Have you ever heard of a bitcoin casino? Yes, they exist. It’s amazing how far money and means of exchange have evolved over time from trade by barter to fiat currency. Now, cryptocurrency has emerged as a decentralized means of exchange and gradually gained acceptance. Today, cryptocurrency and blockchain are thriving, and numerous bookies are eager to jump on the bandwagon. The iGaming industry is one of several industries that have adopted cryptocurrency as a means of exchange. Before we get into the startup process for a bitcoin casino, you should know what it is and the benefits of gambling with one.
What is a Bitcoin Casino?
Bitcoin casinos are still quite recent in the iGaming industry. According to AnimationXpress, the first bitcoin casino launched in 2013. A bitcoin casino is simply an online casino that enables deposits and withdrawal of funds in Bitcoin and other cryptos. Some crypto casinos adopted cryptocurrency as one of several options for transactions. On the other side, a few casinos deal with cryptocurrency exclusively.
Why Bitcoin Casinos?
Crypto casinos are the rave now. There are several reasons for that. Some of them are:
Decentralization: Crypto casinos are not subjected to government regulation. This eliminates any advantage the house may gain to the detriment of the players. All the transactions between players and the casino are documented on a decentralized ledger.
Anonymity: Crypto casinos are ideal for players who want to keep a low profile. To sign up on some crypto casino, you only need an email address and your bitcoin wallet address or the wallet address of any other supported cryptocurrency. Many don’t require personal details.
Security: Unlike fiat currency transactions, the transaction history of cryptocurrencies cannot be tampered with. If one attempts to rig a single transaction record, it will affect the entire ledger. This prevents fraud and enhances security.
Transparency: The casino games are not controlled by the house; machines control them. The betting odds are randomly generated. This makes the gambling process in a crypto casino more transparent and fair because there’s less room for manipulation. Crypto casinos also provide an algorithm that players can use to verify the authenticity of the game outcome if they suspect foul play.
How to Start a Bitcoin Casino?
Planning: Like any other business, it’s essential to plan to the last detail for a Bitcoin casino. Conduct market research on the different target markets and decide on the one that favors the business best. After deciding on the target market, study them in-depth to know the content (casino games) they prefer to gamble on and how much they’re willing to spend. Also, you need to research the preferred payment method for that target market and whether they accept cryptocurrency. Establishing a Bitcoin casino for a target market that prefers to transact with fiat currency will be a fiasco.
Casino License: This is the holy grail of the iGaming industry. This is proof of the casino’s legitimacy. After conducting market research and drafting a business plan, the next step is applying for a casino license. This gives your business stability and prevents it from being blacklisted by players.
Software: What’s a Bitcoin casino platform without the software? Bitcoin casinos need flexible, powerful, and speedy crypto casino software to stay ahead or, at least, on par with the competition. A good software should be able to monitor your business operations and generate reports at designated intervals. It should also have a user-friendly interface that can be configured to the player’s preferences.
Content: In the context of this article, this refers to the kind of casino games your platform will have. Most casinos offer a wide range of games, while some offer a few. After studying the target market, the choice of games will become apparent. There are several options to choose from, including poker, roulette, blackjack, slots, baccarat, etc. It’s advisable to add the hottest games in that region to maintain relevance in the business. Live content is another juicy addition too.
Payment Portal: Being a Bitcoin casino doesn’t mean you can’t integrate other payment options. That can limit your clientele. Adopt other popular cryptocurrencies such as Ethereum, USDT, Solana, etc. You can adopt fiat currency options like PayPal, wire transfer, debit/credit cards, etc.
Promotions: This entails giving the customers a reason to keep patronizing. It can involve incentives, sign-up & deposit bonuses, loyalty bonuses, and building awareness through advertising campaigns.