Crypto Casino Software: The Future of Online Casino Business
Cryptocurrency has impacted many sectors, including the gambling industry. Several online casinos now offer crypto payments, and experts believe that this trend will grow in this industry in the coming years. There has been massive growth recorded in the casino industry, and it is not surprising that many investors are beginning to tap into this market.
Suppose you are considering investing in an online casino business or plan on setting one up. In that case, you will need to develop an online casino platform that fits the market trends today or rely on third-party software solutions. Lots of investors are making huge profits from the fast-growing gambling market. With more people attached to their smartphones than ever, the online casino world has overtaken brick-and-mortar casinos. People find it more convenient to play their favorite casino games online than driving to a traditional casino.
What Kind Of Solutions Are Available For Investors Looking To Own Online Casinos
The following is the list of 3 software solutions that offer investors the possibility of opening an online casino with several benefits. Many investors chose this kind of solution because they will only need to think about how to run marketing and build a strong team; such software houses provide the rest.
Modular and scalable solutions
Affiliate marketing management system
24/7 customer support
User-friendly design and interface
Unified API integration
User-friendly interface and high-quality graphics
High level of security
Also, make sure you learn more about what you need to get started with your casino by reading our guides here.
Why Investors Are Looking At Online Casinos To Make Massive Income
With the recent COVID-19 pandemic, many businesses suffered huge losses. Despite the general downturn, the gambling industry experienced immense growth because people were stuck at home during the lockdown and wanted some entertainment. The online gambling market recorded up to $72 billion in profits in 2021. This was a considerable increase compared to the $62 billion made in 2020. (PRNewswire, 2021)
This shows that the market experienced a 12% growth, and experts believe that the industry will be valued at $112 billion by 2025. These figures are up-and-coming, especially for new investors, and we believe there is no better time than now to tap into the fast-growing market. Here are some of the benefits you will get when you invest in online casinos.
Huge Profits In the Mobile Gambling Market
According to current statistics, 61% of online user activities come from smartphones in the United States (Perficient, 2021). Many people spend more time on their smartphones today, and this is one good reason you may want to consider investing in online casinos. Mobile gambling is one of the most profitable markets, and most game developers have optimized games that are compatible with mobile devices.
New Market Opportunities
Online gambling is banned in some countries, but many countries are beginning to relax these laws with huge profits being realized. This form of gambling is gradually becoming accepted in more countries, and it is only a matter of time before it becomes legal in every country across the globe. The Netherlands, Uzbekistan, and Ukraine recently legalized gambling (Mancunian Matters, 2021). Having an online casino business will allow you to reach more players worldwide. When you obtain the necessary licenses, you can provide gambling services. You can also expand to new markets to get more profit or returns.
Tap Into the Potential of Blockchain Technology and Cryptocurrencies
The online casino market today has been impacted by blockchain technology. Many casinos now offer payment options for Bitcoin and other cryptos. Many gamblers prefer crypto because it provides anonymity and privacy, which has led to growth in the industry. Investing in a crypto-friendly casino encourages more patronage from gamblers who prefer to maintain their privacy. Its anonymity and security will open opportunities for investors to make money from new players.
How Much Profit Can Investors Make From Online Casinos?
If you decide to invest in online casino services, you need to know how the market works. Casinos have a Return to Player (RTP) percentage for every game. This rate usually varies between 80% to 96%, meaning that as an online casino operator, you will get to keep between 4% to 20% of gambler’s wagers in a game. When you calculate the daily and monthly revenues from this, you will be surprised. Players will subscribe to your online casino site if you are lucky enough, bringing you even bigger profits. The online casino market has a vast potential for significant profits, so it is one of the fastest-growing businesses today with a 12% compound annual growth rate.
According to detailed analysis and growth rate from previous years, experts believe the industry would be worth around $112 billion by 2025, indicating that this is the right time to invest. Even though the market cap is enormous and still growing, how much you can make can comfortably be hundreds of thousands of dollars. How fast you can become profitable in the business depends on your casino’s popularity, the type of online casino, targeted players, and other related factors.
Popular Casino Games that you need on your platform
Casino games are top-rated worldwide, and many people love playing these games. There are many types of games in both traditional and online casinos. The major types of games can broadly be classified into slots, Blackjack, Poker, and Roulette. Slots are the most popular of all the games hosted on casino sites. This is because it is easy to play slots, and so you find a wide variety of slot titles today. Some online casinos even dedicate their platforms only to slots.
Integrating these kinds of games is fundamental when starting your own business, as it can determine the casino’s success or failure. There are two options:
- first, you create your own platform from scratch – not really knowing what works and what doesn’t
- second, you rely upon the software casino providers – basically, you get your whitelabel, custom or turnkey solution and immediately get started without any assle
Casino games are very entertaining and rewarding for players. When setting up your online casino business, you should ensure you have the following games on your site:
As we already mentioned, slots come top on the list of popular games. You will find a variety of titles with different themes in slot games. Leading gaming developers like NetEnt, Microgaming, and others have thousands of slot collections. Some titles are inspired by movies, TV shows, cartoons, and favorite musical bands. Also, many slots come with progressive jackpots, which promise enormous returns for players, making them even more popular.
Blackjack is a popular game, especially in traditional casinos. It is one of the oldest casino table games, and it is also straightforward to play. Many players who want the real casino experience usually go for Blackjack. Like with traditional casinos, the same rules apply when playing Blackjack online. The player has to get a hand with cards as close to 21 as possible and not over.
Roulette is another popular online casino game and is usually referred to as a game of luck. There are different variations of Roulette, like the American Roulette and European Roulette. Roulette is pretty straightforward – the objective is for a player to predict what pocket the ball will end up on the wheel.
Poker is also another game you should include on your casino site. There are many poker players across the globe, and usually, online Poker has lots of extra features, which players love. Top developers have outstanding titles, including Texas Hold ’em Poker, the most popular online poker game.
Legal Aspects And Licensing
When setting up an online casino business, one essential thing you should bear in mind is licensing. Online gambling is regulated around the world, and there is usually a government-operated organization that monitors the activities of gambling companies. Some globally renowned gaming control bodies are:
- Curacao Gambling Commission
- UKGC – the UK Gambling Commission
- MGA – Malta Gaming Authority
- Spelinspektionen – Swedish gambling authority
- Costa Rica Gambling Licence
- Kahnawake Gambling Licence
- Estonia Gambling Licence
- Romanian gambling licence
- Gibraltar Gambling Licence
- Isle of Man Gambling
- Panama Gaming Commission
- and many more…
Each of the mentioned gaming licenses comes with a price, and you can read more here.
The gaming control body or authority usually has a set of licenses and regulations in place. You will need to obtain this gaming license to operate legally in that country.
The gaming control body sets out the procedure for obtaining gambling licenses, and you can find this procedure in the country’s legislation. The legal requirements vary across jurisdictions, but there are a few similar requirements you should be aware of. You will be required to provide the following:
- Proof of good standing
- Complete disclosure of the online casino’s financial records and organization structure.
- Information on shareholders, directors, partners, or executives of the company.
- Criminal records and personal details of employees.
- Some authorities may request for the online casino’s operational and marketing plan.
These are some of the requirements applicants must meet to obtain a license from the gaming board. Most of the requests are easy to meet up with and can be likened to the documents banks typically request when opening a business bank account. The gaming authorities set up these requirements to ensure that the company is not engaged in any criminal activity, and they will also need to rule out money laundering. Also, you should note that it is possible to apply for a license in more than one jurisdiction simultaneously.
The Payment Card Industry Data Security Standard (PCI DSS) is another legal requirement online casinos must comply with. The PCI DSS was set up by independent credit card companies, including Visa, MasterCard, Discover, JCB, and American Express. The body set up 12 requirements that businesses that receive payments must comply with, and these payment brands enforce the requirements. It is essential that your business is PCI compliant to protect your customers’ sensitive payment details. Failure to comply with the 12 requirements attracts penalties.
KYC (Know Your Customer) is one of the online casino requirements expected to comply with. It is part of the AML (Anti Money Laundering) process. The KYC process allows you to verify your customer’s identity and works precisely as it is done in financial institutions. The purpose is to prevent fraud and money laundering. When customers sign up on your online gambling site, they are expected to provide a valid identity card and other Personal Identifiable Information (PII). Some jurisdictions are strict on KYC compliance, while others are slightly lax. However, the online casino must comply to avoid penalties, and it is also essential because it helps curtail serious crimes like terrorist funding and money laundering.
- PRNewswire, 2021 – https://www.prnewswire.com/news-releases/global-online-gambling-market-report-2021-to-2030—covid-19-growth-and-change-301300847.html
- Perficient, 2021 – https://www.perficient.com/insights/research-hub/mobile-vs-desktop-usage
- Mancunian Matters, 2021 – https://www.mancunianmatters.co.uk/life/25012021-online-gambling-netherlands-ukraine-australia/