Both cyber and offline gambling, players lose more money than they earn. That said, an individual is better off starting up their own online gambling site. In fact, it is a lucrative business that has earned Sheldon Adelson, one of the richest individuals, $30 billion.
When it comes to an online casino, the expenses involved in the pre-launch and post-launch procedures are less compared to a brick-n-mortar casino. Here’s how to start an online casino in the EU.
Select an iGaming Software Vendor
This one of the most critical decisions to make. Since you are entering into a lifelong pact with the iGaming software vendor, think over the various options available and select a brand that has experience in the gambling site; One that can offer flexible and customized software.
Obtain a gambling license
Running an online gambling site is a challenge because the business must stay confined to the limits of the law. Different gaming jurisdictions in the EU offer licenses: Malta, Curacao, Isle of Man, Alderney, and Gibraltar. You need to check the license requirement, reputation, and tax laws within your preferred jurisdiction.
Games and Other Features
To earn a niche in the iGaming platform, think of the things you want to offer. These include the sorts of games you’ll provide, the live gambling module, real-time chat rooms, automatic bonus systems etc. Think of the business in the long-term so you can make a decision that will impact the business growth.
The Importance of Seeking Legal Help when Opening an Online Casino
Like other forms of businesses, various jurisdictions require gambling sites to launch and operate within the regulatory laws. GTG Advocates provide legal services to help you understand the laws that govern the iGaming and help owners overcome litigation issues.
Your accountant can only go as far as providing accurate tax preparation, but an attorney understands the implications involved if you deviate away from the law when dealing with tax regulatory bodies.
Besides helping with litigation issues, lawyers can hook you up with other investors. They deal with a long clientele list and can be willing to offer you leads, which result in long-term business relationships. That propels the growth of your online gambling site.