If you are looking to create a new startup, iGaming may be the perfect opportunity. With incredible growth and the skyrocketing number of users, iGaming is seeing returns bigger than ever. With the recent crackdown on fake gambling sites in Asia and new legislation in the United States set to open more states for online gambling, the market is set to explode. This may be an excellent time for iGaming startups.
In 2018, the U.S. Supreme Court allowed states to legalize sports gambling. Until then, the only state where this was legal was Nevada. This will open up a market potentially worth billions and create the whole bunch of opportunities for new startups dealing with sports betting. The Supreme Court ruled on the lawsuit submitted by New Jersey, after the state law allowing betting as overturned based on a 1992 federal law. West Virginia and 17 other states supported New Jersey’s lawsuit, based on the 10th Amendment “anti-commandeering” principle.
Your startup’s website is the first thing your customers will see and you need to make a great first impression with it. One of the key aspects of online gambling is convenience and if your site doesn’t provide it, you will have a hard time retaining users. The competition in this business is cut-throat and there are plenty of other sites that will happily accept all customers disappointed with your web design. The key is to keep it simple. Most of the iGaming sites don’t have flashy graphics that would make navigation difficult and slow down the processing times. Make sure your web designers understand your goals.
One of the easiest ways of getting some insight into the world of iGaming is by reading reviews. There are plenty of sites that offer excellent online casino reviews and you should read up on them if you want to get acquainted with the way they operate. This will allow you to see your potential competition from the other side, the way their customers see them. Not only that, but you will gain an important insight, which can prove invaluable during the initial setup of your iGaming business. You will be able to avoid the usual pitfalls that plague all iGaming startups and see what customers want.
Everything you create must be mobile-friendly. iGaming doesn’t require big screens or powerful graphics, meaning people can enjoy it on their phones, unlike classic gaming. This means that your site must have a fully developed mobile version, able to handle the oncoming traffic. Even today, the use of mobile devices is off the charts and that will only increase in the future, as we get more powerful mobile CPUs.
One thing that has been plaguing iGaming startups is lack of financial backing. Many governments have bans in place that prevents using state-owned funds from investing in iGaming startups, which severely hampers access to credits. Some countries, however, don’t have such restrictions. The United Kingdom, for example, has the Enterprise Investment Scheme, which is open to all new startups, regardless if they are B2B or B2C companies.
Obviously, the one thing that can make or break any new iGaming startup is the software they use. The number one priority are of course games, but there are other software just as important, like UI and UX. The choice of games depends on whether a startup is using its own or outsourcing. There isn’t a clear recipe for success here. Some of the biggest names in the sector use their own designs, like Stride or Betfair, while others use third-party solutions, like Betway using Microgaming and Hills using Openbet. Perhaps the safest path for a startup is a combined approach, having their own UI and outsourcing games.
Another thing pushing the growth of iGaming are new technological developments, like VR and AI. Both of these technologies are set to make some drastic changes into the way we see online gambling, so investing in either would be a smart move right now. Creating a startup that deals with them would be even a better approach, provided you have the know-how to create something valuable.