How and Why to Start a Crypto Casino in 2022?
Digitalization is increasingly becoming an essential part of everybody’s everyday life. And it takes a special place in the field of entertainment where the latest capacities of digital technologies are tested to the max. If watching your favorite movies and TV series online has ceased to be an innovation a long time ago, then online gambling is still something new and exciting.
We invite you to learn more about online casinos (including those that use cryptocurrencies), their advantages, and how to start your own bitcoin casino. We will also tell you what casino software for sale is needed to start your own business in the world of online gambling.
What is an Online Crypto Casino?
For starters, let's try to figure out what a crypto casino is in a nutshell and how it differs from other types of gambling. This will help determine if you are ready to start your own bitcoin casino.
As the name suggests, a crypto casino is a type of online casino that uses cryptocurrency as the main payment method. Most often, bitcoins are used as the main "currency", which is why often crypto casinos are also called bitcoin casinos. Many online casinos accept cryptocurrency along with traditional forms of payment, but there are online casinos that use cryptocurrency exclusively.
Crypto casinos differ from other types of online casinos in that they use blockchain in their algorithms. With its help, all transactions are carried out directly by writing in a block of code. This not only ensures sturdy protection but also shortens the time for action. On top of that, it is simpler and safer to build a crypto casino as a whole - all transactions can be confirmed, but not changed, which practically excludes the possibility of fraud.
Cryptocurrency Gambling Popularity
If you are about to build a bitcoin casino, you need to know some facts about online gambling in general. In the past few years, there has been a growing interest in online gambling in general and bitcoin casinos in particular. There are several explanations for this:
First off, online casinos are always available. It is much easier to access the gaming platform using a smartphone or PC. Even if gambling is prohibited, it is much easier to get around it online using a VPN.
Second, online casinos (including bitcoin casinos) target a wide audience. More and more people are choosing online games as a way to have fun and make new acquaintances. At the same time, there is no need to leave home and fly to the other side of the world to enjoy a game of poker or blackjack.
Thirdly, online casinos have long ceased to be associated with fraudulent organizations. Self-respecting providers adhere to strict privacy policies and work hard to develop reliable ways to protect customer data and underlying funds.
If worldwide online casinos make up only a tenth of the gambling business , then bitcoin casinos are still a novelty even for the world of gambling. So if you want to take a place in a highly profitable niche - it's time to start.
Advantages and Disadvantages of Gambling With Cryptocurrency
If your goal is to make your own bitcoin casino, before kicking off your startup, you need to analyze the advantages and disadvantages of using a cryptocurrency in its operation.
- absence of intermediaries during transactions;
- anonymity - online casino customers do not need to verify their identity;
- the ability to check the results of bets for interference from the casino or third parties;
- no commission and no need to pay tax on winnings since the cryptocurrency market is not regulated by the state;
- no bureaucratic restrictions - even if gambling is prohibited in the area, players still get the opportunity to place bets and withdraw their winnings in cryptocurrency.
The growing popularity of cryptocurrency does not mean that its use has no disadvantages to it, however. Among the main ones it is worth paying attention to the following:
- Cryptocurrency volatility. The digital currency market is developing very dynamically and it is very difficult to predict its growth or decline. That’s why there is a risk of getting a low real profit or not getting it at all.
- Instability of the digital currency market. There is no legal mechanism for regulating the cryptocurrency market. That’s why those who use bitcoins or other cryptocurrencies are practically not immune to unforeseen situations.
- Vulnerability to cyber attacks. Yes, cryptocurrencies ensure the safety of data and funds during transactions. But this does not mean that the servers used to operate online casinos are not susceptible to hacker attacks.
Despite the possible risks, a Bitcoin casino is primarily a profitable investment. And we are ready to tell you even more about how to make a bitcoin casino successful with proper crypto.
Why Choose Bitcoin for Your Gambling Business?
The main value of a crypto casino is the digital currency that is used as a means of payment. If you decide to create an online bitcoin casino, the first step is to decide which cryptocurrency is best to use.
In our opinion, the most popular cryptocurrency right now is Bitcoin. Everything is simple here - the digitalization of gambling requires an appropriate digital currency, and today it is difficult to find a cryptocurrency that would be more suitable for this purpose. Much credit for this belongs to the features of bitcoins, including:
- security - blockchain technology nullifies possible betting or withdrawal fraud;
- ease of use for both players and online casino owners;
- anonymity - players do not need to confirm their identity every time in order to place a bet or withdraw funds;
- minimal extra spending - commission and taxes are practically not drawn from the winnings, which makes it possible for players to save all their money.
On top of that, Bitcoin is perfectly optimized for online casinos and does not require any third-party interventions.
How to Start an Online Bitcoin Casino?
Step 1. Analyze the market
First things first, get to know your target audience and review the niche in which you are going to launch your project. It will also help to study the operation of competing online casinos, determine their advantages and disadvantages so that they can be taken into account during the development of your bitcoin casino.
Step 2. Create a business plan
A thorough business plan is essential for any project. It indicates the cost of the entire project, and therefore the necessary expenses that you should be ready to make for software development and bitcoin casino launch in general.
Step 3. Prepare all documents
Online gambling is subject to licensing. If you want your cryptocurrency casino to be legal - take legal issues in advance. You can get a license through offshore countries or in the countries of the European Union. In addition, an online casino must be registered as a legal entity. Some developers offer software rental along with all the necessary packages of documents (the so-called white label scheme), which affects the overall cost of services. Keep in mind that legal issues can take anywhere from a few months to a year, so be patient.
Step 4. Find a casino development company
Choosing a reliable online casino software developer is a difficult and time-consuming task. This is why you should start looking for a crypto development assistant as early as possible. When choosing, you need to pay attention to:
- range of services provided by the developer company;
- number of successful cases;
- reviews of clients who have worked with the company before;
- the ability to train employees and support your project after launch.
When choosing, you can focus on ready-made solutions offered by a crypto development company, or agree on the development of a completely new project (including online games). Multi-Programming Solutions offers not only ready-made deployment options - a web version of a live site or a social media application, but also provides a wide range of casino game development services.
Step 5. Choose slots and conclude agreements with providers
The ultimate success of any online gambling business depends on the quality of the web platform and its content. When developing software for online casinos, it is necessary to take focus on:
a convenient and intuitive user interface (including the ability to make a setup to your liking);
a wide range of games (roulette, slot machines, video poker, and others);
the ability to view the history of actions and your rating;
a system of bonuses for beginners and regular players;
interactive but functional design that won't distract from the game;
the ability to integrate with social networks.
And of course, if we are talking about bitcoin casinos, it is necessary to provide players with all the opportunities to use the benefits of bitcoins in online casinos - anonymity, security, and transaction speed.
In order for users to enjoy the game at any convenient time, it is necessary to take care of unimpeded access to the site. To do this, you need to sign agreements with hosting service providers as well as payment system providers. We recommend that you address this issue as early as possible, even at the stage of resolving legal issues, in order to avoid possible delays.
Step 6. Launch the site
After the preliminary work has been done to prepare the necessary documents and find a developer company, you can think about starting your own online casino. To begin with, you can offer customers a small but high-quality set of games, and eventually expand their list. Before launching the site, it is necessary to test its work, as well as carry out a marketing campaign to attract the first customers.
Step 7. Do marketing
Online casino promotion is an important part of website development, and you shouldn't skimp on the price. You can start promoting from the very first days of the platform’s work in order to get preliminary results on the preferences of the target audience. In a marketing campaign, you can use all available methods - targeting, advertising on social networks, paid advertisements.
We recommend using tools that allow you to track website conversion in order to change the promotion depending on the wishes of your customers and use the benefits of gambling with cryptocurrency.