As reported by the Global Market Insights Inc., the market value of online gambling is estimated to grow to exceed $160 billion by 2026.
According to the same analysis it is the widespread penetration of Internet, skyrocketing use of mobiles and smartphones among poorer layers of society in underdeveloped countries and the introduction of cryptocurrency and blockchain that account for this figure.
Many casino and betting websites are now considering crypto casinos as a smart alternative to traditional ones. Currently it is a win-win way to increase revenue and attract more visitors. While completely replacing traditional money with cryptocurrencies may not happen soon, these digital currencies are here to stay and are becoming more popular.
What is a Crypto Casino
So, what is a crypto casino and why you should not let it slip through your fingers?
First the concept of crypto currency is important. Cryptocurrency is a new epitome for money with a number of features which make it irreplaceable for transactions and monetary operations.
To start with, such currencies are decentralized, hence are not subject to governmental control. Moreover, their essence and architecture allow for the direct and steady flow of funds between the parties without the need for the 3d party.
This system is based on the use of blockchains, a digital ledger of all cryptocurrency transactions. Specifically, this ledger can be embedded into an existing online casino or a completely new platform can be built anew. Accepting crypto currency provides a broader reach to online casinos, at the same time being safe and effective for the players. Embracing crypto gambling expands the reach of online casinos, providing a safe and effective experience for players. Blockchain technology uses algorithms to secure every link of the transactions, eliminating the chance of fraud.
Additionally, most blockchain casinos use smart contracts to make the process yet more transparent and secure.
Starting a Crypto Casino: What Steps to Take?
So, if you're thinking about stepping into the dynamic world of crypto casinos, it's important to follow a set of key steps. These steps will not only guide your entry into the market but also ensure a solid foundation for a successful venture.
Market Analysis
A profound market analysis focusing on the demographics, geography, social peculiarities, age group and other factors should precede any business enterprise. This stage also involves creating a sound business strategy and preparing the necessary documentation for the license acquisition.
Applying for the Gaming License
Gaming License gives credibility and legitimacy to your business. With so many zones and markets the regulations vary considerably and it is recommended that you consult for every specific region where crypto casino is going to operate. The most popular licenses for gambling industry being Malta and Curacao, as well as the Isle of Man and a newly emerging trend of Anjouan license, a different approach works for crypto casinos. Usually, it is not necessary to get a license for casinos, but we recommend you should have one.
Read also Gaming Licenses: Types and Features
Building a Robust and Reliable Casino Website
A successful online betting business relies on a strong and advanced iGaming software. For a crypto casino, this requirement is even more critical, demanding advanced and timely solutions. So, at the very start selecting software and design wisely ensures your business stays afloat in both calm and stormy times. A user-friendly website and robust back-end is crucial for a successful takeoff.
Building an online betting business is definitely a highly technical endeavour, thus having the right development team opens most of the doors to the glittering world of online casino. There are a number of options to choose from, either you can build your own platform or acquire a white label solution and customize it to your needs.
As for the crypto casino and blockchain it is ideal to outsource a professional team of developers with an extensive experience in the blockchain development to get a platform with an attractive and user-friendly front-end advanced back-end to collect valuable statistics and players’ segmentation, and perform blockchain technology transactions. Moreover, the access of players to all of the benefits of crypto must be supported, such as transaction speed, anonymity and security.
Integrating Payment Systems
With the abundance of crypto currency on the market and the birth of new currencies. It is highly recommended that you should offer a wide variety of payment methods.
Game Selection
Effective management of online casino and betting business, crypto included, mostly relies on the successful and relevant choice of games and sports for every specific case. It is crucial to go over the marketing results and bet on a number of popular casino games and sports for every separate country, location, habits, culture and age group to push you to the forefront of iGaming business.
So, from broad bundles of table games, slots, crash games, eSports, virtual games, real-time sports, some should be prioritized based on a well-thought planning.
Benefits of a Crypto Gambling Business
Security and Transparency:
Cryptocurrencies bring enhanced security and transparency to transactions, ensuring a trustworthy gaming environment.
Anonymity:
Crypto transactions offer players increased privacy, appealing to those who prioritize anonymity in their online activities.
Global Accessibility:
Cryptocurrencies enable swift and borderless financial transactions, attracting players from around the world and expanding your global reach.
Operational Efficiency:
Embracing crypto in your casino reduces transaction costs and facilitates quicker fund transfers, streamlining operational processes.
Blockchain Technology:
Integration of blockchain technology enhances the fairness and transparency of gaming operations, building trust and confidence among players.
Tech-Savvy Appeal:
Being at the forefront of the crypto wave positions your casino as a tech-savvy option, attracting a modern audience and staying ahead of industry trends.
Long-Term Success:
By carefully navigating steps such as market analysis, obtaining a gaming license, developing a robust website, integrating diverse payment systems, and curating an enticing game selection, your crypto casino is poised for long-term success in the dynamic world of online gaming.
