Online Gambling website? red tape

Darkslcie

Hi guys,

Didn't know where else to go on this one. Me and a few's friends from an R&D background and mathematics are thinking of setting an online gambling website with a difference. We wont be offering odds on events but rather offering a service for others to give odds on events. We take a % of the transaction (like pay pal in some respect).


What i know ...

We need a gambling license.
We need a solicitor or international "trading".
We need a secure server with CCT servailience.
We need an SSL cert for our website
We need some PR. and initial special offers.

What i don't know...

Where the best place to host the servers , Isle of Man??
Cost of setting up,
-> Monthly cost
-> How long before we coming of the red?


Any advice, may also be looking for some programmers in security.

Cheers guys
Stephen W.

PCPhoto

best to set the actual casino up in a different country - and link cams to it....similar to bet365 casino ....should be fairly easy to set up - its the legal issues you have to watch.

Tip - dont do what PP do ..... payout by cheque only for credit card users.

as long as its easy to navigate and fun/colourful (without being childish) .... best of luck with your venture.

Ps. I personally wont be joining - due to quitting online gambling....slight issue of gambling €500 a day.....theres enother tip - make sure you have exclusion times, daily/weekly/monthly limits....bonus money for gamblers (anyone that bets over X amount ...or random bonus bet for someone)

Darkslcie

Some great advice,

Dont like the idea of setting up a casino, open to too much risk.

Thomas_S_Hunterson

Is it something similr to Betfair that your're doing?

PCPhoto

bit late now - but there was a casino in drogheda/dundalk ...up for sale on ebay earlier today

EDIT: SOLD FOR €100K

Darkslcie

yes, a bit like bet fair

myflipflops

Darkslcie wrote: »

-> How long before we coming of the red?
.

A long time, potentially never. It took Betdaq more than 5 years (not even sure if they are in profit now).

Are you planning on starting off with a trading team employed by yourselves to create early liquidity to attract customers?

Whats the commission rate going to be?

Famous45

Betfair dominate the market as you well know. The cost to run such a project is astronomical. Unless you have in-depth financial backing from a reliable and reputable company the odds of the company keeping above water is slim.

I am sure part of your thought process is that there is very little competition towards Betfair, but have you ever asked why this is? Purely because of the cost. A company in London, run by city traders, the name eludes me at the minute, tried something similar to Betfair and it duly failed.

It's ambitious and that's admirable but I think you would be better suited taking a different avenue.

Darkslcie

hmmm interesting, i didnt know that