How To Start A Sweepstakes Business?
Get a detailed guide on how to start a sweepstakes business providing all the ins and outs of starting an online sweepstakes platform. Discover the scope, benefits, and types of sweepstakes solutions that are scalable in nature.
Table of Contents
- What is a Sweepstakes Casino?
- Scope Of Sweepstakes Industry And Legalisation
- How To Start An Online Sweepstakes Business?
- Benefits of Running a Sweepstakes Business Online
- Types of Sweepstakes Software Solutions
Are you planning to start your own sweepstakes business but don’t know where to start? Here is the guide for you!
We all know the concept of online sweepstakes casinos is rising rapidly with the advent of technology, the penetration of smartphones, and the changing demand of customers. Unlike traditional casinos, they don’t involve real money wagering and are regulated and operated in areas where online gambling is prohibited, making it the most convenient, legal, and safe option for both gamblers and operators. The demand for online sweepstakes casinos is rising due to their unique model and virtual currency system where players are not required to invest money to enter any casino game and can earn sweep coins that are redeemable for real cash prizes and coupons.
However, starting your own sweepstakes business isn’t as easy as it seems, it requires a lot of planning, research, and expenditure to build a sweepstakes casino platform from scratch. To skyrocket your process to launch a sweepstakes venture, here is the step-by-step answer to how to start an online sweepstakes business, enabling you to map all the crucial aspects.
But before we dive deep, let’s first understand what a sweepstake casino is.
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What is a Sweepstakes Casino?
Sweepstakes casino is one of the most revolutionary social casino types, offering online gambling experience to customers worldwide. Sweepstakes casinos operate with a dual virtual currency system that allows players to play a wide range of online casino games like blackjack, poker, baccarat, table, and other card games with the help of virtual coins such as gold coins and sweep coins. Gold coins are for social entertainment and are given to players at the time of sign-up and can be purchased to enter various casino contests and challenges. Whereas, sweep coins are earned and can not be purchased, offering monetary value to players as they can be redeemable as real-world cash, coupons, or vouchers.
Sweepstake Casino offers players an opportunity to play without any financial risks and win exciting rewards and cash as they move up the ladder or complete a challenging task or level in the game.
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Scope Of Sweepstakes Industry And Legalisation
The sweepstakes industry is acquiring a lot of popularity and demand with the advent of technology and the changing market dynamics, and trends. Additionally, the penetration of smartphones and social media platforms have also contributed to the accessibility of sweepstakes casinos, enabling players to get mobile-friendly solutions to play online casino games from the comfort of their homes.
After the pandemic, the market for social casinos saw an exponential growth. As per the report by Startview Research, the global casino market is expected to increase from $5.6 billion in 2020 to $8.2 billion by the end of the year 2026. This implies a CAGR of over 6.7% during the forecast period (2020-2026). With the growing emphasis on launching more innovative, interactive, and unique casino games, a lot of casino operators opt for turnkey sweepstakes software solutions to quickly launch their platform and reach international markets in the shortest possible time.
Unlike traditional gambling or casinos, sweepstakes casinos are legal with a policy of ‘no purchase necessary,’ which states that players don’t need to wager real money to play a variety of casino games like slots, table games, poker, blackjack, etc.
In fact, they are legal in countries where online gambling is prohibited because these gambling sites are totally free to access and work on a virtual token system; Gold Coins and Sweep Coins. Sweepstakes software offers real-life casino experience to gamblers without investing any amount of money. This is why it is legal in all the states of the U.S. except Washington.
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How To Start An Online Sweepstakes Business?
Starting an online sweepstakes business is a daunting task as it needs planning, plotting, and a lot of research work. However, with a proper roadmap and strategies, you can not only launch but ace the entire process to launch a sweepstakes business model from scratch.
Here is the step-by-step guide that will help you start an online sweepstakes casino platform:
Market Analysis
The first and foremost step to start any business is market analysis, which includes market research and planning. This will not only help you derive useful market insights, and locate your target audience but also enable you to understand the market risks, opportunities, threats, and strengths for your upcoming venture. Thus, it is important to shape your business strategies, penetrate the right market, and launch it in a cost-effective way.
Knowing Your Target Audience
Knowing your target audience is equally important to unveil the important aspects like what casino games they like, how much time they spend on a particular game, and what features they like to opt for in a particular sweepstakes casino platform. This will help you create the best business strategies tailored while keeping your target audience in mind.
Legal Compliance
Once you have encountered what the sweepstakes business model is, the next step is to uncover the legal compliance. Prepare legal documentation for T&C as per your sweepstakes, including rules, prize details, and age criteria. It is important to understand the laws and regulations of the countries where you are going to operate or launch your business. Sweepstakes business is regulated in all the states of the U.S. except Washington. However, make sure to know the jurisdiction laws to avoid legal complications and enable smooth operation and installation of your sweepstakes casino platform.
Business Registration
After meeting the legal requirements and compliance needs, it is time for business registration and obtaining permits and licenses. Consult an accountant to understand the tax obligations and accounting system to ensure the smooth installation and operation of your iGaming business.
Funds for your business
In order to launch any business, one must need funds to meet all the expenses and business requirements. From acquiring sweepstakes software, and investing in licenses to meeting marketing and sweepstakes maintenance requirements. To avoid overhead expenses, make sure to plan a budget for each of the business phases. You can opt for a variety of loan options and crowdfunding platforms to meet heavy expenses.
Select an Ideal Sweepstakes Software Provider
Once you are done with the business research, budget, and legal requirements, it is time to select the trusted and best sweepstakes software provider that can provide reliable solutions. Choose a provider that offers tech-backed and feature-packed solutions that can enable you to stand out from the crowd and gain a competitive advantage. Gammasweep is one of the renowned sweepstakes software providers that offers turnkey B2B ready-to-launch sweepstakes solutions that are equipped with innovative features, designs, and post-launch support.
Choose the Platform Type
Now is the time to decide the type of platform you want to launch your sweepstakes casino software. Ready-to-launch sweepstakes solutions can be launched rapidly after customizations. Ensure to research well about the market and target audience to select the right platform for your sweepstakes business model.
Sweepstakes Casino Software Design & Development
If you are opting for ready-made sweepstake software, you can opt for ‘n’ number of customization and transform the user interface according to your business guidelines or requirements. However, make sure to select the design template that suits your customer's preferences. Ensure it is navigable, easy to use, and appealing enough to capture the eyes of your target audience. Select a provider that integrates the next-gen tech stack and innovative tools to develop unique sweepstakes casino solutions that offer a seamless gambling experience to your customers.
Sweepstakes Software Testing
Testing your sweepstakes platform is vital to get rid of all the bugs, technical glitches, and loopholes that might cause harm to your customers. This enables operators to maintain an ideal image in the market while offering customers seamless operational software and an engaging experience.
Choose Marketing Strategy
After the testing and bug-fixing, comes the marketing phase where you actually launch your sweepstakes business model in the market. Marketing is a lengthy process, which will help you reach international markets online, boosting your overall customer base and engagement on the platform. You can make use of various promotions and bonuses to encourage subscriptions and signups. Explore the various marketing tactics such as content marketing, social media, affiliate marketing, newsletters, etc.
Maintenance and Updates
Sweepstakes software launch isn’t just enough; ensure to keep up with the maintenance and updates to stay ahead of the curve. In order to maintain trust and loyalty among customers, you must update the technical aspects as per the changing dynamics and trends of the market.
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Benefits of Running a Sweepstakes Business Online
Wider Reach & Accessibility
Launching an online sweepstakes casino business is easier than launching a traditional online casino. It doesn’t involve real money wagering, which makes it one of the most convenient, risk-free, and engaging options for players to play online casino games. This is the reason why it is widely accessible and legal in areas where gambling is prohibited. Thus, running a sweepstakes casino is a win-win opportunity for individuals who want to make a space in the iGaming industry.
Game Offerings
Sweepstakes casinos offer gamblers a chance to play a variety of online casino games with a dual-virtual currency system and not real money, increasing overall customer engagement and retention. This makes the sweepstake business model a less risky venture for those who want to stay ahead of the game.
Enhanced Marketing Opportunities
The concept of sweepstakes casinos is becoming more famous among real-money gamblers and casual gamblers who can play without spending a single penny and can earn real cash in return. Such types of casinos offer a lot of marketing opportunities to operators, enabling them to promote their casino platform in the most cost-effective manner.
Monetization
Sweepstakes offer business owners a high level of monetization strategies that can help them earn additional money indirectly. Some popular monetization tactics sweepstake casino operators use are in-game coin package subscriptions, third-party collaboration, in-application advertising, refer & earn, player bonus systems, etc.
Increased Engagement
Due to its wider legality and accessibility, people are more likely to play online sweepstakes instead of traditional real money-wagering games. Additionally, social interactive elements such as spin the wheel, live chat, leaderboards, and daily login bonuses make the sweepstake business model highly attractive and engaging for players.
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Types of Sweepstakes Software Solutions
In order to successfully launch your sweepstakes business model, you have to choose the right type of sweepstakes software solution that is ideal for your business requirements and expectations. Make sure to do market research, plan your budget, and understand the target market well to know what type of solution will be the best for your venture. Here are the two major types of solutions you can choose from to successfully launch your own sweepstakes casino:
Turnkey Software Solutions
Sweepstakes is a legal and no-money casino that offers players an authentic, credible, and engaging experience without involving any financial risks. At Gammasweep, we offer feature-packed, innovative B2B ready-to-launch turnkey sweepstakes software solutions that you can deploy or launch within a few weeks of time. These types of solutions allow on-demand customizations and third-party integrations that operators can avail as per their business needs. Moreover, our team also offers customization even after the deployment and post-launch maintenance and updates to enable operators to stay ahead of the competition. The hallmarks of these solutions are quick market turnaround and cost-effective in nature.
Custom Software Solutions
Custom solutions are built from the ground up, including all the aspects from ideation, and design to development, launch, and maintenance. We offer custom sweepstakes software solutions with comprehensive 3rd party integrations that can amplify your business model. After the deployment, you will get 100% ownership of the solutions and rights to your intellectual property. However, it will take months to develop the software from scratch and thus offer a slow market turnaround.
Key Takeaways
- Social casinos or sweepstakes are legal and easier to launch in the states and countries where online casinos or gambling is prohibited.
- Launching a sweepstakes solution is profitable for reasons like regulatory acceptance, cost-effectiveness, and wide reach.
- Perks of launching a sweepstakes business model include wider accessibility, monetization, enhanced marketing opportunities, legalization, and engagement.
- Sweepstakes are less risky for casino operators.
- You can launch a sweepstakes business by acquiring a turnkey or bespoke sweepstakes solution.
How Gammasweep Can Power You Launch Your Own Sweepstakes Business
Gammasweep is one of the best B2B ready-launch turnkey sweepstakes software providers, offering next-generation and innovative sweepstakes solutions that can be customized according to your business needs and plans. We integrate the latest and innovative features, design, and social interaction elements to keep your customers engaged throughout their gameplay journey. Whether you are an established iGaming operator who wants to expand or an individual launching his sweepstake business model; we are here to provide comprehensive turnkey sweepstakes solutions that offer 3000+ unique casino games from 50+ trusted casino providers. With our turnkey sweepstakes software for sale, you can deploy your business in the quickest time possible, reach international markets, increase your customer base, and achieve business goals effectively.
- Ready-made Turnkey Sweepstakes Solution
- On-demand customizations
- Cost-effective sweepstakes solutions
- Post-launch maintenance and updates
- Rapid deployment
- 24x7 support system
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Frequently Asked Questions
What is a sweepstakes casino?
A sweepstakes casino is a type of social casino that emphasizes social interaction and entertainment of the players. Herein, you can play without investing real money and can enter a variety of games using virtual currency gold coins that are offered at the time of sign-up. It is legal and less risky as it doesn’t involve real-money wagering.
What is a sweepstakes business?
Sweepstakes business is a no-money casino business that works on dual-virtual currency systems such as gold coins and sweep coins. They don’t involve real money wagering and are less risky as compared to traditional online gambling ventures.
How are sweepstakes profitable?
Running a sweepstakes casino is profitable as you don’t need to worry about its legalization. They are less risky due to their nature of no real money wagering, allowing players to play online casino games with virtual coins instead of real money. This increases the popularity, reach, and customer base of Sweepstakes Casino, making it more profitable than any other iGaming venture.
Are sweepstakes casinos legal?
Yes, sweepstakes casinos are legal as they don’t involve real money wagering and work on a virtual coin system. However, the eligibility requirements and legalization policies may differ from jurisdiction to jurisdiction.
What are the key features of sweepstakes gaming software?
The key features of sweepstakes gaming software include virtual currencies, reporting and analytics, bonus system, live chat, third-party integrations, leaderboards, and many more.
What types of games are included with your sweepstakes software?
Our sweepstakes software integrates a variety of game types such as slots, card games, table games, and much more.
How to start a sweepstakes casino business?
Starting a sweepstakes casino business isn’t as easy as it seems; you have to take care of various aspects such as market research, budget planning, legalization, selecting an ideal software provider, designing, developing, testing, marketing, and post-launch services, etc.