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5 things every entrepreneur should consider getting into the gaming business
Saturday, 30 October 2021
Before you take the plunge and open your own online gambling business, there are a few things you need to know. It is often easy to get caught up in the excitement of starting a new business venture without considering practicalities. We don't mean to burst your bubble, but we are here to impart some advice based on our 23 (and counting) years in the market.
Where will you be based?
There are plenty of jurisdictions where you can base your online gambling business, but not all are suitable for you. Depending on your size, budget, aims, audience, and deadline, different locations have different pros and cons.
More often than not, gambling entrepreneurs will opt for an offshore jurisdiction like Kahnawake or Curacao. These often provide great fiscal incentives, have less paperwork, and provide a more flexible working environment.
Before picking a jurisdiction, you should always consult with a corporate service provider. They know the ins and outs of the legislation and requirements in each jurisdiction and can advise which is the best option for you.
Licensing is a must
If you want to run an online gambling site, you need an online gambling license. Operating without one is a considerable risk that can result in severe consequences legally, financially, and reputationally.
We usually suggest entrepreneurs choose a jurisdiction like Kahnawake, Curacao, Malta or the Isle of Man. These jurisdictions offer different levels of paperwork, requirements, costs, and ongoing operating requirements. Whether you are a startup or an existing company, there is a license to suit you.
Compliance is key
The online gambling sector is a regulated industry. This means activities and companies must adhere to a specific set of standards and regulations. These standards are updated periodically to adjust to changing threats and risks; this can be quite a headache for entrepreneurs.
As a standard, operators must follow customer onboarding and vetting processes as well as periodic checks. They should also monitor transactions for suspicious behaviour and report anything untoward. The regulatory landscape is complex and broad. Therefore it’s best to partner with a professional to ensure you remain on the right side of it.
Technology has moved on considerably since the first online gambling licenses were issued in the mid-90s. Today, high-speed internet, smartphones, superb graphics, and even live dealer games have changed the face of the sector beyond all recognition.
There is a growing demand for blockchain technology- whether for operational matters or allowing cryptocurrency payments. Blockchain can also be used to help with onboarding clients and compliance. AI has found a home in the gambling sector, increasing personalisation and dealing with customer service inquiries.
Soon we will be placing bets via our smartwatches and live streaming virtual reality onto our mobile phones. There are lots of technological opportunities out there, be ready to embrace them!
Find a niche
Last but not least, find yourself a niche. This means you need to do your research before you open your gambling site. Look at what the competitors are offering and what they aren’t. It is also good to see what they are doing well and not so well and evaluate what you would do differently.
In addition, there is plenty of information out there on growing trends, emerging sectors, and what customers want in the near future. Use all of this to finely craft a product that will give you a competitive edge and bring in revenue.
Since Fast Offshore launched, we have worked with countless entrepreneurs just like you. From Canada to South America, Europe to Asia and beyond, our clients come from every continent and have dreams spanning multiple sectors.
Based on this broad experience, we have been able to tailor solutions to meet all the needs of the modern gambling businessperson. From advice and action on incorporation, structuring, and payments, to compliance and getting your license, Fast Offshore is ready to help. We provide off-the-shelf packages and tailor-made solutions, depending on what you want and your budget. Contact Fast Offshore for your corporate needs today.