To begin with, we advise you to define for yourself the concept of “cryptocurrency”.
Cryptocurrency is a digital currency that has no physical form and the unit of its accounting is a “сoin”. An interesting feature of almost all cryptocurrencies is the lack of a single center.
Using bitcoins and other cryptocurrencies for transactions is safe because there are no intermediaries, national governments cannot easily influence the system, and it is unlikely that anyone can successfully attack the blockchain.
Because of this, cryptocurrency is actively used in online casinos. Many entrepreneurs have found such a business to be very profitable.
So, back to our main question “How to create a successful blockchain-based casino?”
First, we need to understand what a bitcoin casino is. It is a platform where players can gamble using cryptocurrency and make betting with crypto. The main feature of such a casino is the use of cryptography for all actions with money. This makes the casino more secure and protected from fraudsters. Also, the use of digital coins leads to lower costs – the casino does not need to pay interest to banks for services.
The next important factor is the choice of software. If you want to attract gamblers, you should think about this issue in advance. There are several types of software:
- White label is a complete turnkey solution. You only need to buy it and customize it to your needs. This software is good because it has a lot of games and additional functions. The main disadvantage is the high price – from 20 to 40 thousand dollars;
- Platforms are specialized services that provide access to the gambling industry. The most popular platforms are Playtech, Microgaming, and SoftSwiss. The advantage of these platforms is that they are much cheaper than white-label solutions. The disadvantage is that you have to search for games and additional services yourself;
- Bitcoin casino scripts are a very simple solution that does not have a lot of features. The advantage of the script is its price – from $500 to $1500. The disadvantage is the lack of games and additional services.
Bitcoin casino software can be integrated into the site in two ways:
- Buy and install a script for a bitcoin casino, after which there will be an option to pay in cryptocurrency among the payment systems.
- Integrate full-fledged bitcoin casino software into the new gambling site, which will allow you to make transactions only in bitcoins.
How to open a bitcoin casino is up to you to decide, but in any case, the result will not be long in coming: the emergence of payment means, largely prevailing over the others, will attract new users to the gambling establishment and will retain existing users. Both the casino owner and the players will win: the first one will get a good income, and the latter will enjoy an interesting game in comfort and privacy. If you do everything right and legally, your casino will soon make it to Best Bitcoin Casinos 2023.
The next important factor is the choice of jurisdiction. It is best to open a casino in one of the countries of Curacao or Costa Rica. The main advantage of these countries is a favorable taxation system and simple registration procedures. The disadvantages include the need to constantly monitor changes in legislation and the lack of prestige.
Once you have decided on the jurisdiction, it is necessary to register the company. To do this, you need to submit a package of documents to the registration authority. The list of necessary documents may vary depending on the country, but in most cases, you will need to provide a business plan, incorporation documents, and proof of address.
The next step is to open a bank account. In most cases, you will need to open an account with a local bank. However, some banks may refuse to work with gambling companies. In this case, you can open an account with an offshore bank.
The last thing you need to do is get a license. Without a license, you cannot legally operate in the gambling market. The cost of the license depends on the country and ranges from $20,000 to $50,000 per year.
Now you know how to open a crypto casino. Follow our advice and you will succeed!
Conclusion
Which variant to choose and how to create a bitcoin casino – you will decide by yourself, but remember that both bitcoin casino script and basic software have to be of the highest level.
The main difference between bitcoin casinos and traditional gambling establishments is either an additional bitcoin payment system (along with others) or installing only a cryptocurrency payment service. Both the first and the second options allow for carrying out transactions instantly and without delays. This factor allows us to talk about bitcoin as the most reliable currency.
We think that now the question of whether the bitcoin casino business is profitable is finally settled for our readers. It is a profitable enterprise.
