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Feb 01, 2021 Michigan online casinos are live as of Jan. 22, and you have several great options in the palm of your hand. For anyone who has been keeping up with the progress of online gambling in Michigan, the launch is the culmination of a year of regulatory and operator work. Additionally, owning an online casino is a more feasible option, especially since the online casino market is continually expanding. What’s more, the profit potential won’t disappear soon. On the other hand, you need to keep in mind that the online casino industry isn’t an instant path to riches.

How to Start an Online Casino – Part 1

The Strategy

Dear iGaming executives, experts, and players,

This week, we are starting a 7-part newsletter series on the best way to earn money in a casino: owning one. And not just any one: an online casino!

You definitely saw many of them around. Perhaps you enjoyed them as well; their slots, live games, lotteries… There are definitely enough games for a lifetime. And we’re sure that more than one of you wondered if one day, they could have their own online casino. Perhaps you identified a good niche, you envisioned something more adapted to your culture and to your tastes. But starting one, while easy, is not commonplace knowledge, not to mention many questions can rise along the way. The costs of course, but also the security, the equipment, the staff needed…

So, without further ado, let’s get started with the real beginning, where dreams become reality: the strategy.

The 3 “S” plan for online casino

Start Live Casino wants its valued followers to succeed and answers the question – How to start an online casino, which is why we are uncovering today a unique strategy we honed over years of experience and practice, the 3 “S”. It has several layers of meaning, so let’s see what it must achieve first:

• Success: obviously
• Safety: for both you as an operator and for your players
• Strength: creating an infrastructure that can answer to all unexpected challenges

And for that, the 3 “S” plan must consider this:

• Supplier: the people in charge of your website and games
• Software: what you will use to run your everyday operations
• Staff: who is needed, and where they are needed

And with that, let’s review them.

The Supplier

So you want to know how to start an online casino and you want an online casino? You already have the design in mind, and the games you want to see on your platform! Perfect! You only need to submit a proposal to a supplier who will provide a quote for the creation of the website and the implementation of the game. They’ll guide you for your plan and ensure that the costs stay low. As it is, Start Live Casino is one of them.

The Software

For the frontend and backend management. By frontend, we mean the iGaming website, the supplier will provide, and by backend, we’re talking about what an iGaming software must absolutely do for smooth earning. Find more details on our website!

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The Staff

It depends on your ambition but that’s the easy part. A keen entrepreneur can be alone, taking care only of the Marketing and Promotions, while hiring specialists or freelancers for technical matters or customer service. Or you can hire according to specificities. Ask for quotes, compare, and choose!

We will come back to these “S” in the future weeks in more details, so don’t miss out! Wishing you success in the iGaming world, Start Live Casino.

To start an online casino one should consider the four main ways:

1. Design and implementation of casino software by your own forces

This way presupposes the whole process of creation, implementing and marketing performed by yourself. This can cost millions of dollars to handle the issue of starting your own online casino by yourself.

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2. Become a licensee of an online gambling software provider

This method means leasing online gambling software from a software vendor. This will be much less expensive in terms of money and effort. Usually online gambling software costs from $30,000 to $400,000 down-payment. In most cases you will be included into an already existing network, so less time and money will be spent by you. But software vendors work on a revenue share basis requiring from 30% to 70% of profits generated by you. Moreover, you’ll have to comply with certain rules set by the software vendor.

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3. Become an Affiliate of a licensee

This option is the least expensive. This scheme works as follows: you receive a casino website and make all marketing and advertising job and receive a small percent from a licensee. The average cost of such solution is from nothing to $10,000.

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4. Purchase Online Casino Software from a Developing Company

This option can be considered one of the best ways to start your online casino. You purchase ready-made online casino turnkey solutions from a software developer. The software is installed on your servers under the domain name you choose. All technical aspects like server configuration, software customization, design, and payment systems implementing is done for you by the developing company. The approximate cost of the solution is $60,000-$500,000. After you have purchased you casino you are provided with control and management tools and become the only owner of an online casino with no revenue share necessity.

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