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How to Start Your Online Casino Business

Quote of the day

In poker, money is power.
Alvin Clarence "Titanic" Thomson, A legand of hustles & cons, 1892-1974 (1982)

Valuable Hold'em Poker Books

  • Hold'Em Poker for Advanced Players David Sklansky
    Texas Hold'em is not an easy game to play well. To become an expert you must balance many concepts, some of which occasionally contradict each other.
  • Hold'em Wisdom for all Players Daniel Negreanu
    The book is designed for those players who want to learn 'right now' and enjoy instant success at the tables.
  • No Limit Hold 'em: Theory and Practice David Sklansky, Ed Miller
    The world s foremost poker theorist, David Sklansky, and noted poker authority, Ed Miller, will wise you up quickly. No Limit Hold em: Theory and Practice is the definitive work on this complex game.

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The online world offers a multitude of different and unique business opportunities to anyone with an idea. You don't have to be a businessperson to succeed in the online universe, but you still need to have some basic business sense up your sleeve. One such business opportunity is opening and operating an online casino. These casinos are exciting; they often attract customers with vibrant animations and enticing phrases such as: check out new promotions here. You won't be able to put Las Vegas out of business any time soon, but you will be able to make a decent profit. That is, if you follow some simple business rules. Here are some tips that will help anyone get the most profit out of opening an online casino.

Know What You Are Getting Into

A fool and his money are soon parted. That very important statement is even truer when it comes to opening an online casino. It is not an impossible task, but it is not an easy one, either. At a very minimum you will need the following:

Gambling license – The gambling license is just the first of many hurdles that must be overcome before anyone can legally open an online casino. You will not be able to get a merchant account, without a gambling license.

To obtain an online gambling license, you must contact an online gambling license organization. There are several online gambling license organizations to choose from and most of these organizations reside in foreign countries. The most popular and widely recognized locations for such organizations are located in the Caribbean.

Merchant account – A merchant account will allow you to process credit cards and other forms of electronic payment. Unfortunately, this is the only approach that a business will be able to accept money at an online casino. Without a merchant account, your online casino business will be non-existent.

Getting a merchant account approved for an online casino may appear to be a tough process. Online casinos are seen as a risk to banks that supply merchant accounts. Anyone that is applying for a merchant account for an online casino will have to pass a strict set of rules in order to be accepted. An outstanding credit history, as well as the appropriate funds, is required. The rates to accept credit cards for an online casino will also be much higher than a regular online venture.

Online casino software – This is where the casino games come from. There are three options available for online casino software. The most common option is to lease a preexisting software package. This might not give you the most options for games, but it is the fastest solution. Preexisting online casino software packages have also been tested by other companies, which is an added bonus.

Another option is to hire a company to author and program a custom suite of online casino games. This may take more time, but it will give you a vast selection. The third choice is to buy some preexisting online gambling software. This is a fast option, but it is also can be the most expensive option.

Dedicated server – You could think of this as the building that houses all of your games, customers and finances. A dedicated server will be able to handle all of the traffic that your new online casino is going to generate.

Treat This Like Any Other Business Venture

Running an online casino is a business; as such, it needs to be treated like any other successful business. You will need the proper planning in place and you will have to reinvest some of your profits back into your business. Make sure that you have a good solid business plan in place before you attempt to open an online casino.

Are There Any Legal Issues To Deal With?

Online casinos are not legal in all countries and minors are not allowed to gamble. Online gambling itself has not been outlawed entirely; each state and country will have a different set of rules that must be followed. The best method to know more about the legalities involved in opening your own online casino would be to consult with an attorney.

Also- you may choose to look at other casinos for guidance and inspiration. 777 Dragon Online Casino is one such example, but there are a multitude of success stories out there to use as your online casino “muses.”

About the Author:

James Snyder is a contributing author that has helped several businesses successfully open online casinos. When James is not helping businesses setup successful online casinos and other undertakings, he likes to play the odds himself.

Image by Christopher Chappelear from Flickr’s Creative Commons