How to open an online casino
Step 1 – obtain an online gaming license. This can come from any country where online gambling is legal. Depending on the amount you want to spend, it can be registered in highly regarded countries such as Lithuania, Switzerland, Malta, or the UK, or in some of the less prestigious countries or territories like Gibraltar, as a cheaper option.
Licenses from European countries tend to be the more highly regarded, as these are the oldest gambling jurisdictions. Basically, all gambling licenses are legitimate as long as it is from a recognized and legal gambling licensing jurisdiction. In any case, buying a gaming license from a specific country does not mean that only residents in that country can access your online casino. People from anywhere in the world can still gamble on your site.
Step 2 – set up the operation with game software, and a fully functional website.
Note: There are several effective options for you to obtain a combination of steps 1 and 2 easily by engaging the services of companies that specialize in supplying “white label” gaming solutions – they package both the license and the software plus a fully functional website ready to fly. Talk to us for our advice.
Step 3 – establish the infrastructure to create and service your customer base – support personnel, marketing, and gaming operations.
How much does it cost to open an online casino?
Gaming licenses from the more popular (mostly European or UK) jurisdictions can cost upwards of €40,000. Other countries offer licenses from around €15,000.
A complete casino software package can cost between €200,000 and €300,000, and development of the website costs upwards of €4,000-€5000, and more if multiple languages are provided for.
Monthly running expenses may run from €50,000 or substantially more, depending on the scope of operations, languages supported, range of gambling options etc. This covers staff costs, including a customer service team, marketing and advertising, and other expenses.
Marketing and advertising can cost anywhere upwards of €20,000 per month or even substantially more. The success of any online gaming operation will depend heavily on how well your marketing services perform, meaning heavy spending on SEO and SEM as well as affiliate services.
Unless you are going to inject very substantial funding into the company, you should consider making use of a third-party payment processor to handle gaming payments to players for you. These services cost around €30,000 – €50,000 a month.
Be prepared to fund all of these expenses for at least three to six months without any substantial income, since the ramp-up time for new casinos will extend over such a timeframe.
e-Gaming payment options
Security and user-friendliness play an important role in all aspects of your payment portal. For your own effectiveness, the level of integration and maintenance effort also is an essential factor. This means finding the right combination to achieve maximum coverage and customer satisfaction with minimum risk and cost.
Gambling operators should implement payment systems that are flexible enough to accept payments in every region and currency that they operate in, allowing players to make transactions in their own currency, use their native languages, and make use of their usual mechanisms, such as e-Wallet, credit cards, PayPal and others. Where you can, give customers who are reluctant to pay with their personal credit/debit cards easy alternatives.
There are many financial services operators offering packages. Some of these appear to be quite effective and comprehensive. We have had several years of experience in selecting the right one to fit specific modes of operations in different geographic areas as well as the type of operation, and are here to guide you in making the best choice – talk to our representatives before making any final decisions.
We will find and locate the best banking solution for your business based on your business activities and requirements. It makes no difference whether your company is a start-up or well-established in the business world, we will try to locate a bank account format that is suited to you.
Companies that deal in the online gaming industry such as casinos, bingo, poker, lottery messenger and such, are faced with various challenges when it comes to banking and clearing solutions, as many of these financial institutions overload these companies with all sorts of obstacles when it comes to opening a bank account. Read more information on bank accounts for startups
Gambling friendly banks
Mainstream banks consider gambling businesses high risk and either reject gaming clients or make it extremely hard to open an account. The few gambling-friendly banks that do exist include Standard Bank on the Isle of Man; Global Bank of Commerce and North International Bank in Antigua; Heritage International Bank in Belize and the Bank of Valletta in Malta. We have connections with several gambling-friendly banks, including EMIs and digital banks. If you are finding it difficult to open an account for your gaming company, we can recommend the right bank for your business depending on your jurisdiction, budget, and the financial services you require.
UK bank accounts for gambling companies
While most mainstream UK banks avoid the gambling industry there are a few that offer business banking for gambling companies. When applying for a business bank account in the UK , most banks will accept only UK registered gaming companies with valid proof of UK residency. Other UK banks are willing to accept international companies but not always with full account functionality. All applicants will have to pass regular identity and anti-money laundering checks. To avoid having your application refused, consult with us about the best UK banks for gaming companies.
What is the best bank account for a gambling business?
Getting a business bank account for a gambling business can be challenging. Most financial institutions reject clients from high-risk industries but a legitimate gambling business must have a merchant account and a business bank account. To open a business account for a gaming business there are unique requirements. The best bank account for gambling businesses must be able to receive money from the business’s merchant account; accept multiple currencies; allow online banking; provide a debit card and multiple signature rights to the account. If you don’t succeed in opening a business bank account for your gambling company we can help guide you through the process.
The payment service provider, Valyuz is regulated by the Bank of Lithuania and offers personal and business accounts to clients around the world including gaming companies. A Valyuz business account includes virtual IBANs and the ability to send and receive funds in more than 35 currencies to 212 countries via ACH, SWIFT, SEPA and more. With a Valyuz account, there is no exchange fee for currency exchange. With a Valyuz business account, you can get a prepaid debit card and make mass payments. There are different fee categories depending on the jurisdiction of your company and the industry you work in. Valyuz accepts clients from high-risk industries such as gaming, Forex trading, CBD and tourism.