A brief overview of the Turkish market for gambling
The most important argument made by the government in opposition to the granting of licenses to commercial gambling companies to operate in Turkey is to protect money laundering. This was a problem when land-based casinos were legal in Turkey. The establishments were prohibited in 1998.
Thus, even though the country has shut down legal avenues for gaming and gambling, these restrictions have not quelled Turkey’s appetite for it. For instance, In 2009, the estimate was that 25% of Swedish Betsson’s revenue was derived from Turkish players. Therefore, despite the regulations of government in place to crack down on online gambling, it’s still not stopping Turkish players from participating.
This is not a significant point, so we recommend you focus on something other than establishing a business aimed toward Turkish players because of the related legal concerns. It’s better to be aware than not.
Establishing a legal online casino in Turkey or an iGaming business geared towards Turkish players takes time and effort. If you can think outside the box, you’ll soon realize that you can still legally establish an international company as a Turkish investor or entrepreneur with a license from another country.
It’s better not to worry about whether Turkish citizens can participate because your main focus should be targeting international players who reside in countries where online gambling is legal. We suggest you not focus on Turkish players because the Turkish authorities could penalize you and the players playing in Turkey.
After you’ve mastered the rules for gambling and gaming in Turkey, We can focus on more pressing issues, including how you, as a Turkish citizen, could legally and successfully develop an international online gaming business.
Six steps to launch an online casino as a Turkish investor
Now that you’re beginning to consider your business’s global possibilities, we will discuss the steps to create one. Before we go into the specifics, let’s emphasize that this procedure requires patience, passion, and risk. It also requires business acumen.
It is possible to make a profit by putting in the effort to accomplish everything. We’ll outline the steps in a brief manner below and go over them in more detail afterward:
Creating a successful online casino business an overview for Turkish investors in 2023
Get a gambling permit
Many gambling licenses are obtained worldwide. Curacao is a popular place to obtain gambling licenses for Turkish investors.
Numerous variables affect the price of the license, including location, application process and length of the permit, the type of gambling, and the scope of the claims. This is why it is important to do extensive research. Licenses for gambling have one thing in common they require detailed descriptions of their pros and cons in applying.
The application for a gambling license can be the most crucial of the steps we have described.
Which jurisdiction should I apply for a license to gamble in?
The pros and cons of the license specific to your company will determine where you decide to go. We have provided detailed information about various appointments available for multiple areas, and we suggest you spend some time looking. Click here to view more locations.
Particularly, we frequently recommend Turkish investors get the Curacao license above all others since it’s fairly simple to obtain and much less costly than other licenses. It applies to a variety of countries where you can operate in.
How much do gambling licenses cost?
There is no clear answer. Licenses vary and contain a variety of different conditions, clauses as well as other types of payment.
The length of time licenses can be different too. Most appointments last only for one year. However, Gibraltar licenses can be renewed for 5 years.
The price of license renewals differs too before the decision to grant you a renewal; certain jurisdictions want to know the annualized net gaming revenue.
There’s also the application processing time to consider too. The processing time for certain areas can take up to 16 weeks, including the UK. Some jurisdictions require a non-refundable deposit upfront before they process your application (regardless of whether you’ve been approved). It is possible to obtain a temporary license for a brief period of time, but it will cost less.
While certain jurisdictions may offer a low-cost license to you, however, other jurisdictions will require verification, certification, and testing of your games and software. These requirements will be charged separately and are not included in the initial application cost.
There are many things to take into consideration when calculating the price. It’s a good idea to take a notebook and calculate the cost for each region.
Register your company under the area of jurisdiction for the license
This step is closely related to the previous step since you’ll (normally) require registering your business in the same location the license is valid for. If you are a Turkish investor, the main conclusion is that you will not write your company in Turkey since it is not legally permitted or legal.
Much like the license, the specific cost, and procedures required for this differ in every location. It is optional to be a resident of the country where you have registered your business; however, being able to access it is something to consider, especially when it comes to time zones or communicating with the gaming licensing authority.
Analyze market demands for your target audience
You have a greater chance of success with your business if you do more research. There’s plenty to study in a variety of diverse subjects.
There are so many things to think about when creating an online casino business that is successful. Budgets should be set aside to cover all expenses and future growth. The most important thing is to investigate your market. You need to be made aware of your audience’s needs to meet their needs efficiently.
Design a brand’s concept and a marketing plan
This is where your business acumen and imagination are most in demand.
This step is important. You’ll need an outline of your business, including an address, before applying for the license. This step must be completed before you move on to steps 5 and 6.
Even if your business plan starts with just a few notes made on napkins, developing your concepts and evaluating any names against existing competitors is essential. Engaging professionals to give you business advice is always a good option, especially if it’s a niche area like SEO or Social Media Marketing.
Download software to develop an online platform
Consider this the basis of your online casino business; without it, you cannot add games, PSPs, or any other functionality available to players. Like building your house. You’re going to succeed with a solid base.
This might sound quite straightforward but there are many things to consider when creating any website that allows online gambling, gaming, and secure payment services. The services you offer are not only safe for your business but as well as for players.
Also, depending on the licensing jurisdiction you select, your online gambling platform will also need to pass various tests of operation and be certified as legally compliant. The certification tests are more thorough, as the greater the quality of the license for gaming.