How to capitalize on the expanding $154B online gambling market

Once found only in the realms of glitzy casinos or back-room operations, gambling has quickly become widely accepted and highly lucrative for those who operate the various games of chance and wagering enterprises that are commonplace now on the internet. And yes, you read that title correctly: Profits have soared to more than $154 billion annually. However, if you want to get in on the fun — and the cash — there are some things you need to keep in mind.

Choose the right online gaming software.

For the purposes of this discussion, we are assuming that you have already devoted your full attention and resources to figuring out exactly what type of gaming or gambling you want to feature on your site. But just as a refresher, be sure that the games you choose are in line with the customers you are attempting to court and keep.

Now that this has been settled, it’s time to pick the ultimate software platform that works seamlessly with your site’s games and features. A good platform will promote the stability, safety, and reliability of the options you offer.

Prioritize the following aspects in the software you choose.

• It should meet all your current needs and be scalable for future expansion.
• It should have top-tier security. Focusing on this helps to ensure that customers will have a reliable, secure gambling experience every time. Be sure to ask about encryption, regular audits and whether the platform adheres to all local, state, and federal regulations.
• It should integrate with internal and external technologies. You are going to want a platform that allows for numerous types of secure credit card processing, potentially including international and cryptocurrencies.

Your gaming software will be one of the main cornerstones of your business, so be sure to choose it wisely. To that end, don’t be shy about investing in a professional consultant to optimize this process and ensure that you have the best possible outcome.

Research legal and regulatory requirements.

While gambling and gaming are legal in many states, jurisdictions often have their own unique requirements and restrictions that you must follow. This is even more the case if you plan to do business internationally. Depending on your specific niche, you may also need certain certifications.

Doing this work before launching your operation is essential. The last thing you want is to run afoul of the government, thus tarnishing your reputation and possibly incurring financial penalties as well.

Find a payment services provider.

You can’t get your piece of the online gambling pie unless your customers give you money, and that’s where payment processing comes into the picture. As you conduct your research among the many options in this busy marketplace, remember the following tips.

• Accept the fact that you will need a “high-risk” or specialty merchant account. Any gaming site will automatically be placed in this category by the payments industry. Once you acknowledge that you will pay higher transaction fees and will have to undergo a more stringent and protracted application process, the reality of this status is not all that hard to swallow. Consider it as just part of the cost of doing business in this lucrative sector.
• Look for features that provide customers with maximum choice and payments flexibility, including options for foreign currency, bank transfers and credit and debit cards.
• Only work with a provider who can demonstrate 24/7 customer service. Just as old-school casinos never close, neither should your website. When problems arise, you need a provider who will work immediately with you to solve them so that you can get back up and running quickly.
• Protect both yourself and your customers by working only with a company that has robust security and fraud prevention mechanisms in place.

Craft your website carefully.

For most customers, your site will be their first exposure to your brand. That’s why it is vital that you do everything you can to optimize their online experience. The following tips can help to make your website into your best ambassador.

• Make navigation easy. People don’t want to waste time trying to figure out how to get around your site. Therefore, avoid clutter, blocks of unwieldy text, and unnecessarily complex menus.
• Put your menus to work for you and your customers. Locate the navigation pane at the top of each window, ensuring that guests don’t need to scroll to find it.
• Insert links to other parts of your site. This helps with clutter while ensuring that users’ questions are answered.
• Display all security badges and certifications prominently. People want to know that they are patronizing a business they can trust.

Support your customers.

Just as you need to be able to reach knowledgeable, reliable staff at your payment service provider, your customers must have a way to reach your team at all times of the day or night. Sites that are engaging in international gaming should also consider having support personnel available in your customers’ native languages of choice. Providing fast, accurate help to patrons helps to keep situations from escalating, which has the potential to damage your brand.

Incentivize guests to become regular visitors.

Customers have numerous online gaming choices. For that reason, it is essential that you work to separate your site from the rest. One of the best ways to do so is by furnishing customers with an unparalleled gaming experience.

Everyone likes free things, and your guests are no exception. Lure them back with free bets or tokens, and also consider giving them prizes when they refer friends. Additionally, leverage the power of your back-office point of sale software to send out targeted newsletters and marketing promotions that can effectively promote your brand and encourage repeat visits.

It may seem like you need to come up with glitzy innovations or faddish schemes in order to succeed in this cutthroat industry. However, reality does not bear out this theory. In fact, thorough research and attention to the foundational details are the best ways to lay the groundwork that will give you everything you need to earn your own portion of those billions of dollars.