It’s no secret that the gambling industry in Canada is growing by leaps and bounds. Many new operators are opening businesses now to get their foot in the door while the time is ripe. But starting an online casino is no easy task. It takes creativity, drive, and a lot of startup capital.
Unfortunately, there is no secret sauce to guarantee success in this business. There are, however, 7 important things you absolutely must have to even have a chance at competing in the cutthroat Canadian market. Let’s dive in.
1. Business Registration in Canada
The first thing you’ll need to have is proper business registration in Canada. To get this, you’ll set up a casino in Canada by registering with the Trade Register. The registration is completed at a territorial level and by complying with the local share capital regulations.
To comply with your local jurisdiction, you need to make sure you understand Canadian online gambling laws for the particular province in which you register.
2. A Gaming License
Once the new business is registered, you then need to apply for a gaming license in the jurisdiction of your choice. This license is extremely important and will enable you to conduct business online legally in one or more countries.
This is going to eat up a significant portion of your startup capital, depending on where you decide to obtain your casino license. Many Canadian online casinos opt to incorporate offshore, saving thousands of dollars per year in licensing fees.
3. An Online Software Provider
The most important decision you’ll make when starting your business is choosing which online software provider to use for your online casino. The top providers are the best of the best and will only work with licensed, verified operators.
When choosing a provider, make sure you look for flexible, fully customizable software solutions that allow you to control the entire process, from design to post-launch.
4. A Wide Assortment Of Exciting Games
Once you’ve selected your software provider, you really get to dive into the fun. To run a successful online casino, you’ll want your players to have the best selection of high-quality games to choose from.
Keep your target customer in mind as you pick from thousands of slot machine games, poker variations, blackjack, roulette, and more, creating an array of amazing gaming entertainment.
5. A Variety of Verified Payment Methods
Online gamblers these days are becoming savvier to legitimate gaming operators, choosing to play most with the ones that offer the widest variety of verified wager and payout methods. Selecting a trusted payment provider will cater nicely to your customers’ needs while giving them peace of mind regarding the safety and security of their financial transfers.
You’ll need a flexible, integrated payment platform that allows players to wager and be paid with both traditional payment methods (like credit cards) as well as newer methods (like vouchers, e-wallets, and cryptocurrencies).
6. A Website (And Mobile Apps)
Starting an online casino can be a tricky business but you haven’t even begun until you create your storefront. Once you’ve purchased a registered domain name, you can get to work designing your website and integrating your software.
Most successful online casinos will also offer their games on convenient mobile apps for players on-the-go. The platforms you build for your visitors to use will be your business’s face in the marketplace so make sure to design them well.
7. A marketing plan
Your business is almost ready! Now that everything is up and running, you need to go out there and get some customers. The next step is to create an assertive marketing and promotion plan to get the word out.
First and foremost, positioning your new online casino as a quality, trusted operation should be your primary goal. After that, a good marketing strategy should definitely include loyalty and retention programs both to get players in the door and keep them playing once they’re there.
The process of promoting your business does not end with your launch, however, You should always be on the lookout for ways to keep your customers happy by running continual retention campaigns.
Don’t Forget The Business Plan
There you have it. With these 7 things, you’re well on your way to starting a successful online casino in Canada. No business can succeed, however, without a strong business plan that you create and follow through with as operations progress.
Starting any business is no easy task and launching an online casino can seem especially daunting. But as long as you stick to your business plan, keep your customers in mind, stay compliant with local regulations and international gambling laws, and continue to innovate, your brand-new business is sure to thrive.