To start your own gaming business, specifically an online gambling business, takes commitment. The iGaming industry is highly competitive. Platform operators with ambitions to carve out a niche and secure a strong position must align with best industry practices to remain competitive and trustworthy.
We walk you through the steps to launch a gaming business successfully in 2024 and show how you can achieve this in as little as four weeks from reading this article.
Market Potential of Online Gambling
The iGaming industry is experiencing unparalleled growth, driven by technological advancements, increased use of mobile devices and greater digital connectivity. Financial reports and market analyses project that by 2030, the global online gambling market could surpass $682 billion, representing a compound annual growth rate (CAGR) of approximately 5.65% from 2024 to 2030. This surge is underpinned by the rise in smartphone use, improved internet infrastructure, and a growing acceptance of digital payments across multiple regions.
Despite rapid growth, the iGaming sector remains highly competitive, with many operators jockeying for market share. However, this competition does not imply market saturation. On the contrary, expanding legal frameworks in numerous jurisdictions opening up for business are expanding fresh avenues for licensed operators, suggesting that the market holds substantial untapped potential.
This scenario presents lucrative opportunities for new entrants, particularly those who can leverage innovative technology, harness player preference data, and navigate local regulatory landscapes.
Market Focus and Emerging Trends
Aspiring iGaming operators have the chance to carve out a niche by focusing on emerging trends in mobile gaming, live dealer games, integrating eSports and other influences inspired by the online gaming industry such as gamification, for instance.
While these areas offer distinct competitive advantages and can help new platforms distinguish themselves in a crowded market, innovation and creativity have significant potential to unlock success. Either way, a solid strategy using best practices is highly advised to launch an iGaming business successfully in 2024.
Key Steps to Start Your Own iGaming Business
Here is an overview of actionable steps operators should take to establish a successful iGaming platform:
Step 1: Market Research and Planning
Step 2: Gambling Licences and Compliance
Step 3: Game Selection and Partnerships
Step 4: Payment Systems and Security
Step 5: Choosing the Right Technology Platform
Step 6: Website Design and User Experience
Step 7: Marketing, Customer Acquisition and Retention
Step 8: Operations Management
Step 9: Monitoring and Data Analytics
Market Research and Planning
In-depth market research and planning should ideally align with personal passions and concrete market opportunities. Establishing a business model with personal interests can motivate entrepreneurs, which is an essential ingredient for long-term success.
Conducting thorough market research helps professionals customise their gaming offerings to meet specific market demands and player preferences. This research should include an examination of emerging trends and regulatory demands in targeted regions. Aside from this, there are many other useful areas for foundational research.
The culmination of findings should be assembled into a well-structured business plan. This document ought to be a strategic blueprint outlining the main objectives, operational strategies, marketing approaches, and financial forecasts.
Legal Requirements and Licensing
For iGaming platform owners, the importance of compliance with local legal mandates should not be underestimated.
A gaming licence, often referred to as a gambling licence, provides operators with the authority to conduct gaming activities legally within a geographical region. Moreover, it is not merely a regulatory requirement but a significant asset that enhances trust among players and industry partners alike, essential for the sustainable growth of an iGaming business.
Obtaining a gambling licence has many benefits. First, it facilitates partnerships with major software providers and payment systems, which invariably require a valid licence before services can be provided. Second, it enables access to large and lucrative markets, helping operators attract a broader base of potential customers who value safe and legal gambling environments.
Choosing a suitable licence ultimately enhances the platform's reputation, elevating its standing among players and industry professionals, which is fundamental to building a trusted brand.
Game Selection and Partnerships
Offering a diverse range of gambling games and sports betting options within a niche enables operators to expand their customer base by addressing diverse player preferences. Diversification meets the increasingly sophisticated demands of modern-day players and sports bettors, who seek a rich and engaging portfolio of options.
Assembling a diverse range of gambling entertainment hinges on forging strong partnerships with renowned software and game developers. These collaborations are essential, as they bring fresh, innovative content that keeps pace with industry trends and player expectations. Moreover, partnering with top-tier developers ensures that new games are engaging and operate seamlessly across platforms, enhancing user experience with high-quality graphics and stable performance.
Furthermore, a platform that consistently offers new and exciting games will maintain player engagement and loyalty, which will drive the platform forward.
Payment Systems and Security
Offering a wide variety of payment methods, including traditional bank methods, e-wallets, and cryptocurrencies, provides accessibility to players from different geographic and economic backgrounds.
Equally important is the implementation of rigorous security measures to safeguard user data and financial transactions. Robust encryption protocols, compliance with Payment Card Industry Data Security Standards (PCI DSS), and the use of secure sockets layer (SSL) technology are imperative to protect against data breaches and fraud.
These measures build trust among users, a critical factor in encouraging both initial adoption and long-term loyalty.
Choosing the Right iGaming Software Provider
In many respects, iGaming software providers are the architects of the iGaming industry, designing the foundational blueprint that connects operators with gambling products and services to ensure a platform's structure is functional, stable and adaptable to changes in the legal landscape.
These providers deliver comprehensive solutions, including game software, platform design, payment system integration, and back-office systems to manage operations smoothly. In addition, they ensure regulatory compliance and security. For these reasons, and given their fundamental importance, selecting a proficient iGaming software provider like Altenar with a proven track record is not simply a technical decision. It’s a strategic partnership integral to an iGaming platform's long-term success.
Website and User Experience Design
Designing an engaging and intuitive user interface aids player adoption, acceptance and retention. For optimal results, platform operators should aim for a user-friendly design that minimises clutter while ensuring essential features are easily accessible. Navigation should be intuitive, too, allowing players to find their favourite games, cashier and essential information quickly and effortlessly.
Mobile optimisation will be equally important in 2024, as a substantial portion of users will access platforms via smartphones and tablets. A responsive design that adjusts to different screen sizes and orientations provides a consistent experience across all devices, broadening the potential user base.
Furthermore, technical robustness is necessary for maintaining high uptime levels. Implementing a reliable back-end infrastructure ensures that the platform can handle high volumes of concurrent users and data transfers without compromising on speed or availability. Ultimately, these elements are integral to retaining players and fostering loyalty in a competitive market.
Marketing and Customer Acquisition
Attracting and retaining customers is core to an iGaming operator's success, and a highly focused strategic approach is necessary to launch, gain momentum and remain competitive.
There are three significant areas that operators should focus on:
Pre-launch marketing
Pre-launch marketing aims to build anticipation and create a buzz around a new iGaming platform. A strategic approach involves a mix of digital marketing tactics, including targeted social media campaigns, SEO-optimised content, and engaging influencer marketing partnerships. Additionally, exclusive sneak peeks or beta access can generate early user feedback and foster a sense of community.
Post-launch promotions
Post-launch promotions help cultivate and maintain customer engagement and loyalty. This can be achieved through regular updates, new game releases, and tailored promotions such as reload bonuses, free bets, and loyalty programmes. Personalised communication and events also help keep new users engaged.
Affiliate Program
A reliable affiliate program should be the bread and butter of an operator's marketing efforts. By partnering with affiliates who command a strong presence in the iGaming community, operators can significantly expand their reach and drive consistent traffic to their platforms. This boosts visibility and ensures a steady stream of new players through reliable channels. Effective management with rewarding commission structures and transparent on-time payments are key to maintaining a motivated affiliate network that actively contributes to an iGaming platform's growth.
Operations Management
Operations management describes the day-to-day duties necessary for running a competitive and compliant business. Among these functions is adequate customer support, ensuring players receive timely and effective assistance in their language when needed to increase user satisfaction and retention.
In addition, managing compliance with regulatory requirements is of primary importance. This includes obtaining necessary licences, ensuring fair games, and adhering to legal standards concerning data protection and anti-money laundering practices.
As the platform grows, scaling up will secure future progression. For this, a degree of strategic planning is necessary. It involves leveraging data analytics to understand market trends and player behaviours, which helps operators in the decision-making process on issues like which markets to enter and micromanagement in game selection and promotional offers, etc.
Monitoring and Analytics
Ultimately, analytics provides operators with foresight into player behaviour, preferences, and engagement patterns. By analysing these data points, iGaming businesses can effectively refine product offerings, tailor marketing campaigns, enhance player retention strategies, and much more.
Moreover, data analytics plays an influential role in operational optimisation. It assists in streamlining processes, identifying inefficiencies and bottlenecks, as well as identifying opportunities to reduce costs. This continuous assessment of business strategies based on actionable data insights facilitates informed decision-making, ensuring that operators remain flexible and responsive to market changes and trends.
Scaling Your Platform
Once the foundational elements of a strong loyal customer base are secured, iGaming operators will be ready to scale up.
Geographical expansion can be achieved through strategic partnerships and entering new markets with tailored marketing strategies that respect local gaming cultures and regulations. This approach not only broadens the customer base but also mitigates business risk.
This should go hand-in-hand with technological scalability. Ensuring that the gaming platform can handle increased traffic and integrating advanced data analytics can drive personalised marketing and improve user experience to optimise customer acquisition and retention.
Moreover, innovation in game offerings, such as introducing eSports betting or virtual sports, can capture the interest of a broader audience. Regularly updating the platform with new features and games keeps it competitive and appealing to both existing and new users.
Start-Up Strategies for New Operators
Individuals or companies aiming to launch their online platform in 2024 have multiple paths available. Initially, operators have the option to form partnerships with developers, payment processors, licensing agencies, game auditing labs, and customer support agencies independently. This is a comprehensive approach. While it affords greater control and autonomy, it also requires substantial investment in terms of time and capital.
Alternatively, forming a strategic alliance with an established and proficient iGaming software company can offer significant advantages. Such a partnership allows operators to leverage the software company's existing infrastructure, technological expertise, and partnership arrangements with third-party iGaming service providers.
This arrangement frees up resources, enabling operators to concentrate on marketing efforts and customer acquisition, which is vital for gaining a foothold in the competitive iGaming industry and sustaining long-term success.
As the business matures, operators can consider scaling up organically by gradually taking operations in-house. This phased approach allows for controlled growth, ensuring the operator can maintain quality and consistency as they expand operational capabilities.
How to Launch Your iGaming Business Instantly
This list of factors to consider before launching a new iGaming business may appear somewhat intimidating for new operators. However, starting a new online sportsbook, casino, or other gambling platform needn’t be difficult when partnered with the right iGaming software provider.
Prominent iGaming software provider Altenar can manage all of your technical and legal requirements, complete with a white-label sportsbook or casino tailored to your brand until you reach independence.
Message Altenar today and learn how you can start your own iGaming platform instantly.
