Gambling Industry

[payontues]

Hello All,

I've still been looking for some type of involvement or new start-up ideas with the gambling industry (sports/poker/casinos). With this industry having such a large revenue yearly, there must be an untapped niche.

Just looking for comments or ideas - Thanks, Pay.

[crackah]

I would love to, id love to get into the casino biz

[Gaulkin]

well if your thinking of making a gambling website your going to need a programmer and a lot of money.

[richkid]

i think education.
people always want to know how to improve their odds in winning. create an ebook or course and become an "expert" in the field selling the product through affiliates.

[teabenny]

I want to know about the legal side of it. How are internet casinos and gambling sites regulated? Do they come under the laws of the country where they are based? Or is there a special bunch of laws just for the internet? Or is there nothing?

Also, how are winnings transferred? Paypal? Directly to bank accounts? Does your printer print your banknotes? What????

[jesterx]

people you need to study this market,, the reason i have a product in this niche is cause money flies round it all the time.

I see it as people give me money so they can make more money, that why i have done very well with one of products in this niche (shhhhh)

If you have a market with lots of money and hungry they are good peopel to target, that is this niche, these gamblers, or high roller wanna bee's are willing to shell out $27 - $47 for a ebook or software if it thinks it can improve their results.

the hard part is getting your sales message across.

[teabenny]

Well, I've been doing some research today.

Now, bear in mind the sites are a little old, so the information could be out of date. I don't know 100%.

It seems that internet gambling is illegal in the US, although enforcement appears to be uneven. Can anyone confirm? From what I read, US law enforcement agencies were threatening to go after gambling sites based in OTHER countries if American citizens got involved from within the US. Unbelievable.

Now, from Australia it's legal. You need to purchase an internet gaming licence, which seems to be upwards of $25,000 a year, plus a scoop of your profits. The information I had, though, which may be dated, is that from Norfolk Island (an Australian territory), the licence was far less - $3750 a year.

But now many other countries are looking at getting into this. Mainly small countries - Liechtenstein, Vanuatu and the Cayman Islands. They're offering various incentives, and while initial licence fees are high - from $80,000 - the taxes are low or nonexistent. Vanuatu, I note, doesn't allow credit cards to be used in internet gaming based on its territory.

From what I can gather, being licenced means you must report and record each bet, the outcome, and pay tax on earnings from each bet.

Regulation otherwise seems to be a matter of regular trading - don't rip off the customer, no false advertising, etc.

Running these sites, of course, is quite expensive and requires staff. Transaction security is a matter of some concern. Also money laundering.

[soccer-boy]

how much manpower do you think would be required to run a semi succesfull poker site?

I guess your going to need like 500k in cash to start up as advertising is really important.

[teabenny]

Instead of just starting as a full-on gambling site, why not just announce that you will launch real gambling in the near future, but for now people can just join up, play poker and do imaginary "gambling"? I mean you can "bet" imaginary money and collect imaginary winnings. Many real sites do this for people under 18 - it's like a dry run, gamble without actually gambling. It gets people hooked and when they can gamble for real they are eager to do so.

If you announce a date that you will move to full gambling, you can concentrate on building up a player base without the costs of running a proper gaming site. Then you can make the transition, hire all those staff (I read you need 6 staff to run a small operation) and get the cash flowing immediately.

[Vending Man]

For the gambling industry online, you would have some tough competition to compete with for seo but if you ranked well you could definitely have a good business going.

[cactuar]

You don't need to own an online casino or poker hall to make money in this industry. I've made pretty good money from several gambling related products that teaches winning strategies and how to improve odds. There are tons of people who want to make a full time income playing poker, routlette, etc, and they'll pay big for a solid winning strategy. Or you can sign up with the many existing online casinos and poker rooms as an affiliate. They pay a lot of money for new players; I've seen as much as $150 per new player. And the new player only has to deposit $50 or less. A strategy I've seen is a casino/poker room review site, with emphasis on signup bonuses. People are attracted to signup bonuses because they feel like they get something for free, even though almost all casinos require a number of hands/rounds played before the bonus is given. If advertised well, this kind of site can be a goldmine.