all legal and financial issues resolved in a timely manner, quality software chosen and a strong marketing strategy in place, it can be successful. The demand for online casinos will increase – specialists predict 40% growth of this market segment in the nearest year. Following all the steps described above will help a newly made online casino to develop sustainably and outweigh the competition. Good luck!
Also learn how to start an online casino with SoftSwiss.
Table Of Contents
Ready to hit the online casino and start raking in the bonuses?
First, you need to learn a thing or two about wagering requirements.
Get started with this comprehensive guide to bonus wagering requirements to discover:
- What is wagering and how it has an impact on your casino bonuses and gameplay.
- How to calculate, meet, and beat wagering requirements explained in full.
- How to make the most of your freebies and the best way to wager casino bonus.
What is a Wager?
In order to understand what are the wagering requirements, you have to first understand what is a wager.
That part is simple:
A wager, simply put, is simply a bet.
But what does wager mean at your online Casino? A wager refers to the amount of money you stake with each hand of cards, spin of reels, or sports match.
It can also refer to the amount of money that you bet overall, in a session or specific time period.
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Play NowWhat Are Wagering Requirements?
When you sign up at a new online Casino or take advantage of a promotion at one you already play with, you'll encounter any number of bonus offers.
These include things like free spins, free bets, and cash bonuses.
Seems awesome, right? Well, these offers come with strings attached — and those strings are known as wagering requirements.
These requirements are stipulations which state that you must wager a certain amount of money before you can withdraw the bonus or collect any winnings you derive from it.
How Wagering Requirements Work
So, how do wagering requirements work? It's different for each bonus type.
With a cash bonus, you'll have to bet through a specified multiplier before you can withdraw any bonus funds and related winnings.
For example, let's say you take a cash Casino bonus with a wagering requirement of 30X.
This means that you'd have to bet your bonus amount thirty times over before you can withdraw it and the winnings you get from it.
You may also deal with requirements when you wager free spins.
Since free spins don't come with a cash amount, the multiplier applies to only to the winnings you receive from the free spins.
Free bets usually come with requirements as well. Depending on the Casino, you might have to deposit a certain amount before you collect the bonus or only bet on sports with certain odds.
Calculating Your Wagering Requirements
Calculating your wagering requirements is a relatively simple formula. Simply plug in your numbers and you have a baseline:
(Bonus Amount) X (Wagering Requirement) = Total Bet
Let's say you deposit €50.
You receive a match-deposit bonus of €50, and your wagering requirement is 30X.
The formula would look like this: (€50) X (30) = €1,500.
Depending on the casino, you could encounter a sticky bonus. Your initial deposit is also included in the wagering requirements and the formula is changed:
(Bonus Amount) + (Initial Deposit) X (Wagering Requirement) = Total bet
Following the first example, the formula would look like this: (€50) + (€50) X (30) = €3,000.
These numbers seem high, but they aren't incredibly difficult to meet.
You'll be able to use the winnings from the bonus money to make wagers, and if you make them smartly you can usually beat the requirements and have a bit left over at the end.
Don't want to do the math? You can use a wagering requirements calculator online.
This eliminates the chance of human error in your calculations and ensures you know exactly how much you need to bet immediately.
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Play NowMeeting & Beating Your Wagering Requirements
In order to meet and beat your wagering requirements, you have to understand the subtler nuances of how they function and learn to play the smart way.
Terms and Conditions
When you have the chance to claim some welcome bonus money or another promotional offer, read the terms and conditions very carefully.
The fine print will inform you about all the strings which come attached to the bonus offer, including what the wagering requirements are and what you need to do to beat them.
You'll generally have to make a minimum deposit to receive the bonus in the first place.
You could have to use a certain deposit method to claim it, and have a limited amount of time to use it. Every online Casino is different, and they all have different rules and regulations when it comes to meeting the requirements.
Choosing Your Casino
Some casinos have wagering requirements of 50X or more, while some require less than 30X. Some also limit the amount of money you can win from Casino bonuses, so it's imperative you do your research and shop around.
Choose a casino which has favorable bonus terms, and make sure it has a good reputation among enthusiasts.
It must be fully licensed and regulated, simple to use, and have easily accessible customer support in case you have questions or encounter any problems with your bonus.
Choosing Your Games
Different games will contribute different percentages of your wager to the requirements.
Find out which games qualify and what percentage of your wager they contribute, then play the games which give you the most bang for your wagering requirement buck.
Online Slots commonly contribute 100% of your bet to the requirements.
Table games and card games, on the other hand, may contribute just 50% or even less. You'll find you meet your requirements more quickly and easily if you choose to play the Slots.
Play the Right Way
You know that Slots are likely to help you meet your wagering requirements more rapidly, but not all Slots are created equal. It's important to pay attention to the variance of your games and the RTP (Return to Player Percentage).
Games with a lower RTP have a higher variance. They don't pay out as often, but when they do, they pay out larger amounts.
If you're trying to meet wagering requirements, play these types of games at the beginning.
This will allow you the chance to significantly increase your bankroll, and insure yourself against possible losses in the future.
Once you've padded out your bankroll, take it easy and play lower-variance games. These will have a high RTP, meaning they pay out smaller amounts but more consistently.
They are a safer bet because they don't diminish your bankroll as easily and allow you to keep more of your winnings over time.
Opting Out
Don't want to worry about wagering requirements? You can choose to opt out of the bonus entirely.
Sometimes casinos will have the option readily available, but you may have to contact customer support to convey your wishes.
No-Wager Casinos
You can also find an online casino without wagering requirements.
These no-wager casinos are becoming more popular because their bonuses come with less stipulations, but you normally won't see crazy amounts of free cash.
However, a small amount of bonus money or wager free spins can be just as profitable.
Both of these bonuses generally require a deposit, but will not require you to wager your winnings a specific number of times before you can collect them.
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Play NowWagering Requirement FAQ
Can I withdraw winnings from a free bet?
Absolutely! Once you qualify for the bonus and make your bet, any winnings derived will be credited to your casino account and you can withdraw them anytime.
However, you will not receive the stake amount, since the casino paid it for you.
How do you beat wagering requirements?
The best way to beat the wagering requirements is to play Slots games, because they contribute the largest percentage of your wager to the requirements and have a high relative return.
What does 10x wagering requirement mean?
A 10X wagering requirement means that you must wager the amount of your bonus 10X over in order to collect your bonus and subsequent winnings.
If your bonus was €10, you'd have to wager €100 to meet the requirement.
What is a 20x wagering requirement?
A 20X wagering requirement means you must wager the amount of your bonus 20X over in order for you to collect the bonus and subsequent winnings. If your bonus was €10, you'd have to wager €200 to meet the requirement.
What is a 50x wagering requirement?
A 50X wagering requirement means you must wager the amount of your bonus 50X over in order for you to collect the bonus and subsequent winnings. If your bonus was €10, you'd have to wager €500 to meet the requirement.
What is wager amount?
The wager amount is the amount of money you use to make a bet. In the case of Casino bonuses, it can also refer to the amount of money you have to bet overall before you can withdraw winnings.
What does no wagering mean?
No wagering refers to a type of casino bonus in which you do not have to meet any wagering requirements. You can collect winnings from this bonus as soon as you get them.