The entertainment industry is a closed and private sector of the economy, so there has always been a significant amount of speculation surrounding it. Many political and public figures enjoy manipulating public opinion by inventing various fables. Even investors are subject to confusion and believe rumours.
Casino Market’s experts discuss the current state of the iGaming niche and debunk the myths once and for all.
12 Most Popular Misconceptions
By separating fables from reality, industry stakeholders can make informed decisions and build successful gaming projects.
Let us consider the most common myths:
Online Gambling Business Is Very Profitable
In fact, it is quite ordinary. Harsh taxes, as well as huge promotional and maintenance expenses, more than offset the large revenues. Jurisdictions require licensing fees even before the platform serves the first gambler.
According to Forbes, among the 2,000 biggest companies, only 8 operate in the entertainment sector. Soon, at the top of the list, will be the first online casino.
There Is No Room Left for iGaming Sites
The digital gambling industry is growing rapidly. The market turnover has increased by 36% in just one year. Try to think of even one niche that can achieve similar results.
Like other areas related to information technology, virtual casinos depend on the Internet. Many regions still lack high-speed networks, but IT giants like Google and SpaceX plan to improve this situation in the foreseeable future.
Because the sector is growing so rapidly, no major brand with a complex bureaucratic management structure can effectively occupy this niche. Therefore, startups are simply obliged to take advantage of this situation. Any little project has the potential to become a multi-billion-dollar business.
There are numerous examples of how a small firm has evolved into a large corporation. DraftKings and FanDuel in the US have grown significantly in just a few years, with the total value of their shares now exceeding $1 billion.
Digital Casinos Are Very Complicated
This is a misconception as well. Modern platforms have extremely simple user interfaces. It is much more difficult to master any accounting program. Many turnkey portals that require no specialised knowledge or experience with high technology are available.
Operators must constantly work on promoting and rewarding attracted clients. This depends on understanding the mechanisms of casino advertising. iGaming has its nuances, but to successfully work in this field, there is no need to be a programmer or an engineer.
Most Web Casinos Are Illegal
Any major market has strict regulations. For example, in the US, every state has a separate authority that oversees gambling activities. It is practically impossible to provide services there unofficially. The same applies to European countries.
The owners of offshore casinos can work without a licence. However, modern players need information about a permit before making deposits since it is the only thing that provides assurance in the online space. Such a document serves as proof that the gambling establishment is not attempting to deceive anyone.
Many countries have formally banned digital entertainment for money, but have not developed mechanisms to block offshore portals. Ukraine can serve as a good example. However, due to intense competition, the prospects here are reduced.
Online Gaming is Associated with Criminals
An excellent reputation and clean history characterise almost all major casino market participants. Even medium-sized and small businesses are concerned about their prestige. Additionally, government regulators conduct periodic inspections, which makes the industry highly secure.
iGaming Means Video Slots
Many other products can help customers have fun and feel excitement. Bookmakers and lotteries occupy leading positions in the modern niche. Nowadays, it is considered trendy for casino sites to be versatile. Entrepreneurs offer not only slot machines, roulette, and poker, but also sports betting options, bingo, and a variety of other games.
All platforms install different kinds of entertainment, and therefore, resources with only one type of gambling content will soon remain in the past.
Major Audience Is Young People
Gaming platforms are visited by both passionate casino enthusiasts and housewives. Everyone wants to try their luck, get a little thrill, and hit the jackpot.
Currently, there is a tendency toward an increasing age of users. This is not because some young players are losing interest. The reason is that the share of the mature audience has also begun to grow rapidly.
Advanced young people prefer video slots with the following characteristics:
- modern graphics;
- Bitcoin payments;
- quick withdrawal functions, etc.
Launch of a Gaming Project Requires Large Investments
It is possible to find a provider that will offer a digital portal and entertainment package absolutely for free. To open this kind of business, all you need is high-speed Internet and a strong desire. While these platforms are not exactly of the best quality, they are perfect for the start.
A serious project requires cash infusion. However, let us compare: launching a successful online casino costs tens of thousands of dollars, whereas the final price of a land-based venue is in the millions.
Good Licence Is Expensive
In general, that is true. Furthermore, supervisory authorities regularly inspect gambling companies and fuss over every aspect. However, there is an optimal solution — White Label. This scheme allows beginning operators to obtain the rights to use the certificate of an existing casino and work under a unique brand.
The approach enables entrepreneurs to launch an iGaming project within just a few days, requiring minimal financial investment.
There is also an alternative in the form of loyal offshore jurisdictions. For example, in Costa Rica or Curacao, the acquisition of a licence is a hassle-free experience.
It Is Best to Avoid Online Gambling
Young businessmen often bypass this area due to its negative reputation. Many politicians struggle against the sector, distracting the electorate from pressing issues. Such demagogy helps them boost their ratings and do nothing.
Therefore, there are a few worthy startups. Many capable entrepreneurs prefer social media and picture work, not slot machines. This is why major brands are doing everything possible to encourage young programmers to focus on gaming technologies. There are good prospects here for anyone willing to go against the system.
Casinos Steal Money
This is possible, but only theoretically. Yes, there are scammers, but let us try to find a field where they would not exist. Besides, modern users will not register on a website that does not have a valid licence. Its presence guarantees that the software works based on a certified random number generator, and any external intervention is ruled out.
Slots from the world’s leading content providers return up to 97% of the winnings. However, this does not mean that project owners are not making a profit. If they plan everything wisely, increase the clientele, and communicate with regular customers, operators will be able to receive income without cheating.
The More Players, the Better
The main source of revenue is high rollers. Yes, the number of casino visitors is also an important factor, but most users place minimum bets.
The difference between a high roller and a regular client is especially noticeable in developed markets. In the UK, some individuals even bet thousands of pounds on virtual roulette.
Any entrepreneur should strive to attract clients who are willing to deposit six-figure sums. The Internet puts everyone on equal footing since the development of good design or an effective marketing campaign is accessible not only to giants but also to young startups.
The Main Things About Popular Myths Related to Gambling
Operators and investors must distinguish between outdated stereotypes and the realities of today’s regulated, tech-driven gambling market.
The iGaming sector offers scalable opportunities, especially for agile startups willing to innovate and adapt. Legal frameworks, diverse audiences, and flexible entry models make it far more accessible than commonly believed. By relying on verified data and strategic planning, newcomers can build sustainable businesses in a competitive yet promising industry.
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