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January 26, 2024Online casinos are getting a lot of attention in Australia these days. This isn’t surprising since the gaming community is gradually shifting from traditional brick-and-mortar casinos to their online counterparts. This is primarily due to the tremendous amount of benefits and advantages that they offer.
Do you have dreams of owning your own online casino in Australia? If you do, then you should be aware that there are several things you need to be mindful of, especially concerning the costs involved. It’s easy to think that offering casino bonus deals in Australia will take a huge chunk of financial commitment, but it goes way beyond that.
Website and Software Development Costs
One of the most significant areas of investment as far as online casinos are concerned is website and software development. This area is actually quite crucial because your website and smoothness and operability significantly impact your user experience rating. Similarly, you’ll also need to pay attention to the type of software you’re offering.
Software here refers to different types, from ready-to-use website management options to more custom-styled ones. So the cost you’ll incur here depends on the option you choose to go for. Generally, custom software for online casinos in Australia is much more expensive than ready-made ones.
It’s also worth mentioning that the extent of variety concerning gaming features and the games themselves will determine your costs incurred. Features like live dealer games, multiplayer options, and various payment gateways require sophisticated software solutions. Understandably, they’ll need more financial investments.
Finally, you should be aware that owning an Australian online casino comes with some ongoing expenses. This includes expenses like website maintenance, software updates, developer costs and server costs, all of which must be factored into the overall budget
Licensing and Permits
The first thing to be aware of here is that according to the Interactive Gambling Act 2001, offering online casino services to Australians is prohibited. However, it is legal to run your online casino business from outside the country. This is provided you have been appropriately licensed by regulatory authorities in jurisdictions like Malta, Gibraltar, or the Isle of Man.
Of course, running an online casino catering to the Australian market from an offshore location comes with several financial implications. This includes fees like licence application fees and annual licensing fees (recurring).
Note that you will be required to demonstrate your financial stability and provide proof of funds during the licensing process. This is a safeguard to ensure the casino can cover its operational costs and pay out winnings to players. This often means you’ll have to allocate a substantial upfront financial reserve (at least $200,000).
Customer Service Setup Costs
Although the bulk of an online casino’s activities take place online, you should be aware that there are some vital operations you cannot automate. For one, you will need to invest in building reliable 24/7 customer service software and personnel that can handle inquiries, complaints, and support tickets efficiently in multiple languages. You’ll also need to budget for costs associated with salaries, training, and benefits for customer support staff
Conclusion
Starting an online casino to cater to Australian gamers is a decision that requires a lot of planning and strategizing. It also requires significant financial commitment when you’re just starting. However, the costs involved go beyond just the initial setup. They also encompass recurring payments in various areas, including website and software maintenance, website licensing and customer service infrastructure.
