Repercussions of Gambling
So this brings us to our next question, licensing, and no its not your drivers license. A gambling license is required to run a betting exchange, sports book, pxj00 or any other gambling website most of the time but not always. This is why again you will need to do your research. But you know what they say, when in doubt get one. That was a joke Joe. If you are really unsure speak to that lawyer friend that you spoke to in tip #1 about this and any other documents you may need to complete this process, ask your local gambling or gaming authorities/associations in the jurisdiction where you plan to run your online gambling website for advise. So remember a gambling license is recommended but may not be required. Tip #2 Visit the local gambling authorities.
By now you should have gathered enough information to get you on the right track and keep you out of jail or worst a state prison.
Let us touch on a few more key areas on running your own gambling website. You will need some (the more the better) research and marketing to be done. But haven’t you already gathered enough of your own research? No Joe. That was just information gathering, getting your feet wet, getting to know how the industry thinks. Don’t assume anything.
There are rules to every game, and yes there are rules to running an online business and especially a sports book, betting exchange, poker room or casino. Just because you know a little about running a website, the rules and strategies change for each business, and you will definitely need to know about these rules if you are even dreaming of becoming successful in the online gaming and gambling industry. This doesn’t mean visiting all those forums and readings were for nothing, they will definitely help when you are ready to run your advertising and marketing campaign, you will be more than glad that you did.
If you have not already done a business and/or marketing plan this will more than likely lead to the development of one. Getting to know your target market, trends, location, gender, users’ habits, wants and dislikes etc will all help you to become better aware of your strategies and help in your success. So hire a reputable marketing company or speak with a friend or someone in the marketing field that can shed a bit more light on your exact situation and point you in a better direction. You don’t want to find out the hard way that the market you were targeting does not care much for gambling. Tip #3 Get proper research done.
This brings us to our next area of interest “staff or team”. From your information gathering and research you must have realized that ever if you may want to make this a one man show you will need a team or some sort of staff. Now a team does not mean you have to hire on a full time staff. Even big time giants like Microsoft, IBM, Logitech contracts out from time to time. It just means you will need a little more than just yourself in certain areas.
Even if you know the gambling world it would be wise to contract some professionals in key areas (even if its for a little while) to show you some hidden places you have not yet covered. You would definitely need a technical someone or a development company that will be able to handle any problems you may encounter, updates you may need for your website, programming you might require, designs you may want to give you that look and feel to set you apart from your competition etc. You will most likely need a bookie, bookmaker, (maybe more than one) who knows about bookmaking to set, update, prepare events, lines and odds on your sports book, casino, betting exchange or poker website. So a team or individual staff is definitely a must, but can be inexpensive if you plan properly and consider contracting. Tip #4 Put together a proper team.
Now we’ve touched a bit on your website, but what sort of website or software will you require. The next on our list will be Software. First ask yourself what sort of gambling website will this be; A full Casino, poker, Betting Exchange, sports book or better yet why not all? This is where your research and information gathering comes into play, review ask questions, speak to your lawyer, and make a solid decision. What are the risk factors, who are my competitors, where do you get my line feeds from? Those are all questions that should have been included in your research and answered by now.
After that is settled it is now time to choose that specializes in online gaming (more specific online gambling). Most if not all would already have products readily available that have been tested and will usually do modifications to fit your needs, it is usually more cost effective than having a website developed and put together from beginning to end. Software can range in prices, expect to pay between EUR 10,000 EUR to EUR 60,000 EUR. Some places of interest may be: Playtech (Rated for their Casino software), E-Prompt C’s BetMore – BetMore Software (Rated for its betting exchange & sports book software), Microgaming (Rated for their poker software). Tip #5 Get good software.