The online gaming industry is one of the most emerging industries in the world and if you are also looking forward to getting into it then this article is definitely for you.
Topics covered in the article are:
- History of the gaming industry
- Types of the gaming industry
- How does the gaming industry work?
- How to enter the gaming industry?
- Why online gaming industry is labeled high risk?
- Payment solution
- Why Paypound is the right choice?
HISTORY OF GAMING INDUSTRY
From the time of king and queen, gaming has always been an important part of our society. With the development and growth of technology, gaming has turned into one of the highest profit returning industries. Back in the 50s when computers were invented, games were designed just to check the performance of the computer. These tests sow the seed of virtual games and later grew as a full-grown tree with the introduction of the internet and it is still spreading its branches. Games like NIMROD, OXO, Spacewar, and The Brown Box were our first computer games. From host-based networks to time-sharing and finally, to the internet, the gaming community has been evolved through all such innovations. On a host-based network, computers are connected together and they all rely upon a single host or a leader. Whereas, the time-sharing concept allows the processing of computers across different terminals and then finally the internet which connected us with the entire world. With the introduction of the internet, online gaming emerged as a very successful business industry. With every passing year, technology is improving and impressive graphics are being introduced to make the gaming experience surreal.
In the late 90s gaming industry introduced online casinos which made gambling possible online. Roulette, slots, and blackjack can be enjoyed from home. Today many more different types of gambling are available online and it is on boom even after being a controversial industry. In countries like the USA, the laws are not clear on online gambling. They differ from state to state which makes online gambling quite risky.
TYPES OF GAMING INDUSTRY
Online games include teenage girls and boys; adult men and women and even the elderly have not been left out. The number of online console gamers is expected to grow to over 57 million by 2020 which will give a projected worldwide growth of $2.14 trillion!
Here is the list of different types of business in the gaming industry.
- PC gaming
- Table games and poker
- Horse race betting
- Social gaming
- Digital games
- Slot machines
- Mobile gambling
- Online bingo
- Mobile gaming
- In-play gambling
- App-based games
- Console gaming
- Value chain
HOW GAMING INDUSTRY WORKS?
It is one of the commonly asked questions that how the online gaming industry earns money? When growing up we always dream to earn money by doing something we enjoy. Well, with the globalization of online gaming this has become true. You have many ways to use your passion for games and earn fairly good from it.
The gaming industry has different forms. If you are interested in entering into it you have the following options:
- Publishing games: Typically, if you are a developer and developed a game you can sell it either through a middleman that is stored. Some amount will be taken by the store and the rest will be yours or you can publish your game on many big platforms available online like Steam, Itch.io, Game jolt, Gog, etc. All you have to do is pay a submission fee and now millions of people interested in playing your game will buy your game.
- Mobile games: You can also make an application for mobile phones. Mobile games earn money through advertisements. Every time an ad is watched, the developer earns a small amount of money.
- Gaming/Gambling website: Another way is to make your own gaming website which is a slightly more expensive idea but you have a wider scope of earning here. If you have great content and an amazing website, sponsors will approach you too. You have many options available to earn money through a website like by selling e-books, guides, and services. You can also make subscription-based content and one of the other most used ideas is the paywall plan which shows only a certain amount of content of the website and asks viewers to make a payment to see more.
HOW TO ENTER THE GAMING INDUSTRY?
If you are passionate enough about games and now want to know how to start an online gambling/gaming business of your own then here are the steps and measures which you should take.
Step 1: Get proper law knowledge. The first and the most important advice to you is that always do authentic work because many people will suggest easy and illegal ways to do online gaming/gambling business. Before starting anything first you should be well aware of the laws. Every country has different laws so you need to study license and jurisdiction.
Step 2: Find reliable i-Gaming software. Take as much time as you want in deciding your software provider. It’s a long-term partnership so never rush. Do your study; go through the reviews and customer feedback. Choose an understanding, flexible and customizable software provider which provides the following stuff:
- CMS (content management system)
- player management software
- cashier system
- reporting engine
- encryption software
- customer support
- large coverage of betting markets
- a payment option with multi-currency
- advance tech support
Step 3: Decide the type of content. Whatever types of games you want to provide whether different popular casino games like slots, baccarat, blackjack, bingo or you want to provide shooting games but always think for a long-term basis. You can also add some additional features like real-time chat rooms, tournament play, statistics on players, and live casino modules depending on your budget.
Step 4: Make your website attractive. It is important to make your website very impressive and presentable because you must have heard of it, “first impression is the last impression”. Making it attractive does not mean applying all possible types of graphics. Keep your website simple so it will not take much time to load. Use predefined templates provided by your software provider and lastly keep it user friendly.
Step 5: Complete formalities. Setting up an online gambling business is not an easy task. As mentioned before, you must be aware of the laws related to online gambling. Like in the USA, Federal laws are not very clear about online gambling, they differ from state to state. There are even countries that banned betting activities within their jurisdiction and there are even countries that lack regulations on gambling activities.
You have to apply for a license in the country where you want to set up your online business. Usually, it takes months to a year to obtain a gaming license, depending upon the country. Wisely choose the jurisdiction to place your site in, you are going to need to register as a legal entity.
Step 6: Get a merchant account. To receive and make payments easily you need a payment service provider which is another major part of your website. An appropriate merchant account can enhance the whole gaming experience. We will discuss the merchant account in detail later under the heading PAYMENT SOLUTION.
Step7: Promote. When everything is decided and taken care of, you have to now work on marketing your online gaming website. You have to be very smart and notice what your competitors are doing. Learn from their mistakes and adopt the best marketing strategy suitable for your business. Know the market and type of people you are going to deal with, make an environment where your players want to come back. You also might need to contact SEO agencies, e-mail marketing companies, and media resources. Marketing needs a lot of effort but always keep working hard and give the best experience to your players.
WHY ONLINE GAMING INDUSTRY IS LABELLED AS HIGH RISK?
Everything comes with some pros and cons. The gaming industry is high very profitable but also flagged as high risk by banks and financial institutions. If you are planning to start your own online gambling business then you should know that why the gaming industry is considered high risk.
- Services and products offered by this industry are high-risk products because they attract chargebacks.
- The gaming business has a high volume turnover which makes it a little risky for banks and merchant account providers
- Undefined laws are also one of the reasons for the hesitation of financial institutions
- Highly chargebacks prone industry.
- Many new merchants enter the online gaming industry and thus have no credit history which increases the chances of insolvency.
You have an attractive gaming website with strong content but to earn money from it you need a gaming merchant account.
Thus, if you, as an online gaming merchant, want to accept credit/ debit card payments, you have to search for a payment processor like Paypound that is ready to provide merchant services for you.
To simplify and improve the customer’s shopping experience, Merchant Account is playing a major role. It has enhanced the speed, increased efficiency, provided the best payment gateway, and maintained the greater standards of security and elasticity for both seller and buyer.
Things you should expect from your merchant account are as follow:
- Merchant account for all types of gaming business: A perfect online gaming merchant account covers all types of online gaming business
- Easily make big payments: A perfect merchant account enables you to make big transactions easily and support them in sorting out any restriction.
- High services for high-risk businesses: For a high-risk business like yours, it’s very challenging to get a merchant account. Only an experienced merchant account provider can offer you the best suitable high-risk gaming merchant account.
- Customer services: 24*7 services should be provided by your gaming merchant account provider to you to answer all your queries.
Security to your business: Commonly provided security tools by the merchant account provider
- Fraud tools, encryption, and tokenization
- EMV terminals
- Tap and pay POS systems
- PCI compliance tools
- General security awareness
- Fast and easy approval: Experienced and high-risk business specialist merchant account providers can only give approval timely, like Paypound, which understands the urgency and loss of business.
- Transparency: Honest merchant account providers clearly tell you about your charges and explain every term and condition that apply
WHY Paypound IS THE RIGHT CHOICE?
There are a number of things we are offered by a good gaming merchant account. To meet all these requirements, Paypound has professionals who are handling every business with utmost honesty and intelligence. To keep your business updated and safe there is no better option in the market than Paypound. Best high-risk gaming merchant account services are being offered by us to more than thousands of happy customers.
We’re experts in handling high-risk merchant payment processing for a variety of high-risk industries, both big and small. Where low-risk providers turn their back, we welcome you with open arms, ready to help high-risk businesses get approved and stay approved.
If you would like to know more about our solutions, get in touch today.
Contact Us At (+44) 800 832 1733 or email@example.com. Visit our website –https://paypound.ltd/