Expanding your iGaming company into new markets

As the world continues to become a more connected place, the iGaming industry has seen rapid growth in recent years. With more and more countries legalizing online gambling, the competition among iGaming companies has become increasingly fierce. Therefore, expanding your iGaming company into new markets can help you stand out in the industry and attract more customers.

In this article, we will discuss several ways in which you can effectively expand your iGaming company into new markets.

Do Your Research Before Entering the Market

Before entering a new market, it is essential to conduct thorough research into the legal, financial, and cultural aspects of that market. This research should include understanding the different regulations and laws governing online gambling in the country, the prevalence of gambling in the local population, and the cultural attitudes towards gambling.

Conducting in-depth research also means identifying potential competitors, analyzing their products and services, and noting any loopholes that you can capitalize on.

To ensure maximum success, you should also hire experts or consultants who specialize in the market you wish to enter. These consultants can guide you best about the culture, language, preferences, and nuances unique to your target audience.

Company Incorporation

Incorporating your iGaming company requires you to choose a jurisdiction to do so, which is an essential part of the process as it can significantly affect your business's success.

Regulatory Frameworks: Regulatory bodies are responsible for issuing licenses and setting rules that iGaming companies must follow. When selecting a jurisdiction, research the rules and regulations in place in that region. Some regulatory bodies are more stringent than others, which may affect your business's operations' flexibility and costs.

Taxation: Tax implications are an essential factor to consider when selecting a jurisdiction, as tax rates and regulations vary by region. Research and compare tax rates in different regions, and find out whether any incentives are available for new businesses.

Infrastructure and Resources: Infrastructure and resources such as broadband connectivity and labour supply are key factors. Internet speed and availability impact the experience of your end-users, which can be affected by the jurisdiction you choose. An area with knowledgeable, multilingual staff may also be necessary to ensure efficient business operations.

Legal and Political Environment: A company's legal and political environment is critical for businesses operating in the iGaming sector. The legal and political environment in some regions is more stable and predictable than others. Consider the region's track record for taxation, intellectual property rights, and the ease of doing business when selecting a jurisdiction.

iGaming Licensing

Firstly, you need to ensure that the jurisdiction you choose is legally recognized and provides a clear regulatory framework for online gambling. Some popular options include Kahnawake, Malta, and the Isle of Man.

You also need to consider the tax structure of the jurisdiction as it can have a significant impact on your business profits. Some jurisdictions have comparatively low tax rates, while others have higher rates but offer better regulatory protection.

Another important factor to consider is the reputation and stability of the jurisdiction. You need to ensure that it has a track record of fair and consistent regulation and that it is politically stable.

Lastly, you may also want to consider the processing times and fees associated with obtaining an online gambling license in a particular jurisdiction.

Overall, the jurisdiction you choose will depend on your specific business needs and goals. It is essential to conduct thorough research and seek professional advice before making any decisions.

Translation and Localization of Your iGaming Website

One of the most significant obstacles when entering a new market is language, especially if your potential customers speak a different language from you. Offering content in the local language, i.e., creating a localized website or app, can significantly impact your success in a market.

It is, therefore, essential to invest in professional translators and localization experts who can adapt your product and services, including customer support and payment options, to the local audience. The goal is to make your iGaming site or app as user-friendly as possible.

Localized websites provide users with relevant information about the services or products that your iGaming brand provides in their native language. It makes it easier for customers to find their way around the website, play games they prefer, and gauge the customer service’s quality.

Promotional Campaigns Tailored for New Markets

Promoting your brand is an essential part of expanding it into new markets. However, generic advertising campaigns may not be effective in all areas. It is better to tailor promotional strategies and campaigns to each region to ensure that they resonate with the audience's preferences and culture adequately.

For example, in certain markets, bonuses and free spins are more appealing than in others, and in some communities, hosting frequently played games of chance is more effective than others. 

Localized ads are more effective than generic ones as they convey your brand's message directly to your target market focusing on what they want, their behavior, and preferences.

Therefore, conducting thorough research, analyzing the culture, and understanding the target audience's behavior should create the foundation for the design of a marketing campaign that would produce the desired marketing outcome.

Payment and Withdrawal Methods for Your New Market

In many countries, online banking is limited to specific financial institutions. It is, therefore, essential to consider adding localized payment and withdrawal methods tailored to the target audience. For instance, a sizable population of Germans uses Paypal, and others are using P2P platforms such as GiroPay, Trustly, and Sofort Banking. In contrast, a majority of Brazilians use Boleto Bancario to make payments.

Add locally available methods to your website to ensure that your customers make a deposit with minimum inconvenience. Varying the deposit and withdrawal options can provide a barrier-free entry for your customers into your iGaming site.

Choose the Right Partnerships for Your New Market

To gain a foothold in a new market, choosing the right partners can be a significant boost in terms of recognition and reputation. Local alliances can introduce you to the market and help you navigate regulatory requirements and laws within the jurisdiction. Onboarding local companies with whom you share an interest in online gambling and with whom you can collaborate to cross-promote products is a feasible and effective option.

Ensuring customer safety and your online gambling brand's credibility are also possible if your partner companies are trustworthy and compliant. That’s why it is crucial to be discerning about which partners you work with in each new market you enter.

Conclusion

Expanding your iGaming company to new markets can significantly boost your business's growth potential. You can achieve this through comprehensive market research, translation and localization of your website or app content, developing promotional campaigns tailored to the target audience, providing payment and withdrawal options that are optimal for the market, and establishing strategic partnerships with local companies.

You should also hire experts such as Fast Offshore, specializing in the market. This will help you ensure everything runs smoothly and your operations are legal and compliant. With over 26 years of experience in iGaming and corporate services, and a firm commitment to customer service, Fast Offshore is the best, and obvious choice.