Gambling is becoming a widely accepted practice globally, and Canada is not left out of this form of entertainment. Some countries are still working on gambling modalities, and their governments are yet to accept the bill. Still, gambling in Canada is legal, and casino players or bettors have nothing to worry about in that regard.
Although gambling is legalized in Canada, every province and region has its dynamics and mode of operation; aspiring gambling operators need to note this. To know more about the online casinos in Canada and how a Canadian or a Canada-based business person can slide into the gambling industry, stay with me on this article. Let’s get an overview of the gambling market.
An Overview of Online betting and Casino in Canada
It is no news that gambling has become very popular in Canada, and it is moving up the ladder to become one of the most lucrative and entertaining practices. If you are looking for entertainment industry with a vast audience, the gambling industry stands out. This is because the country has over 37 million populations, and more than half are over 18; this gives online betting an edge in Canada. The regulations behind gambling in Canada are enormous, and the government gets high revenue from online and physical betting.
Land-based casinos are still in business in the country, although one province focuses more on online casinos and betting, thereby forfeiting land-based casinos. Online gambling became legalized in Canada around 2009, and many gambling operators have benefited substantially. Not all provinces in Canada have a gambling regulator; those without a regulatory body join hands with other areas to get things in order.
When you get into any casino, both online and land-based, you are sure to stumble on lots of casino games, lottery tickets, bingo games, poker, and sports wagering. Players in Canada have a wide variety of games and slots for casino gaming and sports betting.
Overall, going into the gambling industry as a Canadian could be termed difficult due to its provincial and governmental regulations. Most gambling experts believe that aspiring Canadian operators should focus more on offshore operations and international gambling services. This way, they can avoid the enormous rules that come with online casino operations in Canada.
How can an aspiring online casino operator in Canada get into the online casino industry?
As earlier said, the online gambling market in Canada is dominated by operators – provincial and offshore. Aspiring casino operators need to know that there are many other markets in the world where they can shine and show off their potential.
The European market is predicted to be worth $35 billion by 2022, and several licensing authorities have their headquarters there. It is a good start for Canadian businesses, and aspiring casino operators should consider it. In America, South America, to be precise, there are lots of opportunities for entrepreneurs. Either you start up your online gambling site or app or invest in any established gambling enterprise.
But the easiest way to get into the gambling industry as an aspiring casino operator or an entrepreneur is by investing in an established business or a startup. Focus your mind on those abroad and overseas as lots of these gambling operations need capital to expand or start. This way, you are involved in the gambling world, and you start gaining the experiences required to be an expert in your field.
Those who focus on starting up their businesses in the gambling industry should face the overseas market. Some of the things involved in starting your own online casino business include getting a target market, registering our company, applying for a license to operate with, building your online platform and integrating game content and payment methods, and effectively promoting your business to the right audience.
How Can Canadian entrepreneurs start an online casino business?
With the high increase in revenue and profit from the gambling industry, some entrepreneurs and business owners in Canada are looking to start up their online casino businesses in Canada and outside Canada. However, the next part of this article will guide you into starting your own online casino business in Canada.
Register a Company and acquire a license
This is the first step to take when looking to acquire your own online casino business in Canada. Without a company, there would be no need for other requirements like getting a license. As a first-time online casino operator, you should consider getting your license from Curacao Malta, as it is trendy among first-time operators. This is because there are meager taxes and fees to be paid, and acquiring the license is simple and easy. Another licensing authority you should consider when starting up your own casino company is the Mohawk Territory of Kahnawake because it is also popular among casino operators.
The Curacao license authority has a good reputation as the longest-running licensor in online gambling. It comes with advantages such as a net gain tax of just 2% and a lack of gaming tax. The Island of Malta is now an international space for online gambling, and the Malta Gaming Authority licenses are accepted throughout the European Union. So new operators in Canada should consider this licensing authority in case of future expansion. The Mohawk Territory of Kahnakwe has been issuing Kahnawake Gaming Commission licenses to land-based and online operators since 1999. Operators highly use it due to its low licensing fees, 0% corporate taxes, and lack of gaming tax.
Analyze your target market
After finding a reputable license authority and registering your company, you need to think about regulations from regions around your company, as that is the first thing to consider when choosing a target market. A well regulated market is the best; the authorities in charge will clearly state the rules and requirements to follow so you can keep the law at heart and be mindful of your operations.
Opting for an unregulated market or country where legislation varies from region to region can be tempting; you get to bypass paying taxes and following the basic requirements but setting your company in those regions comes with heavy risks. Offshore operators can escape the law for now, but there would surely be a day of reckoning and enacting legislation that would affect their company and players. So, new online casino operators or aspirants should avoid offshore operations and face their home country for a start.
The size of your potential market is essential in this regard; you need to know the amount of disposable income open to your potential players and the country’s overall economy in which you wish to set up an online casino business. Do not ignore the cultural perspective of your target market about betting or gambling; since betting is legalized in Canada, you have nothing to fear.
After getting your target market, you would need to make some findings on the financial life of your target audience, knowing how they derive their income and how much they put into gambling. To successfully get this done, you would need to look into their age, gender and occupation. Getting more information would help in setting you up and figuring out what you have to offer. Aside from those mentioned above, other aspects need to be considered when choosing a target market, and studying your competitors’ platforms will be of great help. Your competitors’ market will give you insight into many things, including the minimum and maximum bet, game preferences, and lots more.
Players love high-end graphics and animations when they play any game on an online casino; new and aspiring casino operators need high-quality online casino software. There are developers at the top of the ladder in the industry, and they offer excellent services. When considering the software provider to use, view your payment system and be sure that only certified providers are used in setting up your online casino platform.
Flexibility is one of the qualities to look out for when choosing a developer. Only a powerful one can give the flexibility you want, and future adoption should be considered. Software providers with customized frontend are the best as they will help you choose a design for your website, one which would portray the taste of your players. Note that players’ preferences vary from region to region. So finding a software provider that can offer separate pages for each target market should be your goal. It is worth considering if you are planning to face other markets except the Canadian market.
It is one thing to get players on your platform and another thing to retain them. In the online gambling business, operators must find a suitable method for player retention. To successfully do this, an excellent strategy for attracting players and keeping them entertained is needed. Sometimes, affiliate sites would do an excellent job in helping you out with marketing and advertising. Your mode of marketing and advertising might rely solely on the hands of your target market. This is so because not all needs support the act of marketing and advertising gambling.
Some market laws prohibit advertisement on some days, some limit marketing to a particular audience or time of the day, while others ban gambling advertising. If you are faced with this sort of issue, no need to panic; you need to get used to search engine optimization and rely on affiliate markets. When used properly, these methods will bring you a steady stream of new players, and emphasis should be laid on your competitors’ analysis as that would help with affiliates.