There is a wealth of information on the internet about wagering and gambling. Steps to start a wagering website, what do people bet on, is a gambling exchange better than a sports book or casino website, or do users prefer gambling online rather than gambling traditional? What is lacking in many of these posts is not the information they provide on starting a wagering website, 789BET but instead exactly where to begin. So where do you start, you ask? and how do you start? Would you require funding when thinking of starting your own wagering website? Are there legal pitfalls in running an online sports book or casino wagering website?
Asking these questions is only a tip of the iceberg in knowing exactly what you are setting yourself up for in managing a gambling exchange or any of the other wagering websites, but knowing the answers will better your chance or chances in managing a successful online wagering site. So where do you start? You can search and search around the world wide web and gather all the information (highly recommended) on starting your own casino, managing a proper gambling exchange, or on providing a reasonable online sports book atmosphere to your users, but knowing exactly how to use this information is input running your outfit.
Before we get into how to use the information you gather properly, you may want to visit some of these places if you have not already done so: wagering discussion boards, casino pages, sports website, news pages on wagering, pages on the “internet wagering regulation act” and how it will affect your online website, laws governing wagering and paying close attention to the dates the country each specific information pertains to and so on.
By now you must be thinking this is a bit to extreme. But ask yourself this: do you know what each gambler want, do you know and what will make them use your site over the next Joe website. Simply put you need to understand the things that will drive publishers, sponsors to your site (funding) and most notably and what will drive users to your site. You can have the best house in the area but if not one knows about your house or you, well you get the picture.
If you have visited the suggested headings listed above and read up a bit more on wagering and the laws governing online sports book, casinos, poker rooms and gambling transactions and still wish to continue then please read on my friend, you have gotten over the first hurdle. Now that we have you thinking beyond your box and have a better understanding on what’s yours for the taking for you lets tackle the first and also most important question you would first need answered “Is wagering legal”.
Now this is the most important because if you are thinking of doing or managing a wagering website in a country, city, state, province, town, what ever it may be and its not legal. Like monopoly you will be fined or worst you will go on to imprisonment. Sorry boys and girls but we need to make one thing clear here being online business doesn’t mean a thing to the government and the authorities. You will need to register a business or acquire a business permission (not the same as a wagering license), you will need hosting and you will require a bank account to hold the money generated from your sports book, gambling exchange, poker or casino website. So finding out if wagering is legal where will be running your business is extremely important.
To give you a better picture of things 9/10 planning to run a wagering website have had to opt for an offshore operation. Why you ask? Well that obvious of course. In places like Costa Rica there are laws in place for wagering, but there are no law against online wagering neither is there a need for a wagering permission (more on wagering permission later), but you will again want to do your quest, if you are intent on managing a sports book or any of the other wagering websites, prepare yourself to accumulate information. Here is Tip #1 — Speak to a lawyer (a reputable one if you can) they will shed a lot of light on your situation and point you in the right direction.
Which means this brings us to our next question, licensing, and no its not your drivers permission. A wagering permission is required to run a gambling exchange, sports book, casino, poker or any other wagering website most of the time but not always. This is why again you will need to do your research. But guess what happens they say, when in doubt get one. That was a joke Joe. If you are really unsure speak to that lawyer friend that you chatted to in tip #1 about this and any other documents you might want to complete this process, ask your local wagering or gaming authorities/associations in the legal system where you want to run your online wagering website for advise. So remember a wagering permission is recommended but may not be required. Tip #2 Go to the local wagering authorities.
By now you will have gathered enough information to get you on the right track and keep you out of imprisonment or worst a situation penitentiary.
Let us touch on a few more key areas on running your own wagering website. You will need some (the more the better) research and marketing to be done. But haven’t you already gathered enough of your research? No Joe. That was just information gathering, getting your feet wet, learning the needs of 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, gambling exchange, poker room or casino. Simply because you know a little about managing a website, the foundations and strategies change for each business, and you will definitely need to know about these rules if you are even daydreaming of becoming successful in the online gaming and wagering industry. This doesn’t mean visiting all those discussion boards and tellings 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 probably lead to the development of one. Learning the needs of your target market, trends, location, gender, users’ habits, wants and disfavors etc will all help you to become better aware of your strategies and assist in your success. So hire an experienced 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 used to be targeting does not care much for wagering. 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 leaders like Microsoft, IBM, Logitech contracts out from time to time. It just means you will need a little more than simply yourself in some areas. Even if you know the wagering 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 require 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 create you apart from your competition etc. You will most likely require a bookie, bookmaker, (maybe more than one) who knows about bookmaking to create, update, prepare events, lines and chances on your sports book, casino, gambling exchange or poker website. So a team or individual staff is really a must, but can be inexpensive if you plan properly and consider contracting. Tip #4 Put together a proper team.
Now we’ve handled a bit on your website, but what type of website or software will you require. The next on our list will be Software. First ask yourself what type of wagering website will this be; A full Casino, poker, Gambling Exchange, sports book or in addition to this why not all? This is where your quest and information gathering comes into play, review ask questions, confer with your lawyer, and make a solid decision. What are the risk factors, who are my competitors, where do you get my line for from? Those are all questions which should have been included in your quest and answered by now.
After that is settled it is now time to choose a that focuses on online gaming (more specific online gambling). Most if not all would already have products readily available which have been tested and will usually do modifications to fit your needs, it is usually much less expensive than having a website developed and put together from needs to end. Software can range in prices, be ready to pay between EUR 10, 000 EUR to EUR 60, 000 EUR. Some tourist destinations may be: Playtech (Rated for their Casino software), E-Prompt C’s BetMore — BetMore Software (Rated for its gambling exchange & sports book software), Microgaming (Rated for their poker software). Tip #5 Get good software.
Well that needs to be it. But lets not forget the last and one of the most important on our list “Financing”. Sports book, gambling exchange, poker, and casino websites are just about the most expensive business operations you can ever run, and this does not change the important points for an online operation. You do not need a building, but you will need hosting, you do not need slot machines but you will need software, you do not need cashiers but you will need payment merchants and/or gateways. Confer with your lawyer, speak with your marketing and research team, they will give you pointers to get funding, you’ll definitely require money to run ebay constantly, so find sponsors, investors that will partner with you unless of course you have the money and is ready to use your own money, Here is a hint you will need more than just EUR 500K EUR. Tip #6 Get funding.