The iGaming industry is developing rapidly, making it attractive for businesses. This is a difficult path because creating a project for the iGaming industry requires a lot of work, financial investment, and an understanding of all the intricacies of this area.
“iGaming is primarily a tech industry. The most innovative solutions are involved here. This is far from a poker table or roulette, here in order to build a successful project, it is necessary to combine achievements in design, marketing, IT, and fintech,” notes BetB2B, a software provider for iGaming businesses.
However, while nothing is beyond reach, at the outset, it’s imperative to methodically structure responses to key questions: What tasks must be tackled? Which domains require interaction? And how can one establish a competitive edge in the market?
BetB2B: IGaming Industry 2024
Now the iGaming industry is a large entertainment market that combines online casinos, sports and Esports betting, lotteries, poker rooms, etc. Technological advances and regulations are driving the iGaming industry and are key to its phenomenally rapid growth.
According to Statista service data for 2024, the global iGaming industry is set to hit US$107.30 billion. With a compound annual growth rate (CAGR) of 6.51% from 2024 to 2028, it’s projected to soar to US$138.10 billion by 2028. By that time, the online gambling sector is expected to boast 243.2 million players.
“The audience is rapidly expanding, largely propelled by the increasing well-being of individuals and the extensive reach of the Internet. As a result, the annual influx of new game operators escalates, alongside the expansion initiatives of renowned brands,” remarks an expert from BetB2B.
This popularity of iGaming is due to the development of technology, as well as the availability of mobile devices. Gambling and sports betting have become more accessible” and every player can play the casino games or place bets on their smartphone.
However, this industry has some problems. The market is becoming increasingly more saturated, so website owners need to stand out from the competition through innovations, exceptional user experience, and with a robust marketing strategy. It is very important to conduct thorough research and also think about developing a unique and profitable business model.
BetB2B: Jurisdictions for betting and gambling business – license
The business must operate legally and meet industry standards. “To create a legal betting and gambling site, you need to take one of the important steps – obtain a license from the gambling regulator. Before applying for a license, you must select a jurisdiction,” notes BetB2B. Each jurisdiction has unique requirements, so you should choose the option that is most beneficial to the company.
Malta. One of the most reputable gambling and betting jurisdictions. Malta is extremely popular among European gambling and betting companies. The application fee is 2,330 euros. You will have to pay another 1,770 euros for the system audit. And then, in case of successful licensing, a fee of 8,500 euros is charged annually. Further tax costs depend on the license class.Isle Of Man. The application fee for an online gambling and betting license in the Isle of Man is £5,000 (plus a non-refundable upfront deposit of £1,000) and the annual fee is £35,000. Gaming taxes range from 0.1 to 1.5% of turnover (gross gaming income). The application process is somewhat lengthy. Applicants must have a significant cash reserve for payouts, demonstrate a good track record, and adhere to fair gambling practices. The company must be registered on the Isle of Man, and the servers on which the online casino operates must be located there.Antigua and Barbuda– Antigua and Barbuda is a reputable but expensive jurisdiction. An interactive gambling license requires a non-refundable fee of $15,000 plus an annual license renewal fee of $5,000. The application procedure takes at least 60 days. Before the casino can start operating, it is necessary to create a reserve of $100,000. There are strict restrictions to prevent fraud and money laundering.Montenegro. The jurisdiction offers support for betting and gambling businesses in an all-inclusive format, including licensing, trading accounts, consulting, and support. The package costs €22,500 and annual renewal costs €15,000.Curacao(Netherlands Antilles) is an excellent choice for operators due to its efficiency and speed. It’s no surprise that this is such a popular jurisdiction for iGaming. The license holder company must be registered in Curacao. You can expect the price of the license to be between 10,000 and 20,000 EUR.The registration and licensing procedure takes several weeks and can be completed remotely. Unlike several countries, Curacao does not require iGaming company servers to be located on its territory; however, frequent database backups on a server physically located in Curacao are still necessary.Gibraltar. Among the many advantages of purchasing a gambling license in Gibraltar are the following:By guaranteeing certain results to licensees, the state encourages the growth of the gambling industry;Prestige and good reputation of the jurisdiction;Low taxes;Freedom to choose from a variety of gaming licenses;The growth of the gambling industry has led to the creation of a comprehensive legal framework.
Under local law, gambling operators in Gibraltar are required to maintain the island’s stellar reputation as one of Europe’s most economically attractive jurisdictions while they operate their businesses and take advantage of the tax haven. However it is the most expensive license on the list, you can expect to pay around 100,000 GBP in order to obtain the license.
7. North and South America. There are many laws regulating online gambling in South America. Mexico’s Ministry of the Interior monitors the legality of online gambling in the country. A similar situation exists in Argentina: here gambling is regulated at the regional level, and some regions even issue appropriate permits to operators. While Brazil has legalized sports betting, the country has not yet fully regulated online gambling. Colombia has a licensing mechanism to ensure the integrity of the online gambling sector, which is both legal and regulated. Projections show that gross online gaming revenue in Latin America will grow significantly through 2026.
Different jurisdictions in North America have different views on the legality of online gambling. In the US, online gambling is largely decentralized: each state has the right to either legalize or completely ban it within its borders. By 2022, online gambling will be legal in approximately half of the states. These include Delaware, Pennsylvania, Nevada, and New Jersey. Online gambling is legal in Canada, although each province has its own rules.
8. Asian-Pacific region. When it comes to the legality of online gambling, Asia offers a lot of variety. While in some countries it is completely legal and controlled, in others it is either strictly limited or completely prohibited. “For example, the Philippines is a well-known hub for online gambling operators and issues licenses to relevant businesses,” BetB2B noted. On the other hand, except for charity and sports lotteries, gambling is completely prohibited in China.
Hong Kong and Macau, by their status as Special Administrative Territories, have enacted separate laws regarding online gambling licensing. Online gambling is also legal in parts of Japan, South Korea, and Singapore.
Australian residents can legally participate in sports betting and lotteries online, thanks to the country’s thriving online gambling sector. For example, in 2022, the gambling business injected more than 420 million Australian dollars into the country’s economy. However, the Interactive Gambling Act 2001 prohibits the offering or advertising of any type of interactive gambling on the Internet within the country. Online gambling is legal in New Zealand, but only if the sites are operated from outside the country. Protecting consumer rights and eradicating gambling addiction are the goals that regulators in both countries have set themselves.
The legality of online gambling is a hotly debated topic around the world. Online gambling is legal in some countries, heavily regulated, or banned in others, while others embrace it with open arms.
Launching an iGaming web resource is an activity that requires a responsible approach. Careful planning and research will help increase your chances of success and profit in the long run.
You need to get started with a few important steps:Business Plan. Companies need to understand their business model, target audience, and income streams.Legal advice. Companies need to know the laws of the gambling industry in the selected region. A lawyer will help the business navigate the GEO and advise you on obtaining a license.Reliable software. The success of a business largely depends on it. The software must be reliable, preferably stored on a cloud server, in case of unexpected failures. The software supplier must have an impeccable reputation and a multi-level security system.Marketing strategy. A promising marketing plan plays a key role in the path to success. A unique strategy helps attract new bettors and retain already existing ones.Competitor research. Businesses need to analyze their competitors and their strategies, as well as player impressions. This will help them extract useful information to improve your project.High-quality and prompt technical support. It is important to take care of several means of communication, as well as ensure the ability to quickly respond to player requests.Risk management strategy. iGaming resources are vulnerable to attacks by hackers and scammers. To prevent such risk factors, it is important to think through a strategy in advance to prevent such situations.Budget. When launching a gambling or betting website, companies will need to invest a lot of money and other resources. It is necessary to develop a budget that can cover all expenses, including the cost of a license, its renewal, taxes, advertising, employee salaries, the purchase of licensed programs from providers, etc.BetB2B: Selecting a Software Provider
To launch a gambling or betting site in 2024, you need to think about one of the most important questions – which platform to choose to start your business? “The platform plays a decisive role in the success of the project. The entire business will be built upon it. Therefore, it is important to choose an experienced and reliable betting and gambling software provider,” says the BetB2B analyst. Before choosing a provider, you need to think about the target audience and study their needs to understand what games and bets on what sports to offer.
IGaming companies need to make sure that the chosen betting and gambling platform offers advanced security features, and can effectively combat fraud through data encryption and other tools available today. Players on websites will leave their personal information, so it is important to provide them with high-quality protection.
A high-quality platform offers a full range of options – from a wide range of casino games to sports betting.
Sportsbook. Large portfolio of sports.Casino games from several suppliers and their own gamesCRM, CMS, and Back-office for business management, detailed financial reporting and tools, marketing campaigns, etc.Affiliate program. It needs to attract players to the betting and gambling websitePayment options. The more payment methods the better.High-quality support during and after the launch of the projectAdditional options that each provider offers individually.
“A reputable provider consistently aims to fulfill every customer need, making each platform worthy of consideration. For instance, in our gambling and betting industry solutions, we meticulously incorporate all current market features. With over 12 years of experience in the field, we’ve amassed considerable expertise. Not only do we deliver new solutions promptly, but we also drive market progress by introducing our innovations.”, commented BetB2B.
This article was written in cooperation with BetB2B – iGaming platform provider
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Publish date : 2024-08-27 20:48:00
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