As more and more online casinos strive to adopt cryptocurrency payments, they’re becoming increasingly popular among their players. If you want to get into the online iGaming industry, you should consider making cryptocurrency payments a default choice for your clients.
The most important thing when choosing a cryptocurrency is that it has a good reputation in the market. You can check this by looking at reviews on different websites. The best way to get started with crypto currency is to use a reliable exchange service. This will allow you to buy or sell your chosen coin without any problems.
What is an online crypto casino?
Before you start developing a crypto gambling site, you first need to understand what a crypto gambling site is and how it functions. You’ll use this knowledge to set up all the necessary infrastructure for a successful online gambling venture.
A cryptocurrency casino is an online blockchain based gaming site that allows players to deposit and withdraw funds using different cryptocurrencies and traditional banking methods.
A distinguishing characteristic of cryptocurrency casinos is their use of smart contract technology to automate processes and ensure reliability.
All crypto gambling websites can be divided into three categories:
- Crypto Casinos – Users can enjoy playing slot machines, video pokers, blackjacks, baccarats, and other table games online. Players can also choose between classic casino games and newer ones such as 3D slots, progressive jackpots, and bonus rounds. Online gambling sites offer visitors an opportunity to try out new games without risking any money. They allow players to test their luck before they decide whether or not to deposit funds into their accounts.
- Crypto poker – This category includes poker rooms where players can bet in cryptocurrencies such as Bitcoin, Ethereum and other crypto.
- Crypto betting – Betting on sports with Bitcoin, Ethereum and other crypto tokens.
Cryptocurrency casinos are online gaming sites that offer players the chance to gamble for real cash using cryptocurrency. Players can use their digital currency (crypto) to place bets and win prizes. Some crypto casinos accept fiat currencies too.
Smart contract technology allows for gambling sites to automatically pay out winnings without any human intervention.
Advantages of using a crypto casino
There are several benefits to opening a crypto currency gambling site, the most important one being that it draws thousands of players from all across the globe.
Other benefits include:
- Privacy. All client payments remain confidential. Transactions are made without using any banking information and are not tracked by third parties.
- With minimal fees, transactions are processed quickly and easily. Deposits and withdrawals both cost just a small amount.
- A low minimum bet size means players can place bets with a relatively small amount of money, which significantly increases the number of potential players.
- Instant payouts. Transactions are usually paid out within seconds. Users don’t have to wait long for their funds.
- Global accessibility. Cryptocurrency casinos offer gambling opportunities to players from across the globe. Digital currencies can easily be exchanged for any fiat currency.
Crypto casinos ensure legal, financial, and taxation security for their owners. They’re not likely to be used by fraudsters.
There are several main steps to get started with a blockchain casino.
Launcing an online gambling platform involves several stages, and is not much unlike opening a regular casino website.
Here are some steps to take:
- Identifying the target audience and analyzing the current state of the industry.
- Listing out the features you want from the project.
- Ordering website development services and web applications.
The most important aspect of the process is developing the right tools for the job.
You should also be aware of which aspects of your site visitors will see first. These aspects include the size of the font, the color scheme, and the layout of the page. They will also influence the overall user experience. If people enjoy using your site, they may return and recommend it to others.
Other features of crypto casinos
Online casinos that accept cryptocurrency are becoming increasingly popular among gamblers. There are several reasons for this.
All transactions are carried on blockchain, a decentralized ledger. Once a payment is completed, it can not be reversed or altered in any manner. This technology eliminates the possibility of fraud since all personal information is well protected. As a result, online casinos provide an additional layer of security.
Many people simply don’t trust online casinos because they think that the casino systems are rigged to eliminate the possibility of them wining and steal their money. Blockchain technology allows for an audit trail of every operation so that no one can cheat or trick the RNG algorithm.
There are no chargebacks
Many online casinos suffer from chargeback fraud, which accounts for a large portion of their lost revenues.
A chargeback scheme usually involves the following steps:
- A customer pays for a service with a credit/debit/prepaid/eCheck/cash/checkbook/etc.
- The seller provides the services or products.
- The customer reports the fraudulent transaction and receives his/her money back.
Cryptocurrency transactions are irreversible. Therefore, there is no way for a user to get his/her money back unless an administrator intervenes.
Withdrawing from an online casino account has always been a challenge. Players often have to go through multiple intermediaries and wait several days before they receive their winnings.
Smart contract technology allows for the creation of self-executing agreements between two parties.
With blockchain technology, the process of taking out cash becomes fast and easy.
Expanded customer base
Millennials are one of the most lucrative demographics for online casino operators. They’re always willing to spend their hard-earned cash, so they’re an excellent source of new players.
Launching a crypto casino allows you to target this progressive group of gamblers. In general, starting a crypto casino is a good idea for companies looking to enter the modern gambling market.
Obtaining a license to operate a cryptocurrency casino
There are currently two types of casino games available for people who want to gamble using cryptocurrencies.
There are some who follow the legal framework, working within the existing regulations, while there are those who try to circumvent them. Those who try to circumvent the laws face several difficulties.
Being in such a gray zone could expose a company to third party lawsuits, as well as prevent it from working with advertising agencies, software developers, and financial institutions.
It is necessary to get a reputable licence if you want to operate legally. A major criterion when selecting a jurisdiction is having an appropriate and reliable infrastructure for regulating and supervising online gaming.
Obtaining a prestigious license will greatly improve the reputations of your online casinos.
The countries listed below are suitable for cryptocurrency gambling.
- Isle of Man;
All of the aforementioned features and advantages of crypto casino platforms leads to a conclusion that they will be rapidly developing and growing in popularity in the coming years.
Crypto payment volumes have increased dramatically since their inception.
How to develop a blockchain casino
Now let’s move on to the question of how to develop a crypto casino. The stages of launching a blockchain casino are not very different from starting a traditional gambling platform. They include:
- Analyzing the market for your product/service and the potential customer base
- Writing precise project specifications
- Ordering a development/crypto software package
Software development is the most complicated part of the process, so choosing an experienced software development team is crucial here.
Make sure you hire developers who know all specifics of the industry and can implement your idea with the best ratio of price and quality.
To do this, check the company’s portfolio, talk to the specialists and find out if they have experience in implementing such projects.
After selecting a development team, the next key point is to choose the features that your blockchain casino will have.
The choice of functions for a casino is a separate detailed issue since their number and complexity affect the development process of a crypto casino.
In addition, the features selected determine the value of your platform to users, the experience they will get when using it, and hence popularity in the market.
We have prepared a list of the most popular and useful features for a successful crypto casino. They include but are not necessarily limited to the following:
Cryptocurrencies allow for – Build a financial infrastructure with an integrated cryptocurrency payment solution that allows users to deposit funds using Bitcoin and other popular cryptocurrencies.
Fiat multicurrency acceptance and convenient payment options.
Fiat currency platforms allow users to conduct transactions without having to worry about exchange rates.
However, you should be aware that most online casinos require registration and obtaining a gambling license before they accept fiat currency deposits.
An anti-fraud solution allows you to detect fraudulent activity and protect your business from fraud.
Real-timed chats allow players to communicate with each other, share their thoughts, and socialize better than ever before.
Live dealer casinos. Live dealer casinos are in high-demands because they create a real casino environment and make the casino even better for players.
Randomness is an important part of any game. A randomness system helps to ensure that every player has an equal chance at winning.
Multilingual support enables people to access games in their preferred language and allows them to play without having to learn another language.
Know Your Customer (KYC): A KYC (Know Your Customer) program is designed to ensure the security of an online gambling platform by storing detailed information about its players. If you’re not planning on offering anonymity as one of your main features, then you may want to consider implementing a KYC program.
Cross-platform and cross-device compatibility ensure that the game runs smoothly across different browsers and devices.
Leaderboards and achievement awards help motivate people by showing them where they stand among others and encouraging them to compete against one another for prizes.
Fintech legislation in general is not very clear and leave a lot of gray areas for companies operating in the space.
Because of this, many people who want to start their own crypto casinos are confused about how to go about doing so, considering all the different factors involved.
They want to know if operating a cryptocurrency casino is legal, whether a decentralized casino needs to be licensed by regulators, and which countries their clients come from.
So far, there are no clear-cut legal guidelines for crypto casinos, but here are some important facts to consider before opening one.
It is not illegal for a casino to offer players the option to wagering cryptocurrencies. However, there are no specific laws that require casinos to obtain a gambling license. Therefore, it is not officially permitted either.
More and more governments are now considering adopting digital currencies and blockchain technology.
However, there are currently no specific laws that recognize cryptocurrencies as having real monetary value. Therefore, if cryptocurrencies are not considered “real” currencies, then any rules regarding fiat currencies online gambling should not be applicable to crypto gambling services.
Cryptocurrencies are completely anonymous, and the reasons for why you got them cannot be traced.
There are several countries issuing casino licences for crypto-casino operations, meaning they’re taking control of regulating these operations.
As for whether a crypto casino should be licensed, the answer is yes.
A gambling license is required by law for any online gaming company to be able to accept payments from players using credit cards or e-wallets.
If the casino website accepts only cryptocurrencies for payments, then all of its internal transactions are handled by itself without any third party service controlling the crypto transaction infrastructure.
Withdrawals and deposits are made directly from one wallet to another, so there is no need for players to provide their licenses to any financial institutions.
If the casino’s work is done only using cryptocurrencies, then usually, a gaming licence is not required when accepting payments.
We recommend that you familiarize yourself with the legal requirements of the countries where you plan to operate.
However, most players believe that a crypto-casinos are just regular online casinos. Therefore, they expect them to be regulated by an independent body.
A valid gambling license becomes an essential part of any casino’s promotional strategy that helps promote customer satisfaction and enhance its reputation.
The best cryptocurrencies for online casinos
There are numerous cryptocurrencies you can choose from when playing online casino games. However, here’s a look at some popular choices:
Bitcoin: Bitcoin is an innovative digital currency that enables instant payments to anyone anywhere in the world. It uses peer-to-peer technology to operate with no central authority: managing
Ethereum: Ethereum is one of the two most popular cryptocurrencies. It has gained a huge amount of attention in recent years.
Litecoin: This cryptocurrency is often compared to Bitcoin, and therefore many people prefer it as an alternative to Bitcoin.
Bitcoin Cash: Bitcoin cash is a fork of Bitcoin and offers faster transactions and lower fees. This means it’s a good choice for online gambling.
Here are just some of the best cryptocurrencies you can bet with when playing online casino games. There are many others out there, so be sure to do your homework before choosing one.
There you go – now you know everything you need to know to start your own online gambling business using cryptocurrency!
It may be difficult to launch an online casino, but it certainly is possible if you’re willing enough to put in the time and effort.
Of course, there will be ups and down, but if you stay focused and committed to your goals, you will succeed.
If you just stick to our tips for starting a successful online gambling business, you’ll be well on the way to making some serious cash. Good luck!