iGaming, more commonly known as Online Wagering, is a $100 billion industry, according to research firm Statista. Thanks to increased legalization worldwide, the sector is projected to reach $136 billion by 2029.
Although online gambling is growing rapidly, far too many startups fail in the sector. They fail because of poor marketing, improper management, or a lack of understanding of their customer base. In this article, we’ll share seven tips startup casino owners can use to succeed in 2024. Let’s get started.
1. Invest in a user-friendly Website
Having a professionally designed website is crucial for the success of any online gambling business. All your customers rely on your website’s performance to decide whether to become loyal customers or not.
Hire a website designer to create an attractive, well-organized casino site. The ideal casino site must load web pages fast, be simple to use, and work on mobile devices.
Speaking of simplicity, casino players love a website with easy-to-find features. The signup button should be conspicuous. You need a promotions page and a category for games, payment methods, and customer service.
Mobile support is particularly important in this age of iPhones and Android devices. More than 90% of adults who play online slots also own smartphones. Many of them prefer to play these games through their mobile devices.
2. Provide High-Quality Games
The most successful iGaming businesses offer a wide range of high-quality games. Variety helps a casino attract different types of players, and quality keeps these players.
In the iGaming space, online casinos can offer two main types of games—slots and table games. Slots are incredibly popular among players. Up to 80% of people prefer slots to card games.
Lease slots from leading software providers like NetEnt, Microgaming, Betsoft, Play'n GO, Playtech, Big Time Gaming, and IGT. Focus on high-payout games. Every player in 2024 is looking for casino platforms with high payout rates. For the uninitiated, high-payout games are often programmed to trigger winning symbols. They include Mega Joker, Blood Suckers, Thunderstruck II and Starburst.
3. Offer Live Casino Gaming
Almost every top-rated gambling website in 2024 has a live casino. These sites provide games like poker, blackjack, and roulette in a live setting using video technology.
You can see and interact with the casino’s dealer/croupier, chat with your opponents, or turn off the camera. Live casino gaming is more exciting. It looks realistic and can be competitive.
Malta-based Evolution Gaming is the world's best supplier of live casino games. It offers popular games like blackjack, poker, roulette, and baccarat and their variations. It also supports unique games like Monopoly Live and Football Dream Catcher Live.
4. Give Out Bonuses to Increase Brand Awareness
Casino fans love bonuses. They use these freebies to play their favorite slots and table games without using real money. Bonuses help you create brand awareness and build trust and loyalty.
Yes, you lose some money by giving out freebies to new customers. However, you can recover some money by setting fair terms and conditions. For example, limit welcome bonuses to one account per customer.
Next, there should be rules regarding the games customers can play, the maximum they can win, and the validity time. If a customer doesn't use their bonus within a week, the promotion should be removed.
Most casinos have bet limits designed to limit the maximum a person can win through a bonus. They also have wager requirements that ensure bonus recipients spend money before they can claim their bonus winnings.
Create fair bonus terms and conditions. More importantly, offer a wide variety of promotions. Welcome bonuses attract new customers, and you must run regular promotions like cashback deals, reload bonuses, and live casino promotions to earn their loyalty.
5. Fast and Smooth Banking
One of the biggest trends in the online casino space is fast payouts. Every user is looking for a site that provides smooth banking. Start by working with reputable payment providers.
A decade ago, gambling businesses had limited choices on the payment companies they could work with. Today, iGaming startups can provide deposits and withdrawals using all major payment providers.
Visa and MasterCard are the biggest names in the credit/debit cards category. PayPal, Skrill, Neteller, GPay, Apple Pay, EcoPayz, and Trustly are the most popular options for mobile wallet fans.
Other popular payment options in the sector include electronic checks, bank payments, and cryptocurrencies. In addition to working with the right payment companies and the right merchant service provider, offer friendly banking terms.
The best casinos have low minimum deposits. A low deposit of $5 or $10 allows doubtful customers to try your services without risking a lot of money, while a high maximum deposit helps you attract VIP customers.
Another policy to consider is processing payouts quickly. As we mentioned earlier, people are constantly looking for fast-payout gambling sites. When possible, process withdrawals within a day or two.
6. Comply with Gambling Regulations
Online gambling is a regulated industry. In the UK, the Gambling Commission Licenses new casinos. In the US, regulation takes place at the state level. New Jersey, Pennsylvania, and Michigan permit iGaming, while Texas and Utah don't.
If you want to succeed in the online gambling industry, comply with existing regulations, apply for a valid license, pay licensing fees, and fulfill all other requirements.
Most casino players choose licensed operators, with most tending to be safe and reliable. What’s more, playing at a licensed site assures customers they can receive help in a dispute.
7. Guard Your Reputation
Reputation can build or destroy an iGaming business. Players are always looking for reputable places to play, and if your brand is not reputable, you risk being the place people avoid.
A reputable casino needs a functional customer service department, high payout games, fair bonuses, and fast payouts. The best operators provide customer service through live chats, phone calls, and emails.
They're consistent with their terms and conditions, sponsor local events for PR reasons, and run promotions regularly to build trust with their customers. Build a brand so strong that it can withstand any setback you encounter along the way.
