Online Casino Loans
We at Online Casino Gaming Entertainment Ltd are forever grateful to CM Loans. Back in 2011, when iGaming and online casinos weren’t as popular as they are now, we were a struggling company with 14 employees. That’s the bare minimum to start a casino. After all, you need at least 3 people for the customer support team, 3 for the KYC checks, 1 CEO, 4 account managers to deal with suppliers (both gaming and payment providers), 1 corporate attorney, 1 translator and 1 security expert. That is apart from the company that takes care of the website. So you can imagine how money it costs to keep a casino afloat.
Casinos extend billions of dollars of loans to their customers each year in the form of credit markers. The casinos charge 3 to 10 percent interest or more for that service. In fact, only about half the money.
Do Casinos Loan Money
Initial strategy
In the beginning we wanted to target a market close to home, but due to the change in regulations and the fact that it was being controlled quite strictly, made us realize we had to move our entire operation. Not just our target market. At first we decided moving to New Jersey was the best option; it was relatively close to home so we could keep all our employees on board. After the move we discovered that the market was not much better. It could still take years before the regulation was final and before that we were not allowed any advertisements. We decided we needed another change.
Branching out
- Enjoy the flexibility of a casino credit loan which charges zero interest. Simple Set-Up. The casino credit application can be completed either online. or in person and takes just a few minutes.
- Gambling is a pervasive problem in America. From casinos to legalized sports betting to online fantasy football to state lotteries, anyone can wager on something, every day of the year. Casino gambling brings in almost $45 billion annually in the U.S., but those who wager don’t always handle it well.
We briefly thought about branching out. If we had developers in house, we could have gone with game development while awaiting regulations. Like this we had many more ideas for our online casino. After some research none of them seemed to be the answer and we were quickly running out of money. After all, our personnel still needed to be paid. We could already see the end of our company in sight, when one of the support team members gave us the best idea.
Relocation is the answer
Knowing how tough our situation was at the time, this particular employee decided to look for another job just to save us the money of his salary. Of course we asked about it and he said he had gotten another job offer already. This job however, was in Malta. The iGaming hub of Europe. He was going to work in the support team of an established European online casino. Hearing about this, gave us another idea for our online casino. The best that we had had so far.
Convincing the others
Immediately we looked into the costs and benefits of relocating to Malta with our casino. The costs would be much lower than what we had had so far and there were countless benefits to an eventual relocation. When we finally decided to move again, we sat down our employees and provided them with an option to come with. What we didn’t expect is that they would all jump on the chance to move to Europe. Especially since we were going to such a tiny island. But our support hero, who had given us the idea to begin with, had convinced his colleague by saying there were many career opportunities at other online casinos once they were there.
Getting the funds
As we couldn’t take back our promise, we now needed to move all our employees with us. And we were nearly broke as it was already. So we decided to go to our bank to ask for loan. When our contact went through our numbers, he almost broke down from all the laughing he did. Needless to say we didn’t get a loan. The same happened at the next bank we went to. And the next and the one after that. We must have gone to at least ten banks, when one of our KYC team members told us about CM Loans. Her brother had gotten a loan here when he was down on his luck and he was very happy about it. And so we tried it as a last resort. This was the best decision we ever made. We were able to make the move to Malta and now our online casino is flourishing. All thanks to CM Loans.
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