As with almost everything, casinos were also met with the opportunity to go live on screen, cutting costs in the face of the property, maintenance, and personnel. Although land-based casinos are still quite popular among punters, an online casino provides them with comfort and flexibility. But what are the specifics revolving around the launch of an online casino?
Legal
Usually, when you’ve got all the legal and software issues going, it might take up to 12 weeks for your online casino to go live. In that time your platform, its design, and games should be set up along with any custom features. While the software provider takes care of that, you as the business owner should take on securing your gambling license, opening a bank account and having a payment system partnership in place.
Keep in mind that in terms of financial and legal aspects, only the business owner can get the job done. So even if you’re working with a white-label provider, they won’t be able to take the lead on that one.
Marketing
Even if you have an attractive design and an impressive portfolio of games, it’s no guarantee that you’ll establish a loyal customer base. This is why successful casinos rely on a strong marketing strategy that will increase their brand awareness and customer retention rates. Since the industry is highly competitive, earning a firm position in it would be very hard if you’re not as fierce as your competitors.
Define your positioning strategy. What are your goals, abilities, and target market? What differentiates you from your competitors, what makes you the preferred casino among customers? Without knowing what you want to gain from the market, you won’t be able to communicate your value to customers well. Gather feedback from beta users, explore different business scenarios, and always put yourself one step ahead.
Introduce yourself to your audience. Consider preparing a pre-launch advertising campaign, which will help with building brand awareness and familiarity with your products. Campaigns can be in the form of print advertisements, PR publications, digital ads, etc. But don’t stop here! A continuous marketing effort is as important as the initial hype around your business. You can outsource to a marketing agency that will take over the promotion process entirely or have an internal marketing team that can work towards both organic and paid results.
Take care of your clients. As retention rates should be your main KPI, you have a dedicated customer support agent that’s available for any urgent and less simple inquiries. Another good thing to do is have a FAQ page, video tutorials, and free trials for games. Being client-centered, your casino should also promote an incentive program – whether it be bonuses, auctions, free rewards, or referral programs.
Opportunities
The gambling market is constantly evolving and staying still means dying. You have to look for trends and innovations in terms of games, design, format, and payment systems.
For example, paying with cryptocurrencies has gained increased popularity among operators and punters. Operators who defied the possibility of integrating crypto as a means of payment ended up losing a chunk of their users and with them – revenue and market share.
Another recent addition to acceptable currencies are NFTs. With a market value of est. $41 billion in 2021, non-fungible tokens are changing our definition of art and its monetization.
The NFT Pay Platform enables operators to procure, store and loan the latest trending NFTs, and it enables end users to access immediate liquidity for their NFTs at a fair market price. NFT Pay was created for operators in the iGaming and Sports Betting Industry to easily access this new asset class with one simple API and enable their users to pay with NFTs which in turn increases user retention and time spent on site.
Curious to learn more? Reach out to us here and get in touch with a team member.
We hope you’ve found this article useful and feel more confident in diving head-first into the industry. Remember, it’s a fierce market and only the bravest make it out there.
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About UltraPlay:
UltraPlay is a multi-awarded betting provider, founded in 2010, offering a turn-key iGaming platform to online operators worldwide. The company focuses on sports and eSports betting, live betting, white-label, online casino, and blockchain technology.
Assembled by a team of iGaming professionals with vast experience in betting product development, operations, eSports, and marketing, UltraPlay is a trusted partner for delivering superior sports betting software and odds products to its customers.
Learn more about the company here: www.ultraplay.co
Press contact:
Marina Marinova
PR Specialist
