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There were about 2.8 billion gamers worldwide as of December 2020, according to Statista. This figure is expected to increase to 3.07 billion by 2024. The Asia-Pacific market generated almost half of the global gaming revenue last year.

The huge revenue attracts many investors in various countries. Read on to learn how you start a gaming business.

1. Carry Out Market Research

Are you pondering about how to bet with a bookie? You can visit a local or online bookie to place sports bets and play various games. Electronic Arts, Supercell, and Ubisoft are among the leading iGaming companies.

You can study their history to learn how they develop different video and social games. But, it is important to identify gaps in the gaming industry and the types of services that many gamers need.

Study your target audience, their behavior patterns, goals, and motivations. The following are some forms of market research that you can carry:

• Public sources: they are free resources like public market data and government statistics. Such resources will enable you to analyze your competitors.
• Exploratory research: you will discover sectors with potential growth, company challenges, and various alternative courses of action.
• Internal sources: they include historical data which your business will possess to determine your clientele's gaming needs.
• Commercial sources: check price market reports to get the gaming industry updates.
• Specific research: interview part of your target audience to address the opportunities and challenges you discovered during the exploratory research.

2. Build an Appealing Website

An ideal gaming website needs to be easy-to-navigate and user-friendly to create a lasting first impression to gamers. Besides, it will show the quality of gaming products and services that your bookie will offer thus helping gamblers decide whether they will sign up or not.

Most gamers use various browsers. Thus, your website should be compatible with all popular browsers like Internet Explorer, Google Chrome, and Firefox Mozilla.

Update it regularly to avoid spam and dead links that might frustrate players. Research shows that SEO-friendly websites attract higher traffic than those which aren't optimized.

3. Select a Business Structure

You can start a gaming investment as an individual or a shareholder. One or more investors own a Limited Liability Company (LLC) and divide its equity to all members without considering their financial contribution.

A corporation can sell part of the business to shareholders. They can transfer their shares to other investors or buy extra stock.

4. Apply for a Gaming License

Different countries have various gaming regulations. Thus, it is necessary to inquire from a local gaming authority about the types of licenses that your business needs. You can select a white label solution or partner with a popular gaming software provider.

5. Choose a Payment Service Provider

Selecting the right payment provider protects your gaming business against fraud. Collaborate with a reputable payment service provider that provides fraud detection, accepts multi-currency transactions, and has secure payment.

Meet with the provider in person and discuss their service in detail. Once you reach an agreement, craft and sign a valid contract with their offer and the preliminary discussion to cover you in case the payment system breaks down during peak gaming hours.

6. Select the Right Gaming Software

There are different gaming software qualities. High-end software costs an arm and leg.

It is prudent to choose software that has an elegant design, is reliable, and has many popular games. Also, it should have bonuses and promotions, a cashier system, encryption software, CMS, tech support, and a player management system.

Most players are between 18 and 36 years. They often look for interesting and the latest titles in different casinos.

This motivates software developers to build and release new online games frequently. There are different game genres including action, card, and puzzle games.