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Why it is Worth Starting Online Casinos in 2023: 9 Reasons

Updated 27 february 2023
Online casino
Author: James Burton
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The gambling field is developing, bringing good income to enterpreneurs, business partners, and investors.

Online gambling field in 2023

Casino Market experts explain why it is worth opening an online casino in 2023 and what things to consider for a prosperous and highly profitable iGaming start-up.

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Positive Market Dynamics

The gambling sphere is one of the most promising areas for investment.

  • The annual report of the Internet media company RichAds shows that the industry’s capitalisation amounted to $63.53 billion in 2022. Experts predict that the market will reach $153.57 billion by 2027. It means that it will grow almost three times.
  • The analysts from Mordor Intelligence expect the industry's GGR (gross gaming revenue) to increase by 8% every year until 2027. The volume of the sector will be about $460 billion.

The positive dynamics of the market are associated with the transition of the field to the digital space. Today, more gamers prefer to spin slot reels at home, choosing a comfortable and safe play format.

The development of the industry will also be affected by the legalisation of gambling in many jurisdictions:

  • In the US, online casinos are allowed in six states. These are Nevada, Michigan, New Jersey, Delaware, Pennsylvania, and West Virginia. It is expected that Internet gambling will be approved in several more states in 2023-2024, including California, New York, and Texas.
  • Asia is one of the most profitable regions. Online gambling is well developed here, including games with live dealers, poker tournaments, and eSports betting.
  • Europe has become promising in terms of investment. The EU countries are characterised by a well-developed IT infrastructure (secure communication channels, powerful data centres, etc.), highly qualified specialists, and loyal legislation. In addition, centuries-old gaming traditions have been preserved here. The local population is happy to bet with real money and receive generous prizes.

Transparent Licensing

For legal activity in the iGaming market, an entrepreneur needs to obtain permission. The operator can obtain a document in any country where gambling is legal, or he can become a licensee in an offshore zone.

Working in the offshore format is beneficial due to the easy procedure for obtaining the document, low taxes, the opportunity to launch a site with a .com domain address, and accept bets from around the world.

Many jurisdictions have implemented a mechanism for the approval of complex licences. The entrepreneur applies for a single document allowing them to open an online casino, an Internet bookmaker office, a lottery site, etc.

In 2023, you can get a licence in the following offshore jurisdictions:

European countries remain promising in terms of investment. Romania, the United Kingdom, Sweden, Estonia, Latvia, and Lithuania provide balanced legislation. The rights of gamers and investors are well protected here. The authorities are trying to support businesses and responsible gambling in every possible way.

Access to Cutting-Edge Innovations

Cutting-edge iGaming innovations

The implementation of IT solutions is one of the main indicators of the industry’s growth. Technologies improve the user experience, increase the security of iGaming start-ups, and provide advanced analytics on key resource efficiency parameters.

In 2023, the following solutions will be in demand:

Artificial intelligence

Machine learning technologies are used to automate routine operators’ tasks, improve cybersecurity, and speed up gamer verification.

Player identification can be based on biometric facial recognition, fingerprint scanning, geolocation verification, and login device verification.

Thanks to AI programs and social messengers, universal chatbots have appeared on the market. They work through on Telegram, Viber, and other apps. Such solutions act as alternative gambling platforms

VR and AR

Virtual and augmented reality tools are being used to improve the customer experience.

These technologies provide a three-dimensional image of slot machines. Gamblers are literally immersed in a virtual gaming environment similar to watching a movie in an IMAX cinema

Blockchain

Cryptocurrency is a convenient and safe payment method in the gambling industry. It operates based on the blockchain.

The technology guarantees high transaction speed, the decentralised work of iGaming start-ups, and access to the gambling resource from anywhere in the world

NFTs

Non-fungible tokens are presented as unique games, artefacts, bonuses, and access to premium rounds. They make the gameplay more interesting and profitable and also allow users and operators to earn on the capitalisation of digital assets.

NFTs are the basis for the development of the gaming metaverse. This is a three-dimensional digital space created in the same manner as the physical prototype

The Automation of Routine Operators’ Tasks

The transition to a digital environment makes it easier to manage a casino. The entrepreneur has access to a wide range of tools. Thanks to this, the operator can build business processes properly.

The site owner has access to:

  • behavioural analytics;
  • detailed statistics on KPIs (performance indicators);
  • risk forecasting tools;
  • audience involvement and retention functions, etc.

The automation of the operators’ work would be impossible without the use of artificial intelligence and Big Data. Innovative software enables them to process terabytes of data, organize it, and discover hidden associations and behavioral patterns.

24/7 Access from Anywhere in the World

The development of the online gambling sphere erases the boundaries between countries. Gamers from Brazil, Lithuania, or New Zealand can play their favourite slots. Users should just register on a site and launch digital reels.

Online casinos are open 24/7. This operation mode increases the revenue and net income of the operator. This continuous availability attracts strong traffic to the site.

It is important for gamers not only to play at any convenient time but also to consult with experienced specialists and participate in bonus programs and multiplayer tournaments.

A Clear Strategy for Working in the Market

To launch a successful iGaming start-up, the entrepreneur needs to:

  • study the situation in the market and choose the country to start;
  • obtain a licence in the selected jurisdiction;
  • create a site’s design layout;
  • order certified software — games, security software, and a CRM system;
  • connect a payment system and set up exchange operations;
  • order hosting services and buy a domain name;
  • study the target audience and channels for attracting traffic;
  • test an iGaming project before its final launch.

A business plan will help you achieve your goals. The document includes all stages of the opening and development of the gambling site.

A special section is devoted to planned KPIs (the indicators of business performance). These are financial, human, and hybrid metrics: conversion, gross gaming income, net profit, ROI, and other parameters.

The comparison of the expected KPIs with the actual results will let the entrepreneur quickly assess how accurately the businessman is moving along the previously outlined trajectory. An end-to-end analysis gives a real picture of the affairs “here and now” and helps to adjust plans if necessary.

Well-Thought-Out Marketing

Efficient online casino marketing

A variety of advertising techniques are used in the gambling industry. Thanks to this, operators can understand the current needs of the audience better, quickly respond to them, and get a steady influx of the solvent audience.

In 2023, the following marketing tools will bring the greatest benefit:

  1. SEO. This is the optimisation of an iGaming project for the work of popular search engines. Most often, experts are guided by Google, Yandex, and Yahoo. For good casino indexing, it is important to improve both the desktop and mobile versions of the portal. Moreover, Google first reads information from the mobile casino and only then uses the traditional site.
  2. SMM. Promotion on social networks allows businessmen to attract a young audience. Advertising materials (banners, posts, referral links, surveys, etc.) are published on Facebook, Twitter, Instagram, Telegram, and other sites.
  3. E-mail newsletter. This method is suitable for retaining the audience and increasing the number of repeated registrations. E-mail marketing will let you reach each group of customers thanks to personalised messages. This is information about bonuses, discounts, and new games. The letter can look like an invitation to a limited tournament or a seasonal quest with valuable gifts.
  4. Targeted advertising. The tool is aimed at the audience, which is divided into separate groups. For each category, a promotion plan is created, considering such parameters as age, interests, and games viewed, as well as the requests of players.

Entrepreneurs can use only one marketing technique or all instruments together. This approach is called performance marketing. This direction has been actively developing for the last 2-3 years. It is characterised by high flexibility and manoeuvrability. The approach brings the maximum result from advertising.

Cooperation with Affiliates

Partner marketing is included in the list of popular solutions for attracting Internet traffic. However, unlike the previous methods, the site promotion work is delegated to a third party here. It is possible to cooperate with a private master or an affiliate service.

The key advantage of partner marketing is getting real and measurable results. The affiliate is paid a fixed fee for each client brought in (the CPA method) or a percentage of the profit (the RevShare scheme).

The contractor is interested in the high quality of work performed because of the good potential profit. The entrepreneur observes the influx of a solvent audience to the site and the growth of revenues from the casino business.

Mobility and Independence

The rapid transition to the online sector was caused by the coronavirus pandemic. Nevertheless, the mobile gambling trend only intensified 3 years later.

Entrepreneurs invest in online casinos thanks to:

  • fast entry into the market with minimal start-up costs;
  • clear and understandable legislation;
  • the rapid development of the industry;
  • the introduction of innovative technologies;
  • quick return on investment, etc.

Operators can start with small iGaming start-ups and scale them over time. In the gambling niche, all conditions have been met — from a loyal tax burden to access to modern IT solutions.

The Main Things about Opening Online Casinos in 2023

The gambling industry is a promising area for investment that will bring a stable income in 2023.

  • The gaming field is characterised by positive growth dynamics. According to analysts, the market will increase by three times by 2027, with an annual GGR (growth rate) of 8%.
  • The industry’s development indicators will be changes in the legislation of particular countries, access to innovative technologies, the automation of routine operators’ tasks, etc.
  • The list of current IT solutions that are already changing the gambling industry today includes artificial intelligence, blockchain, non-fungible tokens (NFTs), as well as virtual and augmented reality.
  • Obtaining a licence in offshore zones is beneficial. Malta, the Isle of Man, Alderney, Curacao, and other jurisdictions offer easy documentation preparation, minimal business tax burdens, and access to advanced IT infrastructure.
  • The development of the industry is influenced by affordable marketing tools. They allow businessmen to attract solvent traffic quickly and convert it into regular customers. SEO, SMM, e-mail marketing, targeted advertising, and affiliate partnerships are used in the field. It is possible to apply all components at once.

It is worth ordering modern and profitable gambling solutions at the Casino Market studio.

We offer:

Casino Market specialists help clients with creating a business plan, licensing, and marketing promotions for iGaming start-ups. Your project will generate a stable income with our support.

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