Advise Someone about Gambling Platform Business

[lovesmayfamilis]

Yes, you can hire someone to be in charge of every operation of the casino but I don't think it's a wise idea if you're starting out. First of all, a startup needs to be handled by its owner and be focus on it until the system is already working on with or without his supervision.

And when that time happens, that's the right moment to pass it on for the manager or supervisor that the owner will hire.

Sometimes it's enough to be a millionaire—to have people just work for you, creating a business that you understand little about. But yes, of course, I understand is not related to the OP's question, but it works. You pay money to develop the business, hire experienced people who monitor your business, and you make a profit. For example, how many of those same football players who made good money in sports are now business owners? I'm not sure that all of them understand all the details. They just pay smart people .

[Accardo]

The first thing is getting licensed, preferably from an offshore company. Mentioning money is the least thing to say since the person knows he needs money to run a casino.

I'd attribute several croupiers and employees as the strengths and weaknesses of a casino. The workers need to be selected so that they won't be too many or fewer in number. Paying a lot of people at the start of a company could reduce the business's profits.

No, as the owner, I'll let the business run on my watch and allow efficient and skilled workers to do their jobs.

Gambling is profitable and people who run casinos are wealthy. However, it depends on how it's managed. I had a friend who ran a gambling shop, he spent most of his time complaining that he didn't have enough money for payouts.

[sunsilk]

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

Yes, you can hire someone to be in charge of every operation of the casino but I don't think it's a wise idea if you're starting out. First of all, a startup needs to be handled by its owner and be focus on it until the system is already working on with or without his supervision.

And when that time happens, that's the right moment to pass it on for the manager or supervisor that the owner will hire.

It is always best to handle your own business especially if you are just starting out. At least, know the ins and outs. You can hire someone later on once you established the operations of your business. But as a beginner, you will just screw up your own business if you let others manage it.

Yeah, that's what exactly what I've said but I agree.

Yes, you can hire someone to be in charge of every operation of the casino but I don't think it's a wise idea if you're starting out. First of all, a startup needs to be handled by its owner and be focus on it until the system is already working on with or without his supervision.

And when that time happens, that's the right moment to pass it on for the manager or supervisor that the owner will hire.

Sometimes it's enough to be a millionaire—to have people just work for you, creating a business that you understand little about. But yes, of course, I understand is not related to the OP's question, but it works. You pay money to develop the business, hire experienced people who monitor your business, and you make a profit. For example, how many of those same football players who made good money in sports are now business owners? I'm not sure that all of them understand all the details. They just pay smart people .

There's still a difference when you are the one who actually started it. Yes, money matters on this but knowing little won't be enough IMHO. You should know the peaks and dead seasons of your business.

Because with very first tries, that's when the lessons come and if you entrust it with people even if you pay them good. They'd just go to work and have that salary compared to you that really cares about that business.

[Weawant]

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?

I do advise people wherever they come to saying they want to start a business, first thing I ask them is, so you understand the business well enough? If the answer is no, then I advise they go back and study the business again before putting in funds and setting up any aspect of such business because if you start up a business you don't understand well enough, the chances the business will collapse after a Short period of time is really high, some of such business may not get pass 4 years and some so just 3 years because the losses may come in a way that may be unbearable and since you don't understand d the business well enough you may not know how well to manage them so it's best you ask questions, make consultation, surveys and all necessary data needed to be at an advantage in rhe business as gambling business is very tasking.

[henmark]

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

A budget that should be good enough to get everything done smoothly, and of course, experience and knowledge about the industry which is a prerequisite for starting any business and not just gambling.

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

It depends on a person's management skills. If you are knowledgeable enough about the business area you are getting into, you won't have any weaknesses because you will be able to manage everything efficiently.

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

Of course, you can, as long as you can find someone that you can trust and think has the capability to do the job very well. Personally, I wouldn't do that and rather manage everything myself and only have employees for other works but not the management.

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

Every business in this world can be profitable after it gets established because the struggle is only in the initial phase where the business is new and doesn't have enough customers or clients. Once it gets established, it gets profitable.

[passwordnow]

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

Budget, security, longevity plan, operational cost.

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

Strength is about the reason why gamblers will keep coming back to your platform. So, many are hooked with bonuses but it's not always with that thing. Security of the gamblers on why they keep coming back and the convenience that they're getting is another factor. And for the weakness, I think it's about the competition that you get to have a lot of it with the same games, bonuses, promos, etc.

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

This is going to be costly if you'd hire someone that has the experience for the management of the casino. This is what the big start ups and known companies does like in the fortune500. They hire executives that have been part of the company's success into their team but of course it comes with a hefty salary and perks.

4. 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 running one. But looking at how most of the known casinos are doing, it's a lucrative business once the brand is established.

[noormcs5]

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?

I do advise people wherever they come to saying they want to start a business, first thing I ask them is, so you understand the business well enough? If the answer is no, then I advise they go back and study the business again before putting in funds and setting up any aspect of such business because if you start up a business you don't understand well enough, the chances the business will collapse after a Short period of time is really high, some of such business may not get pass 4 years and some so just 3 years because the losses may come in a way that may be unbearable and since you don't understand d the business well enough you may not know how well to manage them so it's best you ask questions, make consultation, surveys and all necessary data needed to be at an advantage in rhe business as gambling business is very tasking.

Understanding a business is really important but what is more important is that you should have the money to start the gambling business or any other business. I think those who are gamblers they don't have the mind set of setting up a business or when you do not have the enough money for the said purpose

You need to have a business background or team with you for the development and then marketing and then the running of the business and it is not a simple thing as regulations are also involved, it includes domains hosting and a lot of stuff which you will only know when you actually serious to start this business.

[usekevin]

[1] First and foremost, ask yourself, are you ready to manage a gambling business? Do you have at least the basic idea what this business is all about? Prepare yourself at least emotionally and financially,  before you even begin to buy your domain name.
[2] The major considerations when it comes to gambling is bankroll and know-how. So if you have both, other factors can follow thru
[3] If you are just starting, better do it on your own. You can let go of micro managing of the company when you already establish its operations as I mentioned above
[4] Gambling is very profitable if you know how to handle it. After all, you have the house edge over the players.

The gambling was based on the huge money usage,So it was essentially important one for the gamblers to decide before start to play the gambling.Gambling need more patience to get huge money as the profit,the survival for the game was important one after the loss in the gambling.The gamblers should set some reminders to manage their money flow to the gambling site.Because by that the gamblers can stop their play after the game loss in huge number.Don’t follow the tactics of the gamblers because you may lose following other gamblers tactics.Gambling will give you good money if you play well.

[Fivestar4everMVP]

Yes, you can hire someone to be in charge of every operation of the casino but I don't think it's a wise idea if you're starting out. First of all, a startup needs to be handled by its owner and be focus on it until the system is already working on with or without his supervision.

And when that time happens, that's the right moment to pass it on for the manager or supervisor that the owner will hire.

Sometimes it's enough to be a millionaire—to have people just work for you, creating a business that you understand little about. But yes, of course, I understand is not related to the OP's question, but it works. You pay money to develop the business, hire experienced people who monitor your business, and you make a profit. For example, how many of those same football players who made good money in sports are now business owners? I'm not sure that all of them understand all the details. They just pay smart people .

You are absolutely right, and i completely agree due to my previous experience.
I once worked in a company where the owner of the company was totally uneducated, but he was rich, stinkenly rich, he hired a well educated and experienced man as a manager of the company, and not just that, all his staffs are all well educated people even down to the person that cleans his office.

This is the man that made be believe that education is only a stepping stone to a life of wealth, it isn't actually the main source of wealth, since even with high level of education,  one can still end up extremely poor if he or she fail to make good use of opportunities that comes his or her way.

Likewise, a person without experience can actually own a gambling casino, all that matters is finding the right people to work with and making sure to pay them well.

[Orpichukwu]

The gambling was based on the huge money usage,So it was essentially important one for the gamblers to decide before start to play the gambling.Gambling need more patience to get huge money as the profit,the survival for the game was important one after the loss in the gambling.The gamblers should set some reminders to manage their money flow to the gambling site.Because by that the gamblers can stop their play after the game loss in huge number.Don’t follow the tactics of the gamblers because you may lose following other gamblers tactics.Gambling will give you good money if you play well.

It seems like you are focussing your explanation on how the gambler can make a good amount of profit rather than how the casino owners can earn from the gamblers and the type of reward they get. 
 
If I'm to put it on the side of the casino owners, it works both ways. In order for the casino to start making profit from their business, they need enough money that they can use to pay gamblers for their winnings.

In order to build trust and await those who bet a large amount to come in, the more customers they will be able to make, the higher the profit they can expect from their losses at the end of the day.

[alani123]

I think advise new casino operators need to hear is to pay a lot of attention in their provable fairness implementation.

Unless you have that, if you're working with crypto, your reputation could be tarnished by allegations of unfair randomness. Which is a very common occurrence. With provable fairness, both player and casino are protected from this because it can be proven that the rolls are predetermined and don't depend on what the user will wager with the casino.

So really there's no way this could be missed as a step of opening a new crypto casino. Because especially in the crypto field customers are extra demanding with these things sometimes and you wouldn't want to come under scrutiny.

[Zlantann]

In order to build trust and await those who bet a large amount to come in, the more customers they will be able to make, the higher the profit they can expect from their losses at the end of the day.

Building trust in the casino business is important if they want to be successful. It takes time, money and integrity for casinos to build trust. Casinos need enough money to give out bonuses and pay wins promptly. The games should be fair and free from any form of manipulation. If a casino builds its customer base and is known for integrity, the business will profit. The biggest form of advertisement is referrals from satisfied customers. The gambling business is similar to other financial institutions like banks. Except gamblers are convinced that their funds are safe with a particular casino, they wouldn't stake a high amount.

[taufik123]

-snip-
This is the man that made be believe that education is only a stepping stone to a life of wealth, it isn't actually the main source of wealth, since even with high level of education,  one can still end up extremely poor if he or she fail to make good use of opportunities that comes his or her way.

Likewise, a person without experience can actually own a gambling casino, all that matters is finding the right people to work with and making sure to pay them well.

Education is indeed a stepping stone to broader knowledge, not a matter of who is rich and who is poor, but who can have an advanced mindset to succeed and make the most of every opportunity.

Educated people sometimes underestimate every opportunity that exists, and they only stay in the comfort zone, while people who lack education must continue to work hard to reach that comfort zone.

And those who have a gambling casino business but do not open from people who have a higher education, of course they already understand how to build a business only with their passion and also the support of many clients or networks they know.

It all starts from trying and then progresses to bigger and bigger.

[South Park]

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?

At least at the beginning you cannot really delegate and let someone else be in charge of such a business, and that is because there is so much money at stake, that letting someone else take charge will most likely mean that you will fail, after all this is not like the early days in which a person could start their own casino without any help, now you need a team and millions of dollars just to consider such an option, but if you do not have experience on the industry and know the ins and outs of it, you stand no chance to succeed.

[Webetcoins]

First of all, in order to run a gambling platform, you need to have a big bankroll. If you don’t have enough money, then it will be really hard to run the gambling platform. With a huge bankroll, you will fund the gambler’s winnings, do high-level promotions, and build high-quality games. If you have enough money, then 90% of the problem is solved.

Bankroll is another name for capital but I think the word bankroll is mostly being used in casinos, so IMO it's better to say capital for a while if you will also talked about on implementing or improving their games and do a promotion in order to expose the casinos name to the public.

This indeed requires a good capital. Not only that but having a good capital can be used to maximize their effect and attain a much better result (if only we are willing to do it). So as we can see, this is only optional. About the gamblers winning, this is where bankroll matters, I mean the term only but for the amount, it can be small too because it is still our casino and we can do some limitations if we wanted too. Gamblers should be able to get aware with this before they decided play and accept the consequences in case they hit the big wins because the extra winnings can get forfeited.

Another thing on why I think a small capital is fine is due to the fact that the gambling owner always has the advantage and they can pump up the difficulty in order to gain more edge. Enough money can be said to be as enough or not that huge enough, no wonder why you said that only 90% of the problem can be solved and not 100%.

[LogitechMouse]

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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?

I'll try to answer it:

1. Doing some research is always the first thing to do. Your target audience, how will you make yourself unique and different from those competitors of yours, gambling licenses, and of course, a reliable marketing team and and a good marketing strategy. You will need those if you want to start a gambling platform business.
2. How accessible it is? Is it accessible worldwide? Are there no restrictions to it? Can we live games in your platform? As for weaknesses, something like the competition especially now that online gambling is becoming more and more popular, more and more gambling platforms are being created.
3. I don't see any reason as to why you don't need to hire a person in charge of your gambling platform especially if that person is something you considered as trustworthy. As long as he can do what he needs to do then just hire, but if you can do it yourself then just do it.
4. I believe it differs. The profitability of a gambling business depends on how good they are on marketing of course and many more.

[alastantiger]

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?

1: Capital to start of the busines because a casino need money to pay the first set of winnings that the casino is going to get because you can get hacked and the hackers get access to the code and manipulate it to favour their bets. New casinos are the targets of hackers looking for loophole and they find it most of the time hence you need to have enough capital to sponsor the casino before it starts generating money to do that by itself.

2: The strength is that you'll always have losers giving you money and for a longer period, the losers will be more than the winners hence it is a profiting business if you can get your promotion correctly and attract players. Weakness is because you're new, their are already bigger brands that it might get challenging to compete with and overthrown but it isn't impossible.

[bangjoe]

In order to build trust and await those who bet a large amount to come in, the more customers they will be able to make, the higher the profit they can expect from their losses at the end of the day.

Building trust in the casino business is important if they want to be successful. It takes time, money and integrity for casinos to build trust. Casinos need enough money to give out bonuses and pay wins promptly. The games should be fair and free from any form of manipulation. If a casino builds its customer base and is known for integrity, the business will profit. The biggest form of advertisement is referrals from satisfied customers. The gambling business is similar to other financial institutions like banks. Except gamblers are convinced that their funds are safe with a particular casino, they wouldn't stake a high amount.

It is true that building trust is the most difficult thing in running a business because it takes time and requires money to get this side, several other things such as getting regulations worthy of operating like a casio with certification testing are also very important to be present in a casino portfolio document.

Consistency of fair play and solving problems perfectly without harming customers or casinos is a very important protfolio to gain public trust in a casino, even though talking about security, of course people who are active in crypto casinos or the crypto industry itself always have doubts if they keep too long, it becomes optional, as long as the casino acts according to the rules and does marketing consistently, it will definitely reap public trust.

[Yatsan]

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?

1. Comply with the law and achieve the necessary regulatory requirements, obtain the needed license, and comply with anti-money laundering legislation. Secondly, develop a sound business plan featuring a defined target market, marketing strategies, revenues diversification, and financial projections. Thirdly, propose reliable technology related to both games management and security. Fourthly, establish an efficient and secure procedure for payment processing. Lastly, act positively on account of responsible gambling.

2. Strong casino operations are high revenue efficiencies, whereas fierce competition, legal uncertainty, and reputational risks associated with gambling make these the most vulnerable. For success, all of these elements must fall in the right place.

3. Seek experience in a casino operation that can manage operations, compliance, marketing, and customer service.

4. To win on stage is very tricky. Many a platform enjoys certain privileges but again, they depend on the market conditions, competition, and above all on usability. The keys to success in this competitive industry are good planning, compliance, and innovation.

In order to build trust and await those who bet a large amount to come in, the more customers they will be able to make, the higher the profit they can expect from their losses at the end of the day.

Building trust in the casino business is important if they want to be successful. It takes time, money and integrity for casinos to build trust. Casinos need enough money to give out bonuses and pay wins promptly. The games should be fair and free from any form of manipulation. If a casino builds its customer base and is known for integrity, the business will profit. The biggest form of advertisement is referrals from satisfied customers. The gambling business is similar to other financial institutions like banks. Except gamblers are convinced that their funds are safe with a particular casino, they wouldn't stake a high amount.

Yes this is right and i agree with you, success even at the casino requires trust, and it requires a lot of time, money, and loyalty to establish it. So that casinos can offer attractive prizes and rewards in as little time as possible, they need to invest in delivering them. Similarly, they must make use of sound technology and security. Games must be fair and unbiased most of the time, these games mislead customers with random number trials and regular calculations.

[Darker45]

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?

1. A good concept and, of course, sufficient money to properly translate that concept into reality.

2. There are so many. But it would help studying the market, reading reviews of successful and unsuccessful gambling platforms. All in all, however, make it easy and convenient for the gamblers. They're always the priority.

3. You will need the best. If you aren't that man, then you need somebody else.

4. No experience here, but it must be because some platforms can even afford to sponsor big sports teams and leagues.