There is no doubt whatsoever that owning and operating an online casino has the full potential to bring handsome returns in the long run. Just as starting an online casino, so is the same for beginning one here in the Canadian jurisdiction.
Thanks to the ever-growing popularity of the online gambling sector here, it may be very tempting to open up one such platform. If you are keen enough, you will notice that numerous online casinos continue to spring up every day. However, the truth of the matter is that setting up one is no walk in the park. Our expert author Michelle H. Thomas has studied some trends in the iGaming sector and brings us an informative piece on how much money you need to gamble in a Canadian online casino.
Setting Up an Online Casino in Canada
One of the surest ways of making money is putting up an online casino here in Canada. Thanks to the coronavirus that kept people glued at home, online gambling has significantly increased. Provided you have a special and smart business plan, the profits derived from the venture are staggering. The big question remains how much money do you need to gamble online casino? There is no doubt that you need to have a generous budget, as we will break it down below.
Obtaining a Gaming License
The first expense you will face when setting up an online casino here in Canada is the license costs. It is the most crucial part of the ordeal as it grants you the right to conduct the business in the covered jurisdiction legally. The importance of an online gambling license cannot be overstated enough, as Canadian online casino players are running away from illegitimate sites that cannot be trusted. Again, most of the recognized iGaming software providers will not work with you if you do not have full proof of the legality of the online gambling platform.
Here in Canada, the laws are somewhat stringent, and if possible, incorporating the licenses from elsewhere may be an advantage. Some of the common offshore countries like Gibraltar, Curacao, and Costa Rica will charge $15,000 to $20,000 for their online gambling licenses.
An authoritative Canadian online gambling license may cost an average of $ 35,000 annually. You will also be required to duly pay your taxes, provide financial reports, and pay some accompanying fees.
Look For Reliable Software Providers
The key to a successful new online casino in Canada is the actual gaming software. This means that you must team up with a team of renowned and trusted software providers that will enable your online platform to compete in the highly populated market.
The cost of acquiring a software package varies in this day and age. Depending on your agreement, the existing platform, and the vendor, the package may cost a minimum of $10,000 to highs of a million dollars.
Choose the Games You Wish to Offer on Your Site
If you want to offer your players the best and unique selection, then choosing a wide range of games will undoubtedly be a costly activity. While a big selection costs more, it helps build your broad clientele and reputation.
Those who want to offer the best experience for those seeking an online casino in Canada play for real money must include a wide array of poker, slot machines, roulette, and blackjack, among many others. The game will come in code language, and you will have to integrate them into your chosen platform. The cost of acquiring a game highly varies according to the game’s popularity and exclusivity. We even see new trends where casinos are being launched on the metaverse and you can get games from that route.
Source for Verified Methods of Payment
Money is the most important thing for online casino players in Canada and the whole world in general. For your online casino to be a favorite, ensure you incorporate the standard payment methods like debit cards and eWallets and modern ways like PayPal and cryptocurrencies.
Build the Online Casino Site
Your customers’ first point of interaction is the actual online casino site. This primary gaming business tool determines whether one will keep coming back to play on your platform. Building an online gaming website that fully integrates all tools may cost you anywhere from $1,000 and $5,000 (or more). Other costs that you may experience include taxes, paying staff, and the general business costs in any other venture.
These are some of the costs of setting up a successful online gambling platform here in Canada.