The evolution of online gambling and how your business can reap the rewards.

Internet technology has simultaneously made the world smaller, and vastly increased our access to information. On a daily basis, people go online to gather information, socialize and shop. They also use their smartphones, laptops, and desktops to participate in online gambling of many sorts. Just what is this craze all about? More importantly, how can you capitalize on it as an entrepreneur?

The history of online gambling.

These days, virtually anyone can place wagers on a sporting event, play blackjack in a virtual casino, or try their skills at online poker, but just how did it all get started? Most digital historians point to the year 1994 when the country of Antigua and Barbuda passed legislation that allowed companies to be licensed to provide internet gambling. As a direct result, sites such as Bodog, Betfair, Poker Stars, Bwin, and many others came into being.

Each of these sites as well as numerous others were powered by a sophisticated underpinning of technology from third-party provider companies. Examples include vendors such as Chartwell Technology, Bally Gaming, Playtech, Microgaming, and Real Time Gaming, just to name a few. These platforms helped to streamline and conventionalize the virtual gaming experience from site to site, making it more accessible to consumers of every expertise level.

As soon as Antigua and Barbuda opened the online gambling floodgates through the passage of their Free Trade and Processing Act of 1994, companies rushed to meet the anticipated need. The first virtual casino, the Gaming Club, was founded by the Micro Gaming company. At about the same time, CryptoLogic launched a competing site called InterCasino. These were just two of the first entrants into a constantly expanding gaming segment.

With each passing year, the sheer number and sophistication of online gambling sites expanded. Targeted marketing campaigns rewarded frequent customers for their loyalty, and features such as multi-player games and progressive jackpots were introduced. Live games drew even more customers in with their real-time appeal. Today’s mobile options cater to the growing number of consumers who prefer to play using their smartphones.

In 1996, the site Intertops was the first to allow betting on sporting events. Again, potential customers were lured with free bets and generous bonuses while loyal visitors got cash back and were given enhanced odds. In 2000, a site called Betfair came into being that allowed customers to place bets between themselves. This peer-to-peer arrangement remains popular to this day as do real-time or live and mobile phone-based betting.

How to join in on the online gambling fun.

A lot has changed since the passage of that pivotal legislation in a tiny island nation in 1994. Even so, one thing seems clear: People love to gamble, as doing so online continues to be a big hit with millions of consumers around the globe. It’s no wonder that you and many other budding businesses are interested in joining in on and profiting from this phenomenon. Below are just some of the steps you will need to take if you want to capitalize on virtual gaming.

• Take time to gain insights. Learn about who your customers are as well as everything you can about your specific niche industry and the competing businesses that have already made names for themselves.

• Choose your online gaming software. If you have the time and resources, pick an option that gives you maximum control from design to post-launch. If you have limited resources or technical expertise, you can opt for a turnkey solution, leasing the license, software, and payment processing system. Just be sure that you can customize the front end to fit your brand.

• Next, you need to choose an online gaming payment provider. Look for a solution that enables you to accept multiple currencies, including crypto like Bitcoin. In addition, don’t compromise when it comes to customer service. You need top-tier support 24/7 to address issues as soon as they arise. That’s the only way to remain competitive and respected in this cutthroat industry.

• Decide what to include on your website. Another area where you cannot afford to be cheap is your online presence. This is, after all, how you attract and keep your paying customers. In addition to making it both fun and easy to navigate, you need to decide several things: what games you will offer, whether you will include a live gaming module, and if you will provide additional features like bonus creation, chat rooms, and player statistics.

• Obtain an online gambling license that covers all of your chosen jurisdictions. Consider important factors such as taxes, licensing requirements, and reputation, as well as how long the licensing process will take.

• Choose an online gaming payment provider. Ideally, this should be a company that has expertise in your gambling jurisdiction of choice and that can help you to open a high-risk merchant account. This is essential for anyone doing business in this field. Although “high-risk” or specialty merchant accounts incur slightly bigger fees and may require extra paperwork during the application process, they come with the territory, and there is nothing you can do to be considered at a lower risk level. Also, before you settle on a partner, be sure that they provide fraud detection.

• Create a robust marketing strategy that incentivizes new customers to make their first bid and keeps your regulars coming back. Take advantage of social media, gambling forums, blog articles, and betting incentives to stir up and maintain long-term interest in your site. This will help you stand out in a saturated market.

• Open a business bank account. This is where the funds from your customer will be deposited. Most online gaming site owners set up several accounts. This is particularly helpful if one is closed for any reason, allowing you to continue accepting deposits, paying your suppliers, and remaining up and running.

There are many risks associated with starting an online gambling site. Even so, a well-run and innovative operation can realize significant profits. By doing thorough initial research, understanding your customers and your specific market, and keeping a firm hand on security, you’ll be well-positioned to succeed in this competitive arena!