From Business to Bets: Entrepreneurship in Online Gambling
If you are reading this, the chances are you have heard of the online gambling industry and are aware of its profitability. But perhaps you don’t only want to be a player but are seriously considering building a business in the field. In case you are looking to create an entrepreneurial project of your own, you’ve come to the right place. In this article, we will summarize the possibilities for businesses inside the field, give you some useful ideas, and discuss factors you should take into consideration before diving in.
Read on to learn all about the thrilling chances for new online casino Australia business projects, the challenges you might face, and the personal stories of successful entrepreneurs who made it big in the industry.
Things to Consider Before Your Entrepreneur Journey
You have the vision but are unsure where to start. You will need more than just an online article to prepare. However, we can help you by directing your attention in the right direction.
Funds
Before starting any business, you need investment capital. Perhaps you have your savings, you qualify for a loan, or there is available funding from your town/city/state.
Expertise
Do you have the skills you could utilize for the sake of your project? If not, can you gather people who have and are willing to work with you? Finding a successful team is vital.
Business Strategy/Plan
You should create a sound business and finance plan.
Laws and Regulations
Inquire about the registering process, requirements, and potential law restrictions that apply to your chosen field.
Now that we have summed the basics let’s take a look at the business opportunities within the world of online gambling.
Advice
Blogs and articles are useful, but the best way to get proper advice concerning entrepreneurship is to connect to actual entrepreneurs. They will be able to give you inside information, tips, and tricks, provide a personal experience, and warn you about the most common obstacles. If you can find some within your desired field of industry, that is the best source of wisdom.
Online Casino Ventures: A List of Hustles
Online Casino
We know the competition is high. The players have become spoiled, expecting 24/7 customer support, different games, and payment options. However, if you want to join the game, there is nothing to stop you. It is hard to distinguish yourself in a sea of reputable brands, so you’ll need to work hard, invest in marketing, and handle all the other factors like regulations and licences. If you succeed, though, you can expect solid retunings.
Lottery
How about starting your own lottery business? Or joining an existing one? Lottery is an old, renowned activity that is still quite popular.
Fantasy Sports
What is a fantasy sport? A type of online activity where players form virtual teams and compete against each other. This fun activity is an excellent idea for entrepreneurs. People just can’t get enough of it.
Sport Betting
Casino sounds too difficult to you? You can try sports betting by creating your online sportsbook. People love to bet on different sports, so you may definitely find some success in this field.
Horse Racing
This is a famous type of betting that has been with us for many decades, even centuries. It is just as vibrant today as ever. If you decide to go for horse racing, don’t forget to research the regulations in your area.
Stock Bussiness
Investing in stocks, especially if combined with the gambling industry, may be worthy of your time and effort. You can try to invest in gambling apps, for they definitely seem to be the future. Or choose a company that attracts your attention. With a smart strategy and research, this can be a profitable venture.
Sports Gambling Apps
Whether you want a specialized app that is directed towards one specific type of sport or a more inclusive one, simpler or more complex, it is up to you. However, sports gambling apps are definitely growing in popularity and might prove even more lucrative in the future.
Interested in more information on how to make money with online casinos? Read this article.
Online Gambling Icons: Introduction to the Biggest Names
To provide you with some uplifting stories, we will introduce you to the hottest names in the online gambling industry. They might not be realistic role models for you, especially if you are going for a smaller business, but there is something to learn from everyone.
Denise Coates
Founder of Bet365, a successful betting and gambling site that has existed since 2000. Her business made her one of the richest women in the UK. She started her venture by securing a loan using her family’s betting shops as collateral.
Teddy Sagi
The Israeli creator of the software Playtech started his journey back in 1999, at the very dawn of the online gambling era. His background in the stock market and real estate gave him the proper expertise to utilize his bigger ambitions. He hired a team to help him digitalize casino games, and the rest is history.
Isai Scheinberg
Scheinberg made his name through online poker by the establishment of PokerStars, a famous site dedicated to online poker. The website became popular via beta players. With a dynamic past, various activities, and some criminal charges concerning US gambling transactions, he is an interesting, if slightly notorious, individual in the industry.
Gustaf Hagman and Robin Ramm-Ericson
Founders of LeoVegas online casino. The site has been operating since 2011 and was among the first to recognize the smartphone potential in online gambling.
Ruth Parasol
Ruth Parasol is known for being the creator of PartyGaming, which later merged with Bwin Interactive.
As you can see, many successful names in the business had different journeys to get to the top. Some were investors who made the right choices, some had a vision to recognize something would boom before it did and decided to take risks, and some took loans to support what they believed in. They also recognized where they needed help and hired proper experts for the fields in which they lacked skills. There is no one right way to succeed in business. There are also no guarantees. But, if you are sure this is something you want to try, you should do your research and preparations and dive in.
Do you think an overview of casino history might help you gain the bigger picture? Click here.
Challenges: The Obstacles on Your Journey
Of course, starting a business is difficult and risky. Even if you do everything right, there are still factors you cannot foresee, and there is always a possibility of failure. Therefore, we could say entrepreneurs are people who are somewhat willing to take chances.
The online gambling industry comes with its own specific sets of challenges. We will list the major ones below.
Licence
A casino without a licence is open for malversations and scams. Players are more likely to trust your brand if you possess a legitimate licence.
Regulations
Every country has specific laws concerning online gambling. Depending on your location or the target location, you will need to learn the laws that you will operate under. This includes taxing information.
Payment options
Every contemporary online casino offers multiple payment options. In this way, players can transfer their winnings more quickly and effectively, even if it is cross-border. However, not all payment options are available in every part of the world, so you will need to keep that in mind.
These are just some of the challenges you might meet on your entrepreneurial adventure. There are plenty more obstacles on your way, so apart from proper research, a solid business plan, investment capital, and a faithful team of partners/workers, you will need to arm yourself with patience, nerves of steel, and a positive attitude.
Conclusion
Entrepreneurship is not for everyone. It requires a certain personality type that is willing to take risks, has a clear vision and good intuition, knows how to ask for help, and has a realistic overview of their possibilities. A combination of a dreamer and a pragmatist. Still, even having the right disposition is not a guarantee of success. One should always have a backup plan in case everything goes wrong.
As demonstrated, people gather their resources, funds, and co-workers in different ways. If you believe you should dive into the world of online gambling business ventures, you should be aware of the industry. It is a lucrative but competitive field. However, not every business model needs to aim at millions. There are plenty of ways to establish a small betting/gambling online project and then, if successful, perhaps move to more ambitious things. Or not.
Hopefully, this text gave you an informative overview. Keep in mind, though, that this is just an article meant to summarize basic points and spark ideas. To start a business, you will need more research and a professional approach.
Author’s Bio:
Lola holds a degree from the University of Tasmania (UTAS), post-graduation, she collaborated with gambling operators to innovate new bonus structures and enhance game features. She has consistently championed responsible gambling as a cornerstone of the affiliate industry. For now, she leads as the Chief Editor at Au Casinos List, setting the gold standard in online gambling journalism. Lola Henderson, an Australian online casino writer, has been in the business of writing about online gambling and casino games for years.
