How Much Money do You Need to Start An Online Casino?

Do you want to learn how to start an online casino? If the answer is yes, you came to the right place. As we already know, the internet is taking over many industries, and casinos are not the exception to that. During the past two decades, online casinos have become a major force in the gambling market, and the number of casinos is getting higher by each year. It is not a coincidence that so many entrepreneurs are investing their money on online gambling platforms. It is a very lucrative business idea that can help you earn millions of dollars. 

The gambling industry is evolving at a tremendous rate, and casino players realize that it is the most feasible and accessible option. For those who are thinking about starting an online gambling business, this is the right time. This article will guide you on how to start an online casino and provide you with detailed information about the steps that you need to take and the budget that you need to have to do so. Before getting into that, let’s discuss some of the major facts about online gambling history. 

History of Online Casino Platforms

First internet casino platforms emerged during the 1990s. A few brands were trying to stay relevant in times where people were heavily invested in land-based parlors. At that time, online casinos were not a common thing like it is today. Most of the players did not have the equipment or electronic gadgets to enter those platforms. In fact, there were thousands of players who have not heard about these platforms’ existence at all. 

From that time, the industry and technology have evolved, and if we look at the last year’s financial reports, it is obvious that online casinos are taking stakes from their land-based parlors. In 2019, the worth of the global online gambling market was considered to be 54 billion dollars. The highest stakeholder in that sense is Europe, as it generates more than 22 billion in revenue from that 54. Online casino experts estimate that these numbers will exceed 100 billion dollars by 2026. It is a very beneficial idea financially to start an online casino. 

However, if you do not have the right skillset and knowledge, it can backfire on you, and as a result, you might lose your budget. You need to do thorough research and learn the right steps you need to take to build and run an online casino website successfully. Fortunately, we are here to help you and guide you through that process. In the next few paragraphs, we will explain exactly how much money you need to start an online casino. 

How Much Money do You Need?

If you decided to start an online casino, the next thing that you need to do is to calculate your expenses. To do so, you need to know how much money each task needs. The majority of your gambling budget will go to the software and licensing. As you might know, you cannot start your online casino unless you registered it and got approval from local gambling commissions where you are going to operate. The license’s cost depends on the area where you decided to start an online casino business. 

The license has both application and annual fees. That is why you need to allocate the majority of your budget for this. Most of the local jurisdictions ask for bank requisites before they hand out the online gambling license. The case here to be eligible is to have at least a capital of 100 thousand dollars. Besides that, you would need to pay the taxes. The most affordable countries to get a license from are Malta, Gibraltar, Isle of Man, and Cuba. The taxes are slightly under the average price, and you can get a license within nine months from these countries. On the other hand, there can be more complications during the process. 

That is why it is better to find an experienced lawyer who has helped customers get a gambling license before that time. If you do not want to go through this long and challenging process, you need to buy a license as part of the online casino software. The second point is that we will discuss and share the price tag of software products that you can find and why you need to choose a particular one. 

Price of Online Casino Software

As we already mentioned, the second most important aspect of starting an online gambling platform is casino software. Finding a reliable partner that can help you establish a great online casino website is always the key. Keep in mind that all the necessary procedures regarding your future platform depend on the quality of the software that you employ. 

If you decide to allocate the majority of your budget to software, you need to make a throughout research about the online casino game software providers and choose the most feasible option. The high-quality gambling software includes licenses and helps you to avoid that tiring and boring documentation phase. Besides that, the online casino software is full of modern features and solutions that will help you manage the gambling platform seamlessly. 

On Which Features You Need to Focus While You Start An Online Gambling Platform? 

The software’s management, security, and marketing tools allow you to avoid paying additional money for each of those services separately. These are the essentials of every online casino business. It is almost impossible to start or run a casino website without investing in those features. Another great aspect of the software is the availability of different casino games for sale. As you might know, players want to enjoy casino games freely. That is why they are tuning in to online casinos. You need to offer high quality and interactive casino games so that they can reach their goals. 

Without employing and purchasing a high caliber online casino software, it is not possible. The software needs to include online slots, video poker, baccarat, keno, blackjack, craps, and other popular casino genres that thousands of players enjoy daily. The software product with all these features and can handle the complications of the gambling website costs around 15.000 up to one million dollars. The ranking system, the experience level, and the availability of multi-functional tools change the customer’s price. 

For instance, you can get in-house-made software for three thousand dollars. On the other hand, gambling software from companies like Net Entertainment, Playtech, or Microgaming can cost you around 500 thousand dollars. So, depending on your budget and the features you want to have in the gambling software, you need to choose the provider. Overall, it is not easy to start an online casino. You need to know that these procedures will cost you roughly 150000 dollars if you want to start an online casino that offers popular gambling games and has a license from reliable international agencies.