Reasons why you should consider developing a Bitcoin casino
Cryptocurrencies are not fantastic anymore. Those entrepreneurs, thinking they could be fooled by investing in Bitcoin casino software a few years ago, now bite elbows facing how digital money is steadily conquering the world of finance and business. Transparent, decentralized, and private crypto confidently replace traditional currencies. An average customer can pay for various online purchases and services with crypto. In addition, gambling lovers use it for depositing their online accounts through the Bitcoin casino app or websites and find such brands attractive in terms of providing safe and anonymous financial operations.
So, tech-savvy enthusiasts interested in weighted risks may appeal to cryptocurrency casino development. Establishing a Bitcoin gaming platform is not much different from the traditional one. We'll show you whether crypto gambling is worth it and why it is a promising investment for a successful future.
No time to dice!
For those, who doubt the profitability of building a crypto casino, we’ve compiled the stories of significant entrepreneurs' success boosted by digital currency. Their example showed that neither difference in business approaches nor lack of time interferes with achieving financial prosperity if you have straight goals and are passionate about your job.
Thus, Sam Bankman-Fried (SBF among the public), a progressive FTX company founder, earned $22 bn in a few years in his 29. Only in October 2021, his crypto biz raised $420 mln from huge investors, like Sequoia and Black Rock. Next, Changpeng Zhao (CZ), in his 44, successfully owns the largest crypto-exchange, the well-known Binance . And at last, Brian Armstrong manages the only regulated American burse Coinbase . All these whizz-kids made their stakes on cryptocurrency and didn’t miss.
Born in middle-class families, they started an average professional way in the science field. But the entrepreneurial spirit and desire to achieve financial freedom moved them to change their activities on crypto and led to undeniable well-being. Thus, all beginners have an equal chance to succeed.
When starting a crypto casino, entrepreneurs are free to use different approaches in business management. Best cryptocurrency practices showed that every well-coordinated method is suitable for growth. For instance, SBF can simultaneously deal with several extraordinary tasks, solving issues with new blockchain startups ( Solana ) and internal exchange interactions. CZ, in his turn, often delegates authority to subordinates while concentrating on the development path.
Mr. Armstrong motivates his workers with critical feedback, promising crypto rewards for the rawest comment. To make his company overcome the time challenge, he nominated 6 potential successors. So with such wise management, Coinbase may rely on stable work despite the temporary cryptocurrency recession. Moreover, an entrepreneur makes a step forward, providing issues of legal regulation in the face of tightening virtual coin transactions. Armstrong's future-oriented strategy highlights that crypto businesses may stay afloat during the storm and adapt to legislative and executive changes.
Now, let's find out why gambling sites use Bitcoin. It is the largest coin reflecting the crypto market tendencies in general, which all the other currencies follow. Peer-to-peer money reached its maximum size of $68,000 last November. And even despite the first half of the 2022 crash, it is believed to go higher in the long term. Thus, Ark Funds CEO Cathie Wood predicts the $500000 Bitcoin price target till 2026. Her forecasts come from a growing institutional interest in buying Bitcoins. Therefore, MicroStrategy Inc and Tesla Inc added a cryptocurrency to their balance sheets. If all the companies invest 1-10% of their balance on Bitcoin, its value could rise significantly, - emphasized Wood.
In 2022, Bitcoin has become a new store of value. Inflation caused by the war in Ukraine gave Bitcoin a significant market cap. Of course, cryptocurrencies in circulation are small. However, there is a possibility digital coins can take a part of the gold market share, and they have a chance to become more widely adopted. As CZ said, cryptocurrency payments will be accepted by 80% of people within 5-10 years. Such numbers seemed impossibly two years ago. And now, Bitcoin has become a crypto alternative to fiat currency almost in all spheres of life, including iGaming.
Many of the best crypto casino sites provide Bitcoin, allowing their customers to make quick and safe transactions. Thus, gambling platforms increased their audience with the e-wallet owners, who are fond of wagering. But is developing a digital currency website on time right now? Let’s find the answer in the following section.
Brain power and idealism splashed with opportunism
While the question of replacing the fiat currency with a virtual one was still in doubt, the Crypto Bahamas conference 2022 gathered hundreds of participants, including people who directly influence the world with digital innovations and traditional finance representatives, to show them the certainty of changes. A lot of big wheels, including the American ex-president Bill Clinton and the former UK prime minister Tony Blair, were among the guests.
One of the main conference themes was devoted to attracting international investors. During the first quarter of this year, crypto start-ups and blockchain projects raised $9.2 billion , accounting for over 460 deals. And this tendency is not going to stop.
Similar digital currency implementation in casino transactions is an up-to-date issue. So while planning to integrate crypto casino source code in a gambling site, entrepreneurs should consider developing e-wallets to accept at least Bitcoin or other digital money, like Ethereum or Litecoin.
It is not the only task one has to solve, wondering how to create an online crypto casino. Actually, the stages of building an iGaming business are almost the same as for an ordinary entertaining website. They include:
- market and customer analyses;
- defining goals and crypto gambling site requirements;
- searching for a reliable crypto casino developer.
The last point is the most crucial thing. A software company should have an impressive portfolio and an excellent experience in blockchain implementation. To provide bitcoin casino games, operators should accept cryptocurrency payments. Therefore, it would be perfect to find a turnkey white label crypto casino provider which will scale a platform according to increasing business demands and customer base.
How much does it cost to start a crypto casino? It depends on the amount of work, providers’ pricelist, and entrepreneurs willing to achieve an excellent user experience and high-quality service. The only thing is undeniable: expenses are paid off and bring profit when they are wisely incurred.
Many gossips ensure Bitcoin casinos in the USA are engaged in money laundering, referring to the anonymity of financial transactions. But actually, all the crypto transactions are registered in a decentralized ledger, which can’t be deleted and is verified by everyone in the network. Even if e-wallet holders’ names are hidden, the address is stored on the Blockchain. Furthermore, unlike traditional payments with a bank card, Bitcoin payouts are provided instantly, fees-free, and unlimitedly. That’s how crypto casinos work and will further gain momentum in the nearest decades, despite this year's drops.
The Crypto Winter: possible ways to influence the gaming industry
January 2022 brought a crash to Bitcoin exchanges. So, naturally, this event raised questions about the risks of concluded contracts and the feasibility of further investment in crypto. Thus, 20-year sponsorships deals signed between Cryptocurrency giants and sports teams from Formula 1, UFC, and NBA seemed to be doubtfully effective.
Nevertheless, Kaif Bhatty , a crypto trading trainer, stays positive in his beliefs. He ensures this so-called “Crypto Winter” is an essential part of the inevitable digital payment system transformation. And while we are facing the bear trend, a stimulus for a bullish one will definitely appear.
Bhatty emphasizes that even in a period of falling stock prices, his project raised $400k from an initial $10k in 5 months. He ensures large companies know where the money lies and await the perfect occasion. So attracting investors to online gambling is a matter of time. Virtual currency is not going anywhere, and the “Crypto Summer” will soon come.
The endgame or instead of conclusion
We’ll give an example of Campione d’Italia casino bankruptcy, caused by the lack of reformation and keeping up with the times. After many years of success, the establishment closed its doors to visitors because of numerous debts. Campione d’Italia couldn't stand the competition within the modern gambling market demands.
Its administration hasn’t followed the digitalization path. Their rivals developed online games, promoted brands, and optimized management systems, reducing expenses. Campione missed the right moment but was able to reopen with a new manager's compound and modern gambling solutions provided by their partner, Novomatic.
There is always a risk that some modern casinos can face a similar crisis one day if not following the digitalization tendencies, such as rapidly growing cryptocurrency popularity.
The gambling industry in the United States is developing tremendously, suggesting hundreds of reliable developers to partner with and several accessible ways for the best online bitcoin casino promotions.
The burning question remains vital for entrepreneurs who want to develop a Bitcoin gaming website. You might be possessed by the question “how much do crypto casinos make”, still, there is no standard answer. Gambling platform revenue depends on you and other numerous factors, such as the number of active players, games, and marketing strategy success. We can only say that with wise management and innovative technology integration, the iGaming business can become profitable and perspective.