The time could be just right for entrepreneurs to make a move into the iGaming industry. While the coronavirus crisis has hit sports bookmakers and land-based casinos hard, online operators have reported a rise in their customer numbers since the start of the pandemic.
All the signs are people have begun turning to online casinos for their gambling and this trend looks likely to continue into the post-coronavirus future.
Lockdown conditions mean anyone who wants to have a bet has been left little choice but to go online, which is likely to result in vastly increased revenues for iGaming companies in 2020.
According to recent research published by Statista, the online gambling market is already worth almost $50 billion. This figure is forecast to grow to more than $94 billion by the year 2024.
So it is clear there is a lot of money ready to be made. If entrepreneurs are considering entering the industry to try to take advantage of the rising demand, what do they need to do first?
Don’t be fooled, iGaming is making a mint for smart entrepreneurs
Check out the competition
There are already countless iGaming companies out there, so this is a competitive field. This means a new entrant likely must have something that makes them stand out from the crowd.
A great idea is to look for inspiration by doing a detailed investigation into what other online casinos are doing to succeed. For example, what bonuses and promotions are they using to retain the loyalties of existing customers, as well as the ones they use to attract new users?
Research into this department could uncover a trick that businesses already operating in the industry are missing. It is also important to understand the many various different types of an online casino that there are on the internet, with deposit match bonuses, free spins offer and no deposit promotions among those that are commonly offered by casino companies.
Some online casino slots focus on a particular type of game. As an example, at some online casinos, there is a massive choice of slots but little in the way of table games. At other online casinos, live casino games such as roulette and blackjack have been made the top priority.
While exploiting a single niche can be a good way for an online casino to operate, others try to provide as many gambling options as they can to attract a broad base of potential customers.
This means many online casinos run a poker room, a sportsbook, and even a bingo site alongside the casino classics that people expect to find on such a site.
Take note of new iGaming technology
Many iGaming experts believe that virtual reality (VR) and augmented reality (AR) are going to be the next leap forwards in terms of technology for the industry.
It is easy to imagine how VR would result in a fundamental change to the online casino experience. Customers wearing a VR headset could be virtually transported to a casino to take their seat alongside fellow customers and a real-life professional casino croupier. This would add an extra layer of realism and help to give online casinos another edge over land-based rivals.
VR casinos are already starting to be launched but this seems certain to be a massive growth area in the coming years. Entrepreneurs who are ready to make their move in this area could reap the rewards as a result.
AR works in a similar way to VR and has also been tested by online casinos, with this technology thought to be one of the next big things in the sector.
Research the main software providers
Any entrepreneur considering entering the iGaming industry should make sure they have a thorough understanding of the sector’s main software providers.
Swedish business NetEnt is one of the biggest brands in the industry, while Playtech is among their top rivals. Novomatic, Dragonfish and Evolution Gaming are other names to be aware of.
It can be a good idea to do deals with a range of the main software providers in order to provide customers with a strong array of options when it comes to iGaming.
Stick to the rules!
Entrepreneurs might think it is easy to launch an iGaming company, but there are plenty of rules and regulations to abide by first.
Acquiring the relevant license from an iGaming authority is one of the major hurdles to get over. Many iGaming companies are regulated through either the Malta Gaming Authority or the UK Gambling Commission, so these are well worth checking out.
Due diligence is needed to make sure new iGaming companies are not going to fall foul of any rules. This is key, as failing to do so can destroy a brand’s reputation in the field very quickly.
With all that in mind, iGaming entrepreneurs should be ready to start making their next move!