Regardless of the company's activities, going international is a real success for any business. Earning a prestigious reputation and taking a leading position in the domestic market, many ambitious entrepreneurs are seeking to expand their client audience by entering the foreign markets. However, a mere desire alone is not enough in this case.
The keystone of a successful international business lies in a consolidated system of working processes based on peculiarities of the foreign market. The main difficulty is that in your home country, you as an entrepreneur do not face any such challenges. That is why, before marketing your gambling services in another country, you need to develop a clear system of follow-up actions.
Answer to the main question: Is your gambling project ready for expansion?
Before you decide on such a significant upgrade, it is necessary to understand one thing: to achieve and keep leadership positions in foreign markets is harder than just go global. Therefore, we recommend operators to analyse the following points before expanding:
Pricing and Need for Casino in a Country
Before you expand a casino or other gambling business project, you need to understand what is an appeal for your product in a particular country. In other words, to find out the need for gambling enterprises in the chosen territory. Gambling products or services that are well sold in your country does not mean to have a similar demand everywhere. Leading economists recommend studying the foreign market, its cultural and social features, seasonality and local trends before developing new territories.
For example, all forms of gambling, including online casinos, are prohibited in Islamic countries. For instance, in UAE, Syria, Iran, Iraq, Afghanistan. Therefore, when developing international business, it is necessary to consider this fact.
This approach will allow you to take a sober look at the needs of local audience in your product.
Key Differences Between a Targeted Market and a Domestic One
A gambling businessperson must understand the main similarities and differences between the home and potential foreign markets. Special attention should be paid to the peculiarities of the currency system, the conditions for opening gambling projects, licensing and regulation within a particular state.
Do You Have Enough Money and Staff for Expansion?
Business expansion without a solid financial foundation and staff is not likely to succeed. Therefore, it is extremely important to form a qualified team of professionals who will perform their work efficiently. Speaking of a land-based casino, the best option will be to hire local people who are native speakers and know the cultural features of this country. Otherwise, without attracting new staff, the company will not be able to cope with the growing volume of work.
Possible Challenges for Entrepreneur When Entering Foreign Market
The conquest of foreign markets is a good business goal, but without high-quality preparatory work, it will be extremely difficult for the operator to stand out from the competition and become a major player. Therefore, to market an existing casino abroad, you first need to carefully study the legislation of the country you are interested in, namely:
- What are the conditions for foreign gambling companies?
- Are there tax benefits for non-residents?
- What is the minimum financial capital required to launch a gambling project?
- Can a foreign businessperson count on the support of the state?
In the process of opening a casino abroad, an operator may face some of the following issues:
- Unfamiliar mentality, language and cultural differences that require mandatory localisation;
- Strict legislation and taxation of gambling activities;
- Political risk;
- Rapid development peculiar to foreign countries;
- Cutthroat competition.
We offer to consider a list of actions that should be taken when entering any foreign market.
Which country to choose
The choice of the country should primarily depend on the demand for gambling services provided by the operator.
Investments or partnership agreements
The second step will be to find the necessary funds to expand the gambling business. A good alternative to this will be finding a foreign business partner.
We strongly recommend not underestimating legal and financial advice from qualified professionals. Therefore, the operator will receive reliable information about the latest changes in the country’s legislation regarding foreign vendors.
An entrepreneur willing to enter a foreign market must necessarily study the tax legislation of the state within which he/she intends to operate.
Finding a lawyer
After choosing the country, the next step would be to hire a competent lawyer. The specialist will help you to prepare a package of necessary documents and will advise you on conducting gambling business abroad.
High-quality SEO-optimization of the gambling site will increase its conversion. However, the methods of online casino promotion in foreign markets are quite different. Among the main differences are:
- the content should be developed by native speakers;
- the need for high-quality link-building;
- large financial investments;
- long process of promotion;
- quality crowd marketing;
- detailed study of on-page optimisation.
Entering a foreign market requires significant financial and time resources. However, if the launch is successful, the result will not be long in coming. The expansion of gambling business outside the country will reach a bigger audience and significantly increase profits.