In the last few years the iGaming industry marking a significant growth, giving the companies new opportunities to develop. This is one of the reasons why the field becomes more and more competitive and the expectations of the players respectively get higher. If you thinking of starting your own betting business there are two key starting points – an online gambling licence and a solution type for your operations.
Before launching your own iGaming brand, it is essential to understand the process, as you should choose a reliable provider and the right products for your needs. Solutions make the processes go faster, as the providers offer ready-to-use options.
There are 3 types of services the platform providers offer – White Label, Turnkey and API integration. It’s important to know that White Label and Turnkey are Web Solutions, and API is considered to be Data integration.
A White label is an out-of-the-box solution allowing you to start the project using ready-to-use options – sports betting software, a casino, a license, payment processing, and more. This also includes a range of customisable products, software solutions, and even use of a gaming license.
Some or all operational support can also be provided as part of the deal, such as customer services and fraud prevention teams – leaving marketing to be the main focus of the new operator.
As a web solution the services which are provided with the White label solution are easily being rebounded and customised to the needs of the client.
This gives the opportunity to the platform providers to focus on creating and developing the product and to the customer to focus on branding, marketing and promotions. Even so it is a ready solution, it still has the opportunity to be customised to fit the client’s needs. Here are some of the pros and cons of the white label solution: gaming license, payment processing solutions, risk management and anti-fraud modules, support tram.
White Label solution is perfect for clients who want to invest more attention to the marketing and branding side of the business, therefore giving the full management of the technical side to their software provider.
A Turnkey solution is the other type of two web solutions. One of the differences with the white label product is that the legal and financial matters of the services provided under Turnkey solution fall on the operator, while the supplier provides the technical and software part. In order to operate under the turnkey model, you already need to have your own licences and a wallet.
The individual specifications of operators are easier to meet – such as design, customer journey, branding, payments and even the overall trading strategy. There is also a better control in terms of promoting the best casino games for your market. The turnkey solution has advantages and disadvantages. Some of the pros are: fully manageable and powerful back office, risk management, support team. The solution is one of the most flexible ones. In order to operate you need to provide a license and set a wallet.
We can conclude that the iGaming industry is one of the most fastest growing industries in recent years, and yet very risky, responsible and time-consuming. You need to invest a lot of time into research, find loyal partners and a smart team, execute marketing and build a reputation. This article has gathered all the useful and initial information you may need to know about business solutions, their advantages and disadvantages, key points and topics requiring the most attention when thinking of starting the business.