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Are you considering opening an online casino business? The truth is that there’s never been a better time to do it. The online gambling industry is booming, technology is providing new and exciting ways to gamble, and traffic to existing sites is going up. If setting up a gambling site is something you’ve thought about, but aren’t convinced, this article is here to help.

The online gaming industry is booming

The online gambling industry is going from strength to strength and resilience during the COVID-19 crisis. The industry is predicted to reach a value of$160 billion by 2026. This is powered by increased smartphone adoption, innovative forms of gambling, and new demographics showing interest.

The availability and integration of new technologies have led to a full transformation of what’s on offer. This, in turn, has sparked interest from those who previously hadn’t considered online gambling.

Combined with the widespread adoption of smartphone technology, many are keen to gamble on the go and throughout the day. There has never been a better time to start an online casino business.

Fast Offshore recommends acting now, finding a niche, and providing a service and products that satisfy the demands of consumers. An investment in an iGaming industry is a solid one in a growing industry that shows little sign of slowing down.

Flexible and affordable licensing options

Each business model is different and jurisdictions have responded with licensing options that suit different needs and requirements. Offshore gambling licenses are by far the most popular, due to a combination of cost-efficiency, streamlined setups, tax-optimization opportunities, and increased flexibility.

Fast Offshore works predominantly in Curacao, Kahnawake and Malta. We find that these jurisdictions offer a good balance of benefits and obligations. Each case is different and each casino operator has a different focus in terms of games, target audience, budget and timescale.

There is a jurisdiction and licensing regimen to suit your online casino business’s needs. The best thing to do is contact Fast Offshore to find out a bit more about what each jurisdiction offers and how it could benefit you.

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More payment methods are available

There are many payment methods available to online casino operators. Of course, you can offer transactions via bank transfer and conventional fiat currency methods, but there are other options as well. Cryptocurrency gamblingis on the rise and becoming widespread, popular, and commonplace. Your online casino business can offer deposits and withdrawals in fiatas well as in cryptocurrencies such as bitcoin, ethereum, litecoin, and ripple. Crypto payments increase security, decrease the risk of fraud and chargebacks, and gives clients ways to pay that suit them.

Exciting options for your online casino business

It’s no longer just about slot and table games. 2020 has been a year where we have seen eSports transition to the mainstreamand take the world by storm. eSports is enjoyed by conventional sports fans, general gamblers, and of course, its long-standing fans. Many big betting sites now incorporate eSports and many standalone sites have popped up recently.

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Like eSports, fantasy sports enjoyed a following before, but it was the COVID-19 lockdown that saw bettors flocking to it in droves. Now, as many sports have resumed, fans have remained and are continuing to enjoy both varieties of betting.

Whether you want to set up a stand-alone online casino business; include fantasy, eSports, or sports betting to the mix; or upgrade your existing brand, Fast Offshore can help you every step of the way.

Convenience and comfort for your customers

The beauty of online gambling is that clients don’t need to leave their homes to enjoy betting. Whether its mobiles, tablets, laptops, or PCs, gamblers simply log on and play, regardless of their location. The availability of live dealer gaming has created a way for gamblers to enjoy the social aspect of the activity, even from afar. Considering we’re amid a pandemic, providing people with a way to have fun while staying home and staying safe, is key.

An online casino business has lower overheads

Setting up an online casino business is not cheap, but it certainly costs less than opening a land-based casino. Not to mention, when you are up and running, the costs of overheads and ongoing costs are significantly less.

Online casino operators have to consider costs like web and game development, marketing, IT, employees, maintenance, and licensing renewals, but these pale in comparison to land-based casinos. Brik-and-mortar casinos employ dealers, croupiers, cleaning staff, security guards, manage a bar and restaurant, buy slot machines and gaming tables, purchase a building or rent the space.

Lower overheads and ongoing costs mean you have more profit to invest in expanding and bettering your platform.

Online casino operators offer flexible limits

Typically, land-based casinos don’t offer as much flexibility when it comes to minimum and maximum betting limits.

As mentioned earlier, lower overheads allow online casino operators to be more flexible. This translates into much lower and higher limits than most brick-and-mortar casinos.This puts online casinos head and shoulders above physical casinos.

Online casino operators offer a wider game variety

Land-based casinos generally offer a variety of games but this is limited due to space, logistics, and demand. In the online sphere, there is no need to worry about this. An online casino business can offer an almost infinite amount of games including different themes, types, and integrating new technology. Furthermore, an online casino can offer eSports, fantasy sports, sports betting, poker, lottery, bingo, and conventional table games and slots.

Geographical flexibility and wider audience

Online casinos can target audiences located outside of the place where they are established. Land-based casinos are reliant on a steady stream of traffic from the local area and tourists. Your online casino business is accessible for people from any country where the platform is allowed to operate. Hence, you can transcend geographical constraints and cater to a much wider audience.

More longevity and continued growth

There’s always going to be a space for bricks-and-mortar casinos but this space is getting progressively smaller and smaller. In today’s world, people want to be able to access entertainment and a variety of other services from their mobiles or computers. Therefore, online casinos are set to continue growing in popularity, particularly in regular gamers, while land casinos will become the preserve of tourists and one-time visitors. The online gambling industry has longevity and is not going to go out of style.

Get your Online Casino Business Started with Fast Offshore

For more than 23 years, Fast Offshore has worked in the online gambling sector. During that time, we’ve helped countless big, and small names go live, be successful, and expand their businesses.

With a multi-disciplinary practice including corporate matters, licensing, tax-optimization, settlement and payment account and ongoing maintenance we can take care of the whole setup process. In collaboration with a network of International partners and through the development of solid professional relationships, we can offer a transparent and seamless service. If you want to open an online casino business, Fast Offshore is ready to help you.

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When Pennsylvania Governor Tom Wolf greenlighted gambling expansion in the state in 2017, it was the start of a race. Both the Pennsylvania Lottery and casino operators were allowed to offer online games, with the Lottery staying in its niche and casino operators introducing digital casinos. The Lottery won the race, introducing several options before the operators could get anything going, leading to the operators crying foul. They took their case to a judge but didn’t find any sympathy there. Last week, a court ruled against the casino operators, but an appeal might still be on its way.

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Pennsylvania Lottery Avoids the Gavel

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After Governor Wolf approved the state’s gambling expansion, the Lottery began offering, in May 2018, a number of online options through its iLottery division that the operators asserted were identical to some of the games they were developing. They used as examples nine iLottery games that had the same titles or themes as slot machines and the fact that the payouts more closely resemble those of slot machines and not of lotteries. They also pointed out that, of the iLottery options being offered, 22 are “certified for compliance with casino gaming standards in other jurisdictions,” including in the UK and New Jersey.

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The casino operators, who had to pay $10 million each to get into iGaming in Pennsylvania, sued the Lottery, arguing that it was infringing on their turf. In total, seven venues filed suit, including all five of Pennsylvania’s racinos and Cordish Companies, the operator of the state’s Live! casino coming to Philadelphia. However, they didn’t do a good enough job presenting their case.

Judge Renee Cohn Jubelirer heard the arguments and ultimately determined that the Lottery was innocent. She chalked up any similarities to an evolving gaming market, adding that none of the iLottery options included signature or protected content. Jubelirer added, “Rather, they are features that: relate to technological advances in online gaming; are based on online entertainment and gaming, as well as existing entertainment sources like television and board games which have indisputably inspired both iLottery game and slot machines game designers; or existed in the same or similar fashion in traditional lottery products that were translated into a new online medium.”

The presence of the iLottery certainly hasn’t hurt the iGaming segment. Online gaming in Pennsylvania reported its seventh straight month of record revenue this past February. With Caesars Entertainment, Penn National, Parx, and others operating in the online space, there seems to be enough revenue to go around. Sports gambling has helped, and the state’s gambling market doesn’t show any signs of slowing down.

Although the casino operators are said to be weighing their options and might try to appeal the court’s decision, the Lottery is happy to put the issue behind it. It can now get back to innovating, rolling out more non-casino-options similar to the jackpot instant win option it introduced in February.