Before you can even open a physical casino, you will need to finance the establishment. Depending on the location, the total investment may exceed $10 million. This cost includes the cost of gaming tables and other furniture. The business should also have a significant cash reserve. Depending on the laws in your state, this cash must be kept liquid to pay out winners. The next question to ask yourself is, “Is the investment worth it?”
The initial costs to set up an online casino range between US$1.2 million and US$2 million. However, the startup cost is usually low when compared to ongoing costs. The most important thing to consider when calculating your startup costs is the ROI. It is best to estimate that you’ll break even within two years. In addition to the startup cost, you’ll also need to invest in marketing and building a website. If you’re starting a small operation, you should set aside $20k for marketing. If you’re looking for investors, you can approach a couple of venture capital firms and offshore companies. Make sure to research the company well and draft a complete business plan.
Once you’ve figured out how much you can spend, the next question to ask is, how to launch an online casino? Depending on the size of your site, you may need to hire a dedicated developer and hire freelancers to build the website. This cost will depend on the amount of time you need to spend building the site and how many people will work on it. In the meantime, you’ll need to start marketing, but most of that will happen after the site is live.