It is a happy place, where people play, enjoy and win some while having fun. So, no wonder the casino business has enticed many to open their own casino. It might not be all fun and games, but it is definitely rewarding.
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How to start an online casino business?
Another approach is to develop your online casino from the ground up, starting on a blank page, save for the idea that inspired you in the first place. This takes time, dedication, drive, ideally. However, the really big news is that ZeroEdge is creating a new niche which will allow entrepreneurs such as yourself to finally own and operate their own online casinos under the ZeroEdge white label casino platform. As such, you can earn from the minute you set up your own casino. Earnings are based on the rise in Zerocoin’s value. The games do not offer 'real money gambling' or an opportunity to win real money or prizes. The games are intended for an adult audience. Practice or success at Build Your Own Gambling social casino gaming does not imply future success at 'real money gambling'. How to Build your Own Casino Game? We have already discussed that online casino games are the lucrative parts of the iGaming industry. First and foremost, if you want to build your own casino game, you should consider that it is not an easy piece of cake. Casino software development requires complete dedication and innovative content. Online casino gambling is the biggest industry on the web right now and if you’ve ever wanted to build your very own online casino, now is the best time to do so! 2018 is the year for the entrepreneur and the internet adventurer, with all sorts of possibilities now available.
There are hundreds of online casinos around today. All of them offer a whole spectrum of games from slot machines to dealer games. It is a very competitive market and to make your presence felt you have to make sure that you are offering the players something different and something they can be excited about. Apart from the glamorous front end, you have to consider a strong software support in the backend. So, just a love of casinos will not cut it. The proprietors should have deep pockets, should plan each of their moves, and yes, they should have professional management support.
Opening a casino requires the proprietors to have a good understanding of the demand of the games and hire the right developers create online environments that people of any demographic can enjoy. The best part about an online casino has to be the immersive experience they offer and all of that can only come from a good developer.
Can anyone open a casino?
In theory, yes!
But, in reality, it’s quite complicated.
Many countries do not offer online gambling licenses. Even when they do, some states or provinces may prohibit gambling in all its forms. So, citizens or businesses headquartered in such regions may not be able to get a license.
Nevertheless, the governments across the world are warming up to online casino betting sites. So, it is possible for even foreigners to get a license to operate a casino. In other words, you may be able to start your own casino if you can get a license in such geographies. In some cases, like Costa Rica, getting a license allows you to operate on a global scale.
How much does it cost to start a casino?
A turnkey online casino business can cost anywhere between $1 million to $2 million to get started, and another $500,000 every year on various running expenses. Depending on a variety of factors like geographical location, games offered, royalty arrangement, marketing strategy and so on, these costs can go up or down. Here is a quick overview of the various costs involved.
All in all, a new casino will spend about $1-$2 million on the very first year of its operations. A majority of these costs are one-time expenses. Therefore, running a casino in its second year will be significantly less expensive. But, then again, investing more in marketing can magnify the returns. So, it’s up the casino business to decide how much it wants to spend going forward.Casino business plan
A thorough and fantastically designed business plan is a prerequisite for any entrepreneur when he or she approaches an investor. That doesn’t mean that business plans are only useful when you are courting funding. A business plan is essential for the success of a venture, simply because it consolidates and solidifies everything involved in launching and operating an enterprise. It offers a complete perspective for the people behind a business.
A business plan provides a roadmap to start your own casino. It should include the following critical aspects involved in running an online casino:
The procedure, fees, and time required for obtaining a license for running a casino. Sometimes, you might be required to obtain more than 1 license for operating in different geographies. Find out everything you can about how to get a casino license.
The cost of purchasing an online casino software, building website, web hosting, security software, and other online tools required to build casino game website.
In-house or outsourced team of software experts for configuring, customizing, and maintaining the online casino website.
Payment system integration is a critical criterion. Players should be able to use a variety of payment methods including debit card, credit card, net banking, PayPal, and other options.
A dedicated team for providing fluid customer support that is responsive and capable of resolving customer issues fast.
Then there is the marketing strategy. How do you plan to get your website to the masses? Ads, blogs, social media, search engine optimization, and a lot more goes into making your online casino website popular. Account for all of these expenses.
The final piece of the puzzle is the revenue model. You should run the numbers to show how spending a particular amount of money will help you achieve a particular amount of revenue in the short and medium run. Only if you are able to see profits in the medium term, it makes sense to invest in any business.
Once you have a robust strategy on how to open up a casino, you are ready to go.
Online casino software
Any good IT company with the requisite web development and app development talent can create an online casino software. But, that doesn’t mean that you should get them to create one for you. The online casino business is an intensely competitive, highly complex, and cash-rich business. This poses 2 primary challenges for software designers:
If you want a safe, reliable, and bug-free online casino software, then a seasoned online casino developer is the best choice. However, if you want a more cost-effective software, then there is one way you can get it. A lot of online casino businesses keep shutting their operations. When they do, they would be looking to sell any of their assets that they can sell. So, you may be able to find an online casino website for sale. If you are a good negotiator, you can land it at a fraction of the cost of a brand new software.
But, always remember, even when you buy a second-hand software, get a reputed online casino developer to upgrade the software and keep it protected from the hackers. You don’t want them to exploit any vulnerability from an older software.
Closing thoughts
The old adage goes, “It costs money to make money”. It couldn’t have been more apt for a casino business. Despite the high cost of gambling game development and promotion, online casinos are always swimming in a pool of cash. That’s why there is such a craze around starting an online casino. It is a highly lucrative business and any money that goes into it will likely produce increasing returns.
17:58
04 Dec
(Photo: Pokerroomkings.com)
As a businessman and poker fanatic, Leon Tsoukernik posed himself just such a question 15 years ago, and the answers he came up with led to the creation of his remarkable King’s Casino in Rozvadov, a small town in the Czech Republic which is now a thriving hub of top-drawer poker activity.
A decade-and-a-half later, the multi-millionaire is bucking the poker trend and economic uncertainty… and expanding. He has discovered that his niche market - focused on providing live poker players of all standards with an incredible experience – is, if not a licence to print money, then at least a fantastic way to realize his dreams. And his dreams are big!
(Photo: Pokerroomkings.com)
Money + Location = Reality
Dreams usually require funding and at the turn of the Millennium, Leon’s thriving antique-dealing businesses providing him with the finance to spread his business wings into one of his other loves – the game of poker.
In 2002, he found the perfect spot for his poker palace in sleepy Rozvadov – just over an hour from Prague and a mere stones-throw from the German border – and his casino was remarkably up-and-running early in the following summer, although the full-on ‘poker focus’ didn’t arrive until several years later when he discovered his niche, a mix of tournaments and cash games across all levels of players and wealth.
To entice players in, however, he had to offer something beyond the norm for a casino – and the King’s was refurbished and re-invented in spectacular fashion. I could describe it here in detail, but as Leon told me himself:
'You really need to visit us to see what we have to offer!”
I took him up on this (as you do when someone offers you a chance to visit a casino and not lose money), but for now you’ll have to make do with this amazing walk-through courtesy of Google Maps to see the grandeur and ambition of the Russian-born, Czech business magnate’s poker visions!
You might think that 160 poker tables, nightly action on the felt which brought in over 200,000 players and paid out some €15million in 2014 alone – making King’s the biggest card-room in all of Europe – would satisfy him? Not a bit of it! Every year has to see improvement.
'Last year alone, in 2015, we brought over 250,000 poker players to Rozvadov. Although this is already a great result for a town of 500, I believe we will be able to double that number as soon as our plans for expansion are completed and people will get the opportunity to come here for a proper poker holiday.”
As he had found in the world of antiquities, standing still was never going to be an option for Leon Tsoukernik– and ambitious plans to expand his poker portfolio mirrored his earlier antique-dealing strategy, which had seen him move firstly from Toronto to Prague, before moving into the international antiques market in New York and beyond.
(Photo: Zeitenspeigel.de)
The similarities to his poker dreams are clear to see. A small-ish casino becoming bigger on the back of clear vision, impressively hard work – “20 hours per day is normal for me” Leon told me recently - and great entrepreneurial skills, leading to more exposure, more players, more prizemoney and, finally – the biggest of deals.
The Circuit comes to town
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The World Series of Poker is the daddy of them all in the tournament poker world, but from its conception in 1970 it has been a once-a-year affair in Las Vegas, until 2002 when it branched out to stop off at other cities in the USA.
Another decade would pass before the US-based organisation realized that World Series is a misnomer if they don’t actually visit anywhere else in the world – and Leon Tsoukernik and his King’s Casino were among the first six hotspots for the WSOP Circuit’s expansion last year, following it up with the recently concluded 2nd edition.
The 2016 Festival witnessed a record-breaking event which attracted 11,770 players fighting it out for 14 Circuit rings over a 20-day festival in the massive Rozvadov card-room, cementing its status as the premier poker casino in the whole of Europe, drawing players from dozens of countries like flies to honey – and the almost €4million in prize money of course.
And the ‘honeypot’ has just been made even sweeter for the poker fans, both recreational and professional, with the recent announcement of a huge WSOP Europe deal which will dwarf even the Circuit events which have helped to raise the King’s profile.
(Photo: Pokerroomkings.com)
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World Series of Poker Europe
The massive deal will see the WSOP Europe take place in Rozvadov in the autumn of both 2017 and 2019, with a guaranteed €5,000,000 prize fund and a minimum of 10 bracelet events, followed in the even years by spring and autumn WSOP Circuit events, as well as Circuit events in the spring of the next three odd-numbered years, 2017,2019 and 2021.
WSOP Executive Director Ty Stewart explained why the Vegas festivals European version will be heading to King’s, stating:
'I have really bought into Leon’s vision for creating a poker-first destination in Central Europe,” remarking that, “The existing setup already reminds me of the Amazon Room at the Rio and it’s only going to get bigger.”
Stewart continued his enthusiastic line, saying:
'Considering the way Leon and staff cater to poker players, this is going to be a very comfortable environment for a large festival such as ours. With King’s backing, large guarantees and media coverage, we believe we have found a long term home for WSOPE to replicate the scale we enjoy in Las Vegas.”
But how does a casino expand to meet such expectations? How will Leon Tsoukernik rise to yet another challenge and deliver unprecedented value and quality to what will be a truly international affair, despite the ‘Europe’ tag?
It’s all about the people!
Nobody ever achieved anything entirely on their own and Leon understands this, surrounding himself with a team of professionals who know the business of poker and gaming inside out.
Warren Lush was brought in as a consultant – the multi-talented Englishman spending ten years as the frontman for PartyPoker, winning the European Poker Staff Person of Year 2011 along the way, and using his political background to help transform Antanas ‘Tony G’ Guoga through his transformation from poker player to MEP.
Michal Hanzik joined King’s in 2011 – and without a doubt he is the operations Mr Fixit. Multitasking from casino planning to individual customer enquiries, “no two days are ever the same” he says, involving “extraordinary long hours and commitment” but coming with immense job satisfaction and remuneration.
The casino’s poker manager, Tarkan Karadas, joined in 2010 and is the direct liaison for players, the creator of King’s famous big games which have seen the likes of Fedor Holz, Tony G, Dan Colman and Daniel ‘Jungleman’ Cates all take their seats in the exclusive VIP area or the specially-devised ‘CasinoKingsLive’ arena.
And not forgetting the man in charge of the much-vaunted King’s Casino dealer school, Vojta Julis – a poker dealer himself for six years whose wife Tereza works alongside him as a floor-manager.
Building buildings and dealing with deals
As I walked around the King’s Casino extension, it looked just like any other building site I had seen in my life - diggers, cranes, workmen aplenty and bricks piling up to make who knows what. Except I did know what: having seen the blueprints it was, if not mind-blowing, then impressive beyond any poker-based casino I had ever been in.
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An extra 1800m2 of tournament space for poker tables; a 218-room 5* hotel to house the new guests; a spa, fitness rooms, restaurant and everything else you might expect from a top-class venue. The cost? €20million give or take a bit of pocket change!
In a poker world which is changing but not generally expanding, Leon Tsoukernik has made it his goal to create a venue for players from all over the world.
Fun-loving ‘tourist’ players who want a week or two of the high-life indulging their passion, tournamentregulars who want a full and lucrative schedule without constantly crossing the ends of the earth to find it; high-stakes players who want to be pampered; and cash game regulars who expect a consistently high standard of everything from accommodation to dealers to games.
A big ask, yes, but Leon Tsoukernik is a big man with big plans. Plans which include…
- Tapping the UK and Scandinavian markets – thousands of poker players who, if they only knew what to expect in the Czech Republic (outside of Prague) might easily flock to his events.
- Encouraging poker tours to make their main European halt in Rozvadov. The WSOP are there now, and 888PokerLive will visit soon. King’s have already spread out their arms and welcomed in the German, Italian, Spanish and Belgian Masters events and tours – and more will surely follow.
- Continuing to improve the quality of everything on offer is a must. You can see from the photos and walk-through that King’s is an impressively attractive place to be, but this must extend to everything that they – and the players – see and hear and touch and do.
(Photo: Pokerroomkings.com)
I wrote recently about their poker dealer school – an absolute gem which is producing fantastically professional dealers and receiving rave reviews. But it can’t stop with the obvious poker-related things.
That’s why smoking and customer service must be on the agenda, especially if the plans to attract more ‘Western’ clientele are to bear fruit. You simply can’t have smoking in the main poker and gaming areas, and despite the fact I’m a 20 a day man, separate well-ventilated rooms nearby have to be in the plan.
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Likewise, customer service levels vary the further East you travel in Europe, and in Rozvadov it ranged from adequate to good. Which is not good enough yet for a world-beating venue!
Ownership of problems, fast-and-friendly service and a nothing-is-too-much-trouble attitude is paramount if you want to compete with the best in the world. On my visit only Dasha, the receptionist, got 100%!
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But I know this will change…the future for King’s Casino and Leon’s dreams seems not only to be bright, but positively brilliant! As Leon told me just before he left for his birthday trip to Mauritius:
'If you want fashion you go to Milan, if you want poker you come to Rozvadov!”