Need an online gambling license?

How much does it cost to start an online casino? Q&A

Last updated Jul 20, 2023
Jul 20, 2023 iGaming

How much does it cost to start an online casino?

I decided to go through the Q&A session just to Target and to tackle some of the questions that I receive from my clients when I speak to them, as so many people do not understand why they need the license, whether they need the license for the blockchain.

“What is the advantage of the Curacao license versus getting the license in another country such as Malta?”

Right. So if you are a startup and if you want to save your money and you want to start the business on the right foot and you want to have an entrance into the business, you want to sign software providers, banks, and payment system providers.

how much does it cost to start an online casino

You want to have a legal foundation to prove to IRS or anyone else that you legitimately do your business.

So you can buy yourself houses and cars and whatever you want.

You need that license for all that!

Curacao allows you to get that license as cheaply as possible. There is no bang for the buck better than if you are getting the Curacao license because it’s not as expensive as the Maltese license.

It’s fast to get the license

And it also takes you it doesn’t take you a year to get it because, with the Maltese license, it’s somewhere between 30 and 50 weeks whereas with the Curacao license, if done right, you can have one within two months.

The price is four times less than the price for the Maltese license. So if you are a startup, you want to spend your cash efficiently.

You will be thinking about things like investors and IPOs later down the line.

Curacao just gives you that opportunity to save your money and launch your business fast.

“Could you help to understand why we need a license from Curacao if we want to work with countries like, for example, Brazil, Mexico, and Asian countries?”

Curacao is an international license. And the ultimate goal for any business is to collect cash, right?

This is the blood flow of your business. To sign all the software providers, payment providers, and service providers, you will need a license yourself.

Curacao license is considered to be good for every service provider and they will be happy to sign an agreement with you.

You will be fine to start in Latin America, you will be fine if you want to start in Asia, the Middle East, and many other countries.

Curacao is an international license that allows you to work in multiple countries.

“If we have a blockchain-based lottery website, why do we need a license?”

License allows you to build credibility. Fast.

Just because of the same reason. Blockchain doesn’t serve as a good excuse for you not to have the license.

Blockchain is just a technology that gives you some advantages in terms of decentralization, and maybe some anonymity.

But when it comes down to the legitimacy of your business – service providers, all the people that you’re going to work with including your clients will ask you whether you have a license or not.

And if you don’t have a license, well, why would I swipe my credit card with your blockchain super casino? There is no reason for me.

You are not licensed by anyone. You didn’t make an effort to get the license, you didn’t pass the KYC processes. Nothing.

The blockchain is just a good name. It’s not related to the fact that you are launching a gambling business.

“How much does it cost to start online casino?”

There is no good answer to this because you can start in different ways.

The cost opening an online casino can vary significantly depending on the jurisdiction and the type of gambling activities you plan to offer. If you want to start a turnkey business with an international license, we recommend you have about $100,000 available. Your budget would cover the cost of the license and the business structure. This would also include the cost of setting up a turnkey gambling platform, integrating the games and integrating the payment systems.

You can have your team that will build your platform and then it will build the games and then you will have to certify those games.

But before that, you will have to spend two years working on the platform, maybe two years working on a game, and you will have to pay salaries to your employees.

You will have to sustain the team, you’ll have to pay taxes.

The ultimate thing that you have to know is what you need to have before starting the business. So the first thing is the license. A license will cost you anywhere between 20,000 and 120,000 EUR.

Then the platform is essential. So this is the back end, the front end of your business. Things like KYC and payments will happen through the platform.

Now when it comes down to software, what are you going to offer to your clients? Is it the sportsbook? Is that the game of chance? Is it the casino, blackjack, whatever?

cost to open an online casino

What software will you offer to your clients?

All these games have to be certified. It’s either you build them yourself or maybe you source them from the software providers like Evolution GamingNetEntMicrogaming, and others.
You may sign an agreement with an aggregator to source like 2000 games at once.

All these things matter because they will define how much you pay upfront.

A banking account is another thing that you will need. You may also want to integrate payment system providers.

That’s it. This is the entire structure. So the range of your initial expenses can be somewhere, let’s say 25,000 EUR. That’s if you only take the platform and ditch everything else. You may just offer a game without the platform.

It can take you 5,000,000 EUR to launch. If you have to sustain the team, you have to build everything. In reality, there is no ceiling to this one. You can spend as much as you have to launch it.

This was the first series of Q&A, and I’m looking forward to continuing with these quick questions in my future videos. If you have any questions, then go and leave me a message.

FAQ

How to start my own online casino?

Starting your own online casino is a complex and highly regulated process. Find out about the legal and regulatory requirements for online casinos in your desired country. Remember that the online casino industry is highly competitive and regulated. It is important that you meet all legal requirements and ensure a safe and fair gaming environment for players. Essentially, you need a gambling license, a platform, game providers and payment providers. LicenseGentlemen offers the most popular international licenses. We also help you choose the best platform that fits your needs and connect payment system providers.

Is it profitable to start an online casino?

Yes, it is. It’s a multi-billion dollar industry and intelligent entrepreneurs are making fortunes with online casinos. But it comes with significant risks and challenges. Success in the online gambling industry depends on factors such as regulatory compliance, effective marketing, risk management and a loyal customer base. The profitability of an online gambling business can vary greatly from country to country and also depends on your marketing strategy and the payment system providers you choose. It is important that you approach this industry with a clear understanding of the risks.

What is the cheapest online gambling license?

The cost of an online gambling license can vary significantly depending on the jurisdiction and the type of gambling activities you want to offer. There is no one “cheapest” license, as fees and requirements vary from jurisdiction to jurisdiction. One license may be cheaper than another, but it won’t allow you to operate in the country you want to target. In some countries, initial license fees may be lower, while in others there may be significant financial obligations, ongoing fees, and compliance costs. LicenseGentlemen offers all the international licenses in the world, which entrepreneurs choose 98% of the time. Send us a message and someone from our team will get back to you shortly to give you all the information you need to find the most affordable license that fits your needs.

Can I be a millionaire running an online casino?

Most games of chance have a built-in house advantage, which means that the odds of winning are in favor of the house or operator in the long run. This makes it statistically unlikely for the majority of players to win large sums of money over the long term. The house always wins. You can build a significant wealth for yourself and your family if you approach this business wisely and also have a bit of luck. Every entrepreneur needs a bit of luck in any business, but the odds are in your favor.

How much does casino software cost?

The cost of an online casino platform ranges from $10,000 to $250,000. Sometimes even more. The cost of casino software can vary greatly depending on a number of factors, including the complexity of the software, your business model, the number of games included, the amount of customization required, and the software provider you choose. In general, casino software costs can range from tens of thousands of dollars to several million dollars for a comprehensive and fully customized solution.
Whitelabel casino software packages can have lower initial costs, usually starting at tens of thousands of dollars. These packages include a number of pre-built features and are suitable for a small number of companies. The cost of a turnkey platform typically starts at $20,000

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Max Kerry

Maxim is the founder of LicenseGentlemen.com We help our small and large clients with online gambling licensing, platforms and payment system providers. After more than 300 successful licensing projects, we know exactly what problems every startup faces. We help our clients get the license quickly, choose the best platform and connect all payment methods so they can focus on their business. We also produce free content you can find on this blog or on YouTube.

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