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Have you ever considered investing in the online gambling business? Do you think it’s a lucrative idea to do so in 2021? If you’re thinking about how profitable online gambling is, you’re at the right place. In this article, our expert, Kristoffer Haagensen, explores the profitability of the virtual gaming business.

Online gambling gained momentum in the year 2020, with sites such as norsk nettcasino. As a result, revenue has increased in this business worldwide from around $58.96 billion in 2019 to $66.7 billion in 2020. It’s projected that this industry will see a compounded annual growth of 11.5% until 2027.

Investment Feasibility

Economic analysis over the last few years has revealed that this business has witnessed a steady growth pattern. Despite the tumbling economy elsewhere in the world, online gambling has continued to grow. However, before you consider investing in it, you must consider the gaming business’s economic, technical, and legal factors.

Below are some developments you can expect in online gambling:

Mobile Gaming

With the increasing use of mobile apps, more people are playing casino games on the go. Online casinos are tapping into this customer category by enhancing the mobile gaming experience with customizations, themes, and more.

Cryptocurrencies

Blockchain technology has made its way into virtual casino businesses, too, with many customers choosing cryptocurrencies as their payment method. Unfortunately, some of the casinos do not offer bonuses to crypto users. This trend is likely to change in 2021 when more casinos offer bonuses for crypto payments.

Responsible Gaming

There have been many instances where users have lost massive chunks of money while gaming and sank into depression. Due to various measures taken by the industry, some casinos are coming up with ways to limit the losses a user can make in a day. For example, multiple measures are enforced by the UK Gambling Commission in the United Kingdom. So expect more responsible gaming programs this year.

Augmented and Virtual Reality

Virtual reality (VR) and augmented reality (AR) have been around for almost a decade. But in the online casino business, they’re still new concepts. We can expect increased use of AR and VR in casino games, which could provide enhanced betting experiences.

eSports

Since the past year, eSports has been an increasing trend in fantasy leagues and sports betting.

How to Start an Online Gambling Business

Before starting an online casino business in Norway, you must acquaint yourself with the legal requirements of the trade. Gambling is under the state monopoly in Norway. Only two operators are allowed in Norway: Norsk Tipping AS and Norsk Rikstoto.

Currently, these two sites do not accept bitcoins as their currency. Many Norwegians prefer playing on international casino sites where they have many payment options available. Since it is not a legal industry, the government has banned local banks from performing offshore gambling sites.

To start an online casino, you must first apply for a license. It might require a lawyer’s expertise, as you need to keep the local jurisdiction in mind and devise the terms and conditions. You’ll also need to pay a legal fee to acquire the license.

Once you have the legalities out of the way, you’ll need to find reliable gaming providers to host games on your platform. You need to have a robust IT system and might also want to hire a technical team. You could also hire software developers to maintain a smooth sailing website.

Next comes marketing and promotion. Once you have set up your business, you’ll need a customer base to promote your website on social media. You can also mention the bonuses and free spins features you’ll provide to new users.

Lastly, a good website design is critical. An attractive page with colorful graphics will interest people, but you must keep in mind that too many graphics can overload your page. If that happens, users may experience glitches while playing and won’t be satisfied with the gaming experience.

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