If you’re already well-established in binary options or the foreign currency exchange business, the huge revenue streams from gaming web sites is an attractive draw. With industry revenues topping $9 billion per year and growing, it’s a viable market, and if you can bite off even a small percentage of those revenues, it can be quite profitable.
Trading in any market is simply dealing with odds. When traders understand those odds and take a chance in buying currencies or risking an investment on whether or not an asset will rise or fall, they’re essentially ‘throwing the dice’ in a calculated fashion. While traders dislike being compared to gamblers, the objective – to beat the odds and create cash – is quite similar.
There are many relevant strategies in running a conventional forex site: your client base is accustomed to taking risks for big returns, they visit daily if not more often, and they trust your secure payment and payout strategy. The trick to adding a gaming site to your portfolio is developing a successful one. Not taking precautions or thinking through the steps like a professional, can get you kicked out of the casino business, much like an unlucky guy whom has bet and lost his last chip.
You’ll want to build a site that goes online quickly yet is secure and alluring. A turnkey package can get you an attractive site, but royalty fees will take a deep cut. Some software packages offer a one-time fee – you keep all proceeds and maintain control of your site, but the upfront cost can reach six figures. Your site must be stable – no transaction should ever be dropped. Not only will you lose clients who will give up after a couple of crashes, you’ll gradually tarnish your reputation as a safe place to play.
Successful gaming sites license a payment service provider (PSP) which is constantly improving security protocols and its encryption methods are bullet-proof. It is no less important to search for a PSP which can provide for multiple processing capabilities, and is dynamic and flexible to be able to connect your site with different acquirers for additional services and/ or as a security net of payment acceptance.
Don’t set your sights on the industry leaders just yet. These heavy traffic sites are owned and operated by well-funded, publicly-traded companies with deep pockets and huge marketing reach. It’s best to look for a niche area where a core group of enthusiasts wait to sample your games.
You’ll need a strong brand – one that evokes trust, responsibility and fun, have well-designed and attractive platforms – and it never hurts to have a name that’s easy to remember and easy to find. If possible, hire a marketing professional who understands the online gaming market and can quickly link you to bigger networks and find wider audiences.
Your own customers will follow you if you approach them in the right way. Remember, traders consider themselves to be professionals, in charge of the odds and operating on a strategy for success. If you decide to tap into your clientele, promote the new site as a fun, recreational outlet where they can apply their ‘proven’ strategies and win potentially larger gains. Post some exclusive deals for your subscribers only, such as free chips to use, just to get them to sample (and perhaps win a few) games.
The real key is persistence and patience. Don’t think too big, don’t compare your site to others who are much better funded and of course – watch your traffic. Make small adjustments and let it grow. It’s a business, and like the other financial businesses you have already built, it will thrive if you nurture it.
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This article was written by admin_simple