The iGaming industry is growing rapidly. This blogpost provides the key considerations for starting an iGaming business. Entrepreneurs can use this checklist to get started and ensure they have all quarters covered.
The iGaming industry has a lot going for it. Games are evolving and improving constantly in the wake of technological advancements. And gaming and betting are attracting more and more customers as games become more visually appealing. Furthermore, the pandemic acted as a tailwind and a catalyst setting an already growing industry up for soaring times.
The total igaming cash flow and interest have more than tripled in the last decade. Not surprisingly, the time is ripe for interested entrepreneurs to take the iGaming plunge. Here is a seven-point checklist interested entrepreneurs may want to turn to.
Like any other business, an iGaming business demands a deep understanding of the target market or audience. Only when you know the audience you want to target, can you design products for them. It’s imperative to do thorough research before investing in building a website and mobile app. For instance, in India, Cricket enjoys great popularity and even the masses want to have skin in the game through fantasy cricket. Designing a game for them is different from designing a product for stock fantasy which caters to a different audience altogether.
iGaming consists of a variety of games such as betting games, casino games, and more. Deciding which product to focus on is crucial since only when the product choice is clear can one start building the required capabilities. The capabilities a betting game requires are different from those required for a casino game. Such clarity can obviate a lot of rework at a later stage.
Initial research includes not just knowing the target audience but also the target countries. Regulations for e-betting and gambling differ from country to country and obtaining a license to operate in a country is paramount. Liaising with a consultant to navigate laws is a recommended course of action. If you intend to do it yourself, be sure to research taxes, costs involved, and duration or process for obtaining a license. Some of the popular countries for iGaming business are Malta, Belize, Cyprus, and the Dominican Republic.
Software is the most important part of planning an iGaming business. The app and website are the two touch-points players interact with and entrepreneurs interested in iGaming can’t afford to not pay attention to their website and app. Entrepreneurs should hire the best software development company there is for their website and app development. It’s even better if the company they work with specializes in iGaming software development and understands the nuances of the iGaming world.
It’s imperative that software integrates with any payment gateway across the world. The way the industry is growing, compatibility and operability with cryptocurrency is also essential. The iGaming industry is at the forefront of the crypto phenomenon, and with many jurisdictions warming up to crypto, operability with crypto is becoming increasingly important. This is an important criterion for selection of a software development company if one chooses to onboard one.
We are living in an AI vs. AI world where hackers are notching up their game against developers. Employing and integrating a robust high-quality security solution to avoid cyber threats such as data leakage is crucial. Not only this, it’s also important to protect the business from frauds such as money laundering. iGaming is an industry that involves close association with people’s money and a small glitch can cost an operator dearly.
Marketing and promotion of a platform are a must for any iGaming business. More than any other industry, it’s important that people recognize an online / iGaming business to be able to trust it before putting their money into it. Thus, 360-degree marketing across social networks and other channels is important. Incorporating the messaging around security can go a long way.
So far, this blog post has discussed the key points new entrepreneurs must keep in mind as guardrails for entering into the iGaming business. As you, the reader, must have noticed, a key requirement is selecting the right software provider for one’s business. Here are a few points to keep in mind while selecting a suitable software provider:
A microservices architecture that allows modular implementation without having to boil the ocean as in a non-componentized monolithic one is always the preferred way to go about modifying implementation areas and components.
As stated earlier, a robust security foundation is non-negotiable while selecting a software development vendor.
A gamification engine for rewards, referrals, collections, and more.
Back office complete with dashboard summaries, game management, real-time monitoring, agent credit/debit card management, churn rate calculator, and more is recommended.
Real-time reports and the ability to slice and dice a report for in-depth players’ data and analytics are important.
The software vendor must offer access to settings and content of your project, ability to set up payment systems and countries as required, and the ability to localize content, text and banners for different countries.
The software vendor must offer a transparent, fast, and effective affiliate management system.
As stated earlier, one must ensure the software vendor has the licence to operate in the desired countries.
The selected vendor must have the capabilities to perform KYC in desired countries. Additionally, risk and anti-fraud systems for responsible gaming must also be in place.
The iGaming industry is growing rapidly and the pandemic has further provided wind to the iGaming sail. Investing in the right solution is undoubtedly imperative for the success of an iGaming business. Operators should pay special attention to security and integration capabilities while selecting a software development company for their business. It’s a no-brainer that solution providers with experience in the industry are and should be the go-to vendors for an iGaming operator.
Vinfotech specializes in iGaming and has a team of software developers, designers, and project managers who understand the world of iGaming, thus setting operators up for success in this cutting-edge industry. The company has delivered more than 400 projects worldwide for over 300 clients in over 10 years. Get in touch with Vinfotech for your iGaming needs.
Vinfotech creates world’s best fantasy sports-based entertainment, marketing and rewards platforms for fantasy sports startups, sports leagues, casinos and media companies. We promise initial set of real engaged users to put turbo in your fantasy platform growth. Our award winning software vFantasy™ allows us to build stellar rewards platform faster and better. Our customers include Zee Digital, Picklive and Arabian Gulf League.
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