Is It a Good Investment to Start Your Own Online Casino in Canada according to No-Verification.Casino? – There are many online casinos in Canada that are making a fortune, which means that with a lot of hard work and money to put into resources you could see a good cash flow by starting your own online casino as well. Getting into this type of opportunity isn’t for the faint of heart, however, and you’ll need to be sure that you have the investment money and the motivation to see the project through to completion.
How Much Will It Cost?
If you are thinking of opening a casino you’ll need to get the appropriate Canadian licenses. The cost for these licenses will vary from one country to the next. In a country such as Gibraltar, for example, you’d need to pay about $15,000 per year for licensing fees while in the UK you could pay as much as $40,000 per year. You should also have anywhere from $100,000 to $300,000 on hand at the beginning that you can pay out as winnings to players.
The cost of the actual website and the mobile app will cost you a minimum of $50,000. You’ll also need to pay approximately $5,000 per month for gaming software. Once your site is set up you’ll need to optimize it and you should have anywhere from $50,000 up to $100,000 set aside for this. In total you should have a minimum startup capital of at least $1 million in order to get started on the right foot.
The Lifetime Value of Canadian Customers
When you’re considering an investment opportunity it’s always important to look at how much it will cost to acquire new customers and the lifetime value of them. This will vary from one casino operator to the next. Overall, the gross profit margin for Internet casinos is about 60%.
The lifetime value of customers will need to be worked out as you continue to operate your business. It will start out at one figure and then fluctuate as you begin to acquire more customers. At the same time you may end up putting more money into your advertising efforts, which will affect the customer value.
Consider the Niche
Within the broad gambling niche there are specific niches that you can target. For example, many gamblers from Canada are now looking for online casinos that give you the opportunity to make a payment using cryptocurrency. You could set up a casino that accepts this currency as part of this sub-niche. There are also many potential customers and are searching for no verification casinos, which means that they don’t have to send in any documents to prove their identification. You could set up a no verification casino to target this specific market. You could also incorporate the two sub-niches together and create a Bitcoin casino without verification.
While it may look like the market has already become saturated with online casinos, there’s always a niche available that allows for growth and prosperity. This is due to the changing expectations and landscape of the gambling industry and the fact that it is easier now than ever for people across the world to access the Internet.