API vs. Turnkey vs. White Label: Three Choices, Three Opportunities
The bird’s the word that iGaming is dominating the global digital media market. In 2020, the industry managed to generate more than $20 billion, give or take a billion. What this means is that it’s time to start an online gaming business or if you already have one, it’s time to boost it to new levels of success!
However, it’s easier said than done. When it comes to iGaming, there are different approaches which you can take. And when there are too many options, making a final decision might prove to be difficult, especially if you are new to the industry. This is why we decided to shed some light on these approaches, what they are, and how you can determine which one of them is the best fit for your business. Let’s get started!
You may have seen this abbreviation a lot being used in the iGaming industry, but what exactly does it stand for? API is short for Application Programming Interface.It’s basically a fancy term for a software that allows two or more applications to communicate with each other. Still confused as to how it works? Let’s give you an easy example that all of us can related to:
Imagine that you’re at an ATM machine and for one reason or another, it decides to eat your card. Understandably, you’d want to communicate with the bank to get your card back. But you can’t just waltz into the building and yell “Give me back my card!” No. You go inside, find an employee who is responsible for the ATM-related issues, present your problem, and then they will communicate with the bank – the main system – and get back to you with results. That employee is the human version of an API.
Now let’s understand APIs in an iGaming context:
If as an operator you have an already existing iGaming platform, you can easily integrate a sportsbook or an online casino via API from a provider. For example, Technmain’s sportsbook is available via API integration. This will allow you to not be limited to just one supplier, but get things from different suppliers. It will give your platform extra “colour.”
APIs are also popular because they allow speedier transactions, as well as integration from third-parties.
Now that you know what the first option is, let’s move on to the second one:
Let’s say you’re new to the iGaming world and have made up your mind to venture into this sphere. You don’t have the resources, and you don’t have an iGaming platform. Most importantly, you don’t know where to start…but you want to start fast and penetrate the market! In this case, a white label solution is something you’d look at.
The concept is simple:
You go to a provider, like Technamin, and acquire their platform. With the platform comes a full set of products and services, such as a sportsbook, an online casino with its games, payment gateways, risk and fraud management, customer support, and most important of all: a gaming licnese. All that’s left for you to do is slap on your logo, and enter the market! This is called a white label solution and is the method of choice for operators who wish to establish their businesses faster and with the help of an already set up infrastructure from a provider. Because everything in white label is offered by the provider, it is also considered a low-cost option.
Think of it like this: you rent out a commercial space from a contractor that already has the interior and exterior design set in place, and you hit the ground running fast!
That leaves us with the third option, which is…turnkey! But here’s the billion dollar question?
What does Turnkey Mean?
Do you belong to the group of operators who are looking for more control over their iGaming businesses? Then maybe you need to look at a turnkey solution as your method of choice.
The concept is simple:
You will need to obtain a gaming license, and take care of the financial/legal side of things. The rest? Trust it to your provider. A turnkey solution will allow you to customise your online gaming business to a whole other level and have the front-end which you desire. You will be directly involved in all the stages of project development. All the technical aspects will be covered by your provider while you take care of promoting your business and reaping the rewards! And that is the turnkey solution in a nutshell. Technamin’s turnkey offers a fully customisable, proprietary software, along with an online platform and operational system. We also provide sports betting engines, casino and live casino, rings management and high-risk management strategies, and a ton more!
In Rolls the Caveat
Even though operators may be spoiled for choice, there are caveats to all of the above-mentioned approaches. Depending on which stage your business is in, either of these approaches might come with a set of problems. Let’s take a look at them.
API, for example, might be a more costly option for operators who do not have an already-established platform. Without one, API integration would be impossible. Aside from that, going for an API data integration would mean that you’d need internal teams to handle payments and marketing, which would bring about additional cost. This would not be a constructive approach for smaller operators. Remember the analogy we used in the beginning when describing API? A bank employee cannot work if there is no bank!
In the case of white label, it will limit the operator in certain aspects as they will be utilising a platform that is shared with other operators. This means that aspects such as terms and conditions, customisation of the front-end, design, and payment methods will be limited to what the provider offers. In other words, less wiggle room when it comes to customisation. Think of it like renting a franchise. Everything is already set-up by the franchise owner, and you cannot change much. All you can do is perhaps move the furniture around and make some small changes. You are still confined to a predetermined criteria of various things.
Now let’s turn to the turnkey solution:
Because turnkey allows the operator to create a fully customisable business, it may be more time-consuming in different project management stages. Additionally, it is considered a high-cost alternative compared to white label and API. Even though operators using turnkey can make changes to the project on their own, they are still working with third-party services. Some may view this as a limitation, while others might be up to the challenge. Another potential downside to turnkey is that it does not come with a gaming license and you have to acquire one yourself.
Which One Should You Choose?
The question of the century which many operators are faced with is “which one of these do I pick?” We could give you a generic answer, but the fact of the matter is: it’s all relative. There’s no cookie-cutter approach here that works for everyone.
It all depends on, well, you! As an operator, you must take into account many aspects such as your budget, where you stand in the sector, and other factors which will eventually help you choose the right approach.
If you have an already-established platform and a bit more cash to burn, perhaps you can opt for an API solution. If you want everything ready-made and set-to-go, then pick white label. This is especially a clever move to make if you’re new to the industry and are at the beginning stages of setting up your business. You might not be able to act too liberal with your budget, so it’s better to get everything packaged from the get-go until your business grows to a level where you can allow yourself more room for expense. “It’s elementary, my dear Watson,” as Sherlock would say. The more profit, the better options you can have for your business!
But, if you’re on the lookout for a full-throttle solution that not only covers everything all across the board, but also keeps you in control of your business, then turn around and pick Technamin’s turnkey solution. Sure, you’d have to grab a gaming license by yourself, but don’t worry! We can help you with that as well, as we also offer operational consulting services and can guide you through the process of acquiring a license. Why not handle a team of industry professionals handling the technical side of things while you take care of running the business and obtain control at the same time?
Regardless of which approach you take, iGaming is one of the most profitable industries to enter if you make strategic moves. In any case, Technamin is here to help! There’s a reason why we refer to ourselves as the ultimate iGaming provider! We’re here to help everyone, and we mean everyone, succeed in the industry which we love so much! Whether you’re a newbie entering the sector and an iGaming business with an established infrastructure, Technamn can help you catapult to the next level! From a proprietary platform to a fully customisable sportsbook, a dynamic casino with thousands of incredible games, intricate gamification and bonus engines, payment gateways and services such as risk and fraud management, B2B support, operational consulting, digital marketing and more, we are here to actualise your full potential for success.
Contact us today and get your iGaming business going! The only limit in this industry is that there are no limits!
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