Advise Someone about Gambling Platform Business

[Dunamisx]

ADVICE SOMEONE READY TO ESTABLISH A GAMBLING PLATFORM BUSINESS

The intention for creating this thread is to hear about our general opinion, suggestions or best advise we could give to someone who is ready to establish a gambling platform as a business, if we are in the same position, what will be our response toward these few questions.

1. What are the first things to put in place before starting?
2. What are the strength and weakness to consider with gambling platform?
3. Can you hire a person to be in charge, for the business management of the gambling platform?
4. Is it a profitable business base on your own experience or from what you have seen others achieved from establishing one?

[Nwada001]

1. What you need most importantly to start is enough capital. With the right capital, you are one step closer to starting.
 
2. You will also need to hire someone who will help you build the casino for you with enough security to protect your new business from hackers, because if you experience exploitation as soon as you start, it will be hard for you to bounce back.
 
3. Yes, you can hire someone to take care of the business for you, but I will advise you to learn a little firsthand about how it works in order to not be completely blinded by how things are going.
 
4. Casinos are a very profitable business. I'm not talking out of experience, but based on the data available on the internet, the everyday growth and launch of new gambling sites should tell you that there is enough profit in that line of business.


Side note; your numbering is not correct.. you interchange 3 & 4

[BABY SHOES]

Maybe this thread will be useful for you/all who want to do business in the gambling industry. AMA: I Operate an Online Casino

@SirJohnVonSlotty answered all the questions posed by forum members about the question posed which may be similar to what the OP meant in case it helps.

[CryptoHeadlineNews]

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1. What are the first things to put in place before starting?

For me, I will say that one of the first thing to put in place before starting a gambling platform is "Enough Start-Up Capital", because inasmuch as it's claimed that casino business is a very lucrative business, let's not forget that for a start, if you are not buoyant enough to pay gamblers who may win big amount of money during it's starting stage, it may ruin your reputation if you are unable to pay and a scam accusation is laid against you on review sites and gambling online community like this (i.e Bitcointalk dot org)

2. What are the strength and weakness to consider with gambling platform?

Publicity or the ability to make awareness of your new casino is one important factor to consider about, as the strength and weakness of a newly launched casino, because with the high competition of online gambling casinos across the global, hence, if you are unable to target the right audience, your casino is likely to fail.

4. Can you hire a person to be in charge, for the business management of the gambling platform?

Yes, of course, and in fact, and experience person who has had remarkable results in handling affairs that has to do with online casino management.

[cabron]

ADVICE SOMEONE READY TO ESTABLISH A GAMBLING PLATFORM BUSINESS

The intention for creating this thread is to hear about our general opinion, suggestions or best advise we could give to someone who is ready to establish a gambling platform as a business, if we are in the same position, what will be our response toward these few questions.

1. What are the first things to put in place before starting?
2. What are the strength and weakness to consider with gambling platform?
4. Can you hire a person to be in charge, for the business management of the gambling platform?
3. Is it a profitable business base on your own experience or from what you have seen others achieved from establishing one?

I have no experience in having a betting site myself. So I have no idea where to start but I assume its just looking for which game provider to pick. There is so much to learn before starting I think because its just like planning that you have to conduct a feasibility study which is pretty much different from an offline company.

1. You gotta have money and more money.
2. Marketing and building reputation to consider, this is where you get to compete with the top casinos.
3. This depends on whether you have money. For starters, just experience the work yourself and learn everything before hiring someone to do it for you.
4. Gambling is a big industry. I'm sure this is profitable, gamblers lose all the time and you as the owner get to win all the time.

[_act_]

1. What are the first things to put in place before starting?
2. What are the strength and weakness to consider with gambling platform?
4. Can you hire a person to be in charge, for the business management of the gambling platform?
3. Is it a profitable business base on your own experience or from what you have seen others achieved from establishing one?

1. Get the developers necessary for it. Get licensed. You really need money for this. You need huge amount of money for advertisement.
3.  Sure you can hire someone to be in charge. But if you can do it yourself, you can first start it. Some people have experience on gambling sites because they have worked their before, such people will first prefer to manage it first.
4. If you are able to market it heavily, the more people that are gambling on your gambling site, the more money you will make from them.

[acroman08]

Maybe this thread will be useful for you/all who want to do business in the gambling industry. AMA: I Operate an Online Casino

@SirJohnVonSlotty answered all the questions posed by forum members about the question posed which may be similar to what the OP meant in case it helps.

oh, you beat me to it, I was planning on suggesting that thread. anyway, the questions OP asked have probably been asked by a forum member(or maybe similar to the question the OP asked) and answered by @SirJohnVonSlotty. also, based on his background, he is probably one of the only people here in the forum who can properly advise someone who wants to open an online casino.

[Rruchi man]

3. Can you hire a person to be in charge, for the business management of the gambling platform?

The person who starts up a business does not have to be the person to manage the business.

There are people who have more experience in a business that you're about to start, and if you can leverage the experience of these people, you can help your business avoid some pitfalls and obstacles that businesses like yours that lack experience management will face. For an online gambling platform, getting an experienced manager will be a plus for the business.

[Slow death]

1. What are the first things to put in place before starting?

In my opinion, the first thing that needs to be done is to create a team of real-world people, preferably those who live near the person who wants to start the casino. This team should include:

Someone who is an expert in risk and market analysis, a marketing expert, an IT expert, a lawyer, an expert in financial and business management. A gambling expert

A risk and market analysis expert will conduct a risk analysis, a detailed study of whether or not it will be profitable to set up a casino, and the investment that will be required.

A marketing expert will also conduct a study of how much funding will be needed for the marketing campaign, what its reach will be, and how many customers it is expected to get and in how long.

An IT expert will provide a quote for purchasing a domain, servers, coding, agreements with game providers, and the number of support staff.

Financial and business management specialist will give tips on how to manage the casino well in order to save on operating costs and obtain high profits with better service provision

Lawyer will handle the casino license, will write the casino TOS

Gambling specialist will handle the odds part

That answers all your other questions.

[Wiwo]

Most of the members here almost 90% -they 98% has no idea of what running a casino is all about except for someone like LightLord who is an old timer in the gambling business and also a member of this forum that can tell you exactly what operating a casino is all about and out of experience, I think he is in a better position to answer you and give you all the help that you need.

This is an old discussions that we hard alot of times and you may actually fine other threads where you can get additional suggestions and advice since this is a long standing discussions.

[mirakal]

3. Can you hire a person to be in charge, for the business management of the gambling platform?

The person who starts up a business does not have to be the person to manage the business.

There are people who have more experience in a business that you're about to start, and if you can leverage the experience of these people, you can help your business avoid some pitfalls and obstacles that businesses like yours that lack experience management will face. For an online gambling platform, getting an experienced manager will be a plus for the business.

Well, having a well-experienced manager can bring potentials to the success of the gambling business, but if you think you alone is more capable enough, then why not? It's still best to become hands-on on your own business especially if you are still starting on it, and finding a well-trusted manager might be rare these days most especially that money is the main concern with this type of business.

[Frankolala]

3. Can you hire a person to be in charge, for the business management of the gambling platform?

Of course that is the best because you can not do everything by yourself and there must be division of labour. It is good that you hire a professional to manage your casino while you are the CEO.

4. Is it a profitable business base on your own experience or from what you have seen others achieved from establishing one?

I have not seen anyone achieved from gambling neither do I know any casino owner but with the way new people are going into gambling and the rate of losses shows that the casino always benefit amd make profit all the time.

[Dr.Bitcoin_Strange]

Well, based on my personal opinion, before one must establish a company or business, the person has to look at some already existing business that is similar to what he or she wants to establish (competitors), and after taking a look, you should come up with a unique service that can help you stand out from your competitors because if you start a business and you are doing less than your competitors, then you are not giving your customers any reason to choose you over other already existing services. 

For example, imagine someone saying, "I left my favorite casino for this new casino because their withdrawal fee is so high." Imagine someone else saying, "I love casino A more than casino B because A offers a lot of bonuses and their support service is so active and fast."

Before starting a casino, you need to think about what can make you look better. 

[Agbamoni]

1. What are the first things to put in place before starting?

Starting a gambling platform requires a lot of capital. If you don't have enough capital, then what you need are potential investors. First, you need to have a game-changer plan in the gambling industry. Like what are you bringing to the table that other gambling platform done have? It could also be that your idea is meant to enhance a particular problem that a lot of gamblers are facing currently in the gambling ecosystem.

After you have figured out your mission and visions you can pitch to the investors and people who would wish to collaborate or invest in your idea. The truth of the whole matter is that if you have enough capital, you will successfully implement everything in your gambling platform without having any problems. Just have money and a professional technical team to work with. Every other question you asked are minor things that you can go through along the line.

[Fiatless]

1. What are the first things to put in place before starting?

The first step should be planning. You need to carry out a feasibility study to know about the cost, location, staffing, government permit, tax, space, etc, which will make the business move smoothly.

2. What are the strength and weakness to consider with gambling platform?

The strength is that you can make profit from the business. But just like every other investment, you can also experience losses sometimes. Another challenge is that you need to have a constant power supply, which may be challenging if your country is suffering from an epileptic power supply.

3. Can you hire a person to be in charge, for the business management of the gambling platform?

You can hire a trusted person to run the business. But it will be better for the owner of the business to run it when it is still young. Established businesses are easy to run because you have understood the business. However, you will regret it, if you hand over the business to an insincere person.

4. Is it a profitable business base on your own experience or from what you have seen others achieved from establishing one?

I have never run a gambling business, but some owners of these gambling platforms said it is profitable if well-managed.

[Perfectbaby]

ADVICE SOMEONE READY TO ESTABLISH A GAMBLING PLATFORM BUSINESS

The intention for creating this thread is to hear about our general opinion, suggestions or best advise we could give to someone who is ready to establish a gambling platform as a business, if we are in the same position, what will be our response toward these few questions.

1. What are the first things to put in place before starting?
2. What are the strength and weakness to consider with gambling platform?
3. Can you hire a person to be in charge, for the business management of the gambling platform?
4. Is it a profitable business base on your own experience or from what you have seen others achieved from establishing one?

To established a gambling site you need to know the basic that concerned the business you want to start up, then you need funds like to pay off for your development fees. You also need to obtain operating license from the country you want to operate from, after which if they issue you the license you have to abide by their rules.
Funding is one of the most difficult part in every business, there are some people who may not believed in your project, and to gain popularity you need to run an adverts to start promoting your gambling site till it get known in some particular place where you could starts making profits, but even as that you need personal funds to keep the project running, so the most difficult thing there is funds.

[Egii Nna]

ADVICE SOMEONE READY TO ESTABLISH A GAMBLING PLATFORM BUSINESS

The intention for creating this thread is to hear about our general opinion, suggestions or best advise we could give to someone who is ready to establish a gambling platform as a business, if we are in the same position, what will be our response toward these few questions.

1. What are the first things to put in place before starting?

I have seen various replies, but I think the first thing you need before going into anything business in this life is knowledge, and I know some will be thinking that that is what you came here for, but NO, you just bring it here for the sake of others to advise and give their opinions, which will be very helpful for you. 
 
This first step you need to take is having knowledge from those that are already involved in the business, so you have knowledge from someone that is involved in gambling platforms in order for you to have knowledge and knowledge of the procedures that you will have to follow to achieve your goal and get the profit that you are expecting from the business. Because it is from them that you will know all that you need to know about the business reason because they have experienced it before in their life and maybe they still have a gambling platform. 

[Potato Chips]

Yeah, best to ask someone in the industry. Sadly, most of us aren't and just gamblers.

Aside from SirJohnVonSlotty, there's also bitcasinorank who interviews casino teams and perhaps they might consider one or two of your questions in their next interview. I got you their latest one, see: https://bitcointalk.org/index.php?topic=5491925.0

[Akbarkoe]

To begin with, securing a valid license and comprehending the applicable laws is of importance because the gaming sector is one of the highly regulated industry. Preparing an amount of capital, infrastructure and security platform, such that they protect user data all key initial steps.

The main strengths of a gambling platform are the high profits that might be realized and large customer channels. However, there are weaknesses related to it, such as a risk of strict regulation and that this is also one of its weaknesses: it is dependent on technology. Another is reputational risks if not managed properly.

Hiring someone experienced in business management within the gambling industry may prove significantly beneficial. This individual shall look after the daily operations, regulatory compliances, and be the stability keeper of the platform.
 
Typically, gambling platforms can be very profitable if well managed and with a strong customer base. However, it is also a risky business. The risk is not so much related to potentiality as it is to what could cause them to crumble; regulatory changes and market fluctuations are more often than not the culprits.

[Zoomic]

1. What are the first things to put in place before starting?

It is very risky entering a business you have no idea about, even with sufficient capital available, an ignorant investor can lose it in one day. Aside making money available, it is necessary that the investor gathers sufficient information on his choice of gambling business. Know the risks involved and what it takes to run a successful gambling business.

2. What are the strength and weakness to consider with gambling platform?

The major strengths lies in how well the business is being promoted to attract customers and fight competition too. Failure to do this well, it becomes a weakness to the business.

3. Can you hire a person to be in charge, for the business management of the gambling platform?

Yes

4. Is it a profitable business base on your own experience or from what you have seen others achieved from establishing one?

In my country, gambling is legalised and there are lots of people who are gamblers too. A gambling business will be profitable in my region. I cannot say thesame for countries that restrict their citizens from gambling because setting up a gambling business will obviously be a bad idea.