Online gambling is a multi-billion dollar industry, with billions of dollars changing hands every year. If you’re looking for a way to make a decent living, you could do worse than setting up a betting website.
The online gambling landscape is incredibly competitive, with offshore websites offering excellent value and generous incentives to attract more players. The fact that these websites are offshore means that they operate outside of the control of the UK Gambling Commission, providing a safe and secure environment for UK and other European players who want to place wagers. The upside is that these websites are totally free to use, so you won’t need to worry about making a profit.
If you want to get involved in online gambling, where do you start? What are the prerequisites for establishing a professional betting company?
Requirements For Running A Successful Website
Establishing a betting website is a difficult task, and you’ll need to put in the legwork to ensure that it becomes profitable. Below, we’ll discuss what you should consider before diving into the venture.
Revenue Models
Just because a website is profitable, it doesn’t mean that it’s a safe or secure place for players to engage with. A lot of online gambling websites use sophisticated techniques to gain an edge over the competitors, which can seriously undermine gamblers’ enjoyment of the site. As a player, you have no idea whether you’re on a secure or a sketchy site, and that’s something that will have to be addressed. Additionally, you’ll need to decide whether you want to use pay-per-call or pay-per-play.
The former method means that you’ll need to gather a group of telephone players from across the country, and charge them each a small fee to place bets. This is generally a cheaper option for gambling companies, but you’ll need to ensure that the calls are answered by live staff, as there’s no guarantee that a player will get through to a human being. The latter option means that you’ll need to install either a virtual credit card machine or a specialized software on your server, which will process all of the player’s debit cards. The downside is that this option is more expensive, as you’ll need to purchase and maintain the equipment needed to process the transactions. For more information on the differences between these two models, check out this detailed explanation from BettingAdvice.com (https://www.bettingadvice.com/blog/the-difference-between-vcc-and-ppc/).
User Experience
Gamblers are different from traditional online shoppers. They’re used to doing business with brands that they know and trust, and they want to feel confident that their personal data is being kept confidential and secure. When selecting a betting website, you need to ensure that the design and the functionality of the site are both user-friendly and attractive, yet also have all of the necessary security measures in place. Additionally, you need to make sure that the site loads quickly and that the software is maintained to the highest degree possible, as part of the site’s overall performance. Poor performance will turn away potential customers, as well as causing problems for those that are already there. For more information on how to create a great user experience for your casino players, check out these related articles from UX Mastery (https://www.uxmastery.com/blog/user-experience-design/), The Noun Project (https://thenounproject.com/blog/user-experience/), and Google (https://support.google.com/google-apps/answer/6160255?hl=en).
Above all else, you need to make sure that the overall experience of your players is positive. You want to make sure that they’re having fun while betting and that their concern for security is being taken care of. If you can accomplish all of that, then you’re well on your way to establishing a successful online gambling business.
Mobile Optimized
Over the past decade, online gambling has taken over from traditional land-based casinos, as the latter struggle to remain relevant in a world where their customers can get almost anything done on the go. If you want to remain in business, you’ll need to ensure that your website is mobile-friendly, as around 80% of all web traffic is now coming from mobile devices. If your website isn’t mobile-friendly, then you’re essentially losing out on a significant chunk of the market.
You can use tools like Google’s Mobile-Friendly Test (https://help.google.com/webmasters/tools/mobile-friendly-test/) to optimize your site for mobile use, or you can visit Yahoo (https://search.yahoo.com/search?p=mobile+friendly+test) to find a list of trusted mobile friendly websites.
International Reach
If you want to remain in business, you’ll need to establish yourself across national boundaries. The world of online gambling is incredibly competitive, with new websites popping up all of the time and trying to lure in as many players as they can. If you want to stay ahead of the competition, you’ll need to learn how to accept gamblers from all over the world, as well as ensure that your website has the ability to process their transactions in the most efficient manner possible.
If you have the resources, you could open your doors to players internationally, giving them the ability to bet in their local currency and access to more sites.
Diversification
A major setback for many casinos worldwide was the WannaCry ransomware attack, which disrupted operations for countless companies, including Royal Ascot , Coronet , Countdown , and Betfred . The attack became so prevalent that some experts are predicting that it will be the main source of income for cybercriminals in the near future. You don’t want to be reliant on just one type of source of income, as it could all go awry at once.
By establishing multiple revenue streams, you give yourself the opportunity to generate more income in uncertain times. It’s always a good idea to have a backup plan in case one of your key revenue sources disappears, as that would leave you unable to pay your bills.
The above discussion has mostly focused on the technical aspects of online gambling, but you should also take care of the more operational side of things. As a website owner, you’ll need to make sure that all of the legal and financial aspects are taken care of, as well as that all of your servers are running efficiently. You also need to monitor and review your social media accounts regularly, to ensure that you’re providing a safe and secure environment for your customers, as well as keeping up with any relevant industry news.
Above all else, it’s crucial that you protect your intellectual property, as it is easy for competitors to copy your business model and steal your ideas.