Overview of the Turkish market for betting
The primary argument of the government to stop the granting of licenses to commercial gambling companies to operate in Turkey is to protect against money laundering. This was a problem historically when land-based casinos were still legal in Turkey until 1998 when they were shut down.
Therefore, while the nation has shut down legal avenues for iGaming or gambling, these measures have certainly not dampened the enthusiasm of Turkey for it. In 2009 it was estimated that 25 percent of Betsson’s revenue came from Turkish players. Although there are federal regulations that prohibit online gambling, it isn’t stopping Turkish players from taking part.
It’s not a major aspect. Therefore we suggest that you refrain from focusing on developing a company targeted at Turkish players due to the legal issues involved. It is better to be aware than not.
Creating a legal online casino in Turkey or an iGaming business geared towards Turkish players is challenging. However, suppose you’re capable of thinking outside the box. In that case, you will soon realize that legally, as a Turkish investor or an entrepreneur, you’re permitted to establish an international company using a gaming license from another country.
It is better not to worry about whether Turkish citizens can play currently since your primary focus should be targeting international players residing in nations where online gambling is legal. We advise you not to concentrate on Turkish players because the Turkish authorities could penalize you and those who play in Turkey.
Once you better understand the landscape for gambling and gaming in Turkey and the rest of Turkey, we can focus on more pressing issues, including how you, as a Turkish citizen, can legally and effectively create an international online gambling business.
Six steps to begin an online casino as a Turkish investor
Now that you’re looking at international possibilities for your business, We can discuss the steps to create one. Before diving deep into the details, we must emphasize that this process requires patience, enthusiasm, and the ability to take risks. Also, it requires the ability to think strategically.
If you are willing to apply all these steps, you will certainly be well on your way to building the perfect business. Below are the steps, and we’ll discuss more details later.
Creating a successful online casino business an overview for Turkish investors 2023
1. Obtain a gambling license
There are a plethora of gambling licenses that are available across the globe. Curacao, Malta, Isle of Man, Alderney, Gibraltar, Kahnawake, and Belize are some of the most sought-after regions to obtain gambling licenses for Turkish investors.
Numerous variables can impact the cost locations, the application process, the length of the license period and the type of gambling, and the coverage of the licenses. This is why it is important to conduct an extensive study. Licenses for gambling have one thing in common they require detailed descriptions of their pros and cons in applying.
Of the six steps we have identified here, the gambling license application will most likely be the most crucial and thorough review.
What state should I apply for a gambling license in?
The pros and cons of each license will decide which jurisdiction you choose. To help you select the best location, we’ve covered various locations’ assignments on our website, which we suggest you look into. More sites are available by clicking here.
Particularly, we frequently recommend Turkish investors apply for the Curacao license over all others because it’s relatively easy to obtain and much less costly than the other licenses. It applies to a variety of countries you can operate.
How much do gambling licenses cost?
Unfortunately, there’s no straight answer to this question. Licenses are all different and contain a variety of different conditions, clauses as well as other types of payment.
Licenses can also vary in the length of time they cover. For instance, most assignments last only one year, while permits from Gibraltar expire in 5 years.
The price of renewals for licenses may differ greatly as well. Before granting you a renewal, certain jurisdictions may need to determine the annualized net gaming revenue.
There’s also the application processing time to consider as well. In certain countries, like The United Kingdom, processing can take up to 16 weeks. Other jurisdictions will require a nonrefundable deposit payment before processing your application (regardless of whether you’re accepted or not). Getting a temporary license for a limited duration is possible, but it will cost you much less.
While certain jurisdictions may offer an inexpensive license, others require certification, verification, and testing of your games and software. Each is priced separately and will not be included in the initial application fee.
As you can see, there is plenty to consider when calculating the cost. The best course of action is to sit down with a notepad and carefully calculate the prices for all regions that interest you and their specific pros and cons.
2. Register your company in the area of jurisdiction for the license
This is closely linked to step 1. Registering your company at the same location where the license is issued is common. Turkish investors should know that your Turkish business registration is not legal and permitted.
Like the license, the cost and procedures required to obtain it differ in each country. While you do not have to reside in the country where your company is registered, accessing it is crucial, particularly regarding time zones and communication with a licensing authority.
3. Analyze market demands for your target audience
You have a better likelihood of success for your business by conducting more research. There are many areas you can explore.
With so much to think about when establishing a successful online gambling business, The best way to approach it is not to leave anything to chance. Make budgets for everything, including unexpected costs and areas for future growth. Do your research on your intended audience. You’ll be able to serve them effectively if you know their requirements.
4. Create a brand strategy and brand concept
This is the stage where you’ll need to put into practice all of your creativity and business expertise.
This step is essential. You will need a business plan, along with a name, before you can apply for the license. You will need to complete this step before you can begin steps 5 and 6, that’s certain.
Even even if your business plan starts its life as just a few handwritten notes on a napkin, it’s important to flesh out your ideas and also research any possible names you come up with against existing competitors. Hiring professionals for business advice is a good idea, too, particularly when it’s a niche subject such as SEO or Social Media marketing.
5. Obtain software to create a web-based platform
This is the primary element of any casino online. With this, it’s possible to include games, PSPs, or other functionality for players. A solid foundation is vital in the construction of a home.
Although this may sound simple, there are many aspects to consider when creating a website offering online gaming, gaming, and secure payment services. Your company and players must be protected.
Depending on the jurisdiction of licensing you to choose the gambling website you choose must also be able to pass various tests of operation and be certified as legally compliant. The more rigorous the certification tests are, the higher the quality of the license for gaming.
6. Incorporate payments systems (PSPs) games, as well as online support teams
It’s simple enough to realize that your business will be in a rut without games, PSPs, and online support.
Selecting these services is where prior research comes in. You’ll need to study your markets and pick games as well as PSPs that are popular and supported. You cannot operate in your target area when the payment method you choose is blocked. This is also the case regarding games and languages that are not desired or recognized in the targeted region.
This might sound simple, but if you research first, you could save many months of work and funds on a project going nowhere www.phillwebb.net. Make sure you choose your project wisely and conduct as much research as possible. It’s okay to ask professionals for assistance.
