Bitcoin Casino Question | Bitcointalksearch.org

Oilacris

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Quote from: panjul07 on October 03, 2018, 09:21:16 AM

Quote from: worldofcoins on September 24, 2018, 05:01:09 PM

Quote from: nds407 on July 28, 2018, 06:03:12 PM

Hey everyone, have a quick question: how much bitcoin do I need to start a bitcoin casino? Gonna buy a turnkey bitcoin casino soon which will be about a grand, but about how much bitcoin do I need to reliably be able to pay off winners, at least in the beginning? I know the number varies, but ballpark.

If you're referring to just paying the winners you'd need at least 5 BTC in order to catch anyone's attention, especially those who bet big.

5btc is not enough as a bankroll especially if it is to catch attention from real gambler. 5btc bankroll means that the highest allowed profit per bet is only 0.05btc assuming that the site is using 1% of the bankroll.
A site with such low bankroll will not gain good attention except from small gamblers who usually bet just few thousands satoshi every bet. 50btc for bankroll is good enough but it is still be considered as low bankroll compared to other popular gambling sites.

The higher the bankroll the better but it doesn't mean that it would limit out those small time gambling site owners to launch out their

own gambling site due to that low capacity.Starting up small isn't really a bad idea yet if they would able to pull out to get some players

on that early stage or even on a limited low bankroll phase they will able to generate income and would adjust later on.The only question

is,if they would able to sustain it through.

panjul07

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Quote from: worldofcoins on September 24, 2018, 05:01:09 PM

Quote from: nds407 on July 28, 2018, 06:03:12 PM

Hey everyone, have a quick question: how much bitcoin do I need to start a bitcoin casino? Gonna buy a turnkey bitcoin casino soon which will be about a grand, but about how much bitcoin do I need to reliably be able to pay off winners, at least in the beginning? I know the number varies, but ballpark.

If you're referring to just paying the winners you'd need at least 5 BTC in order to catch anyone's attention, especially those who bet big.

5btc is not enough as a bankroll especially if it is to catch attention from real gambler. 5btc bankroll means that the highest allowed profit per bet is only 0.05btc assuming that the site is using 1% of the bankroll.
A site with such low bankroll will not gain good attention except from small gamblers who usually bet just few thousands satoshi every bet. 50btc for bankroll is good enough but it is still be considered as low bankroll compared to other popular gambling sites.

Pan Troglodytes

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Quote from: worldofcoins on September 24, 2018, 05:01:09 PM

Quote from: nds407 on July 28, 2018, 06:03:12 PM

Hey everyone, have a quick question: how much bitcoin do I need to start a bitcoin casino? Gonna buy a turnkey bitcoin casino soon which will be about a grand, but about how much bitcoin do I need to reliably be able to pay off winners, at least in the beginning? I know the number varies, but ballpark.

If you're referring to just paying the winners you'd need at least 5 BTC in order to catch anyone's attention, especially those who bet big.

The answer depends on the limits you set for players (lower limits -> lower amount), so worldofcoins is right saying that if you want to be able to attract people who like higher limits, you will need more money. I personally think 5BTC may be an adequate amount. You should calculate the amount taking into consideration that long losings streaks will happen for sure.

As an example, you may want to use a method similar to Monte Carlo simulations to calculate the amount of BTC that will make you withstand first say 1000 bets with 99.9% with preset limits.

worldofcoins

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Quote from: nds407 on July 28, 2018, 06:03:12 PM

Hey everyone, have a quick question: how much bitcoin do I need to start a bitcoin casino? Gonna buy a turnkey bitcoin casino soon which will be about a grand, but about how much bitcoin do I need to reliably be able to pay off winners, at least in the beginning? I know the number varies, but ballpark.

If you're referring to just paying the winners you'd need at least 5 BTC in order to catch anyone's attention, especially those who bet big.

cryptocasinos

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I recommend you to open a completely blockchain-managed casino which will be the future of crypto casinos. You can reach me via [email protected] .

I am the founder and editor of https://CryptoCasinos.cc site and I have been in the industry for +24 years.

Cheers!

Quote from: nds407 on July 28, 2018, 06:03:12 PM

Hey everyone, have a quick question: how much bitcoin do I need to start a bitcoin casino? Gonna buy a turnkey bitcoin casino soon which will be about a grand, but about how much bitcoin do I need to reliably be able to pay off winners, at least in the beginning? I know the number varies, but ballpark.

Dice-Bet

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Quote from: maydna on September 24, 2018, 04:31:29 AM

Quote from: Dice-Bet on September 23, 2018, 09:15:20 PM

We started https://dice-bet.com/ with about 40BTC and launched 5 days ago ---> https://bitcointalksearch.org/topic/dice-betcom-07-house-edge-btc-ltc-eth-play-or-invest-5032129

Will be interesting to see how it all goes.

Wow, that is so much amount of money you use to start the gambling site, and I think the question about how much bitcoin we need to build the site was answered. So for people who want to start the gambling site, make sure you need at least 10-40 bitcoin, and you need to promote the sites to the public so they can visit in your site and try to play the games. Thank you for telling us about the amount of bitcoin you use to start the gambling site.

Well our site is publicly open to bankroll investors so I hope they increase that amount! But we needed to have a bankroll big enough for people to come and play it straight away. Otherwise it is the chicken and the egg problem - what comes first...

Of course we made the bankroll public and signed it as proof too.

BTC wallet signed:
message: dice-bet wallet
address: 33ydeDprSZJ7Z51EvNrYoRHEo3yD9nSaqJ
signature: JBk6aW8DNOskomQmWALY8/mgEQcPyEYwdQ+bCdPkqIcscAFsOtrxh3vitWuGwEqLcfi/p4W0G2f4xQUtXFXfPv4=

LTC wallet signed:
message: dice-bet wallet
address: MK7wPXC5J8RmFDyepvGDqjLiZpDiBjc2Kp
signature: IxZVflvnmXEjCRzqR5vOwz39w1VcDJX4AXO+DBlTMlfQOqQ21MQ/dEH2mvSZt+X14pa/krSLNPS8s8+iqFUZ2a0=

ETH wallet signed:
message: dice-bet wallet
address: 0xef3a173f0142bf318e6de2696a18fbd5183f1489
signature: 0x202c056cb53da4f252b038154ac2ec218e5d2b4fd255b2f522660fd5ab82c9be5909ca26ac3e6 70a86b2685ad15c34525496d68684a3f882deb6c3266f9ef50e1b

So maybe you could start smaller if you get investors on early!

maydna

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Quote from: Dice-Bet on September 23, 2018, 09:15:20 PM

We started https://dice-bet.com/ with about 40BTC and launched 5 days ago ---> https://bitcointalksearch.org/topic/dice-betcom-07-house-edge-btc-ltc-eth-play-or-invest-5032129

Will be interesting to see how it all goes.

Wow, that is so much amount of money you use to start the gambling site, and I think the question about how much bitcoin we need to build the site was answered. So for people who want to start the gambling site, make sure you need at least 10-40 bitcoin, and you need to promote the sites to the public so they can visit in your site and try to play the games. Thank you for telling us about the amount of bitcoin you use to start the gambling site.

Dice-Bet

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We started https://dice-bet.com/ with about 40BTC and launched 5 days ago ---> https://bitcointalksearch.org/topic/dice-betcom-07-house-edge-btc-ltc-eth-play-or-invest-5032129

Will be interesting to see how it all goes.

hahay

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Quote from: shanem on September 18, 2018, 11:52:05 PM

It depends on the type of gambling sites you are planning to open. Dice sites relatively cheap top open but they are saturated and it would be difficult to compete with traditional dice sites like Primedice unless you have money to burn to attract customers from other sites. If you are planning to open up casino gambling or sportsbook, you need ten of millions of dollars to acquire license and lots of capital reserved for withdrawal.

Yes, it will require a lot of money to make or have a gambling website, after all there have been many gambling websites that have attracted many people well. I agree with what you say about burning lots of money to attract more people and even attract customers from other websites. It requires a lot of money for large-scale promotions and also with a long time should also be.

shanem

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It depends on the type of gambling sites you are planning to open. Dice sites relatively cheap top open but they are saturated and it would be difficult to compete with traditional dice sites like Primedice unless you have money to burn to attract customers from other sites. If you are planning to open up casino gambling or sportsbook, you need ten of millions of dollars to acquire license and lots of capital reserved for withdrawal.

stomachgrowls

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Quote from: sana54210 on September 17, 2018, 08:42:27 AM

Quote from: maydna on September 10, 2018, 12:13:01 AM

Quote from: Aikidoka on September 09, 2018, 07:19:48 AM

Guys, let's be positive and optimistic about what the OP said. He wants to start his own business. Although it is difficult, but he can do it. OP, you need to have lots of bitcoins to start the casino. I do not know if you want to wait for the price to pump or not. But with this current price, you will be at a total loss if you cash your bitcoin out. I recommend that you wait a bit longer for the price to grow, only then you can start your business. And by the way, do not start it all by yourself. You need a good trusted team with you.

but he needs to prepare a lot of money to start his gambling site. besides that, he needs to learn about how to promote his gambling site as we know that not all gambling site can give a lot of visitors if we don't promote the site. I agree that he needs to have a good team that will always support the site and if there is any problem, he and his team can solve it right away so it won't make their member run away because of the member is not satisfied to stay in their site. I think how if he starts with 10 bitcoin first and let see what is the results and if it's good, then he can start to improve the site with adding more game to attract more members.

It is a good thing Aikidoka himself admitted it is a difficult thing and it is not like we are saying it is not achievable. However, the truth is that if you really want to gain relevance in the gambling place as a business, then you have to come up with something that is a whole lot unique.

Now, this can seem a lot hard when you have to consider the likes of the available platforms that stand to be a huge competition, and in that case, that thing you are bringing to the table should really be ready to speak for itself.

This is actually the hardest part on where you should put up something unique where most people didnt able to see or play and even if you do have that bankroll and the good team behind you and you still end up on the same idea like dice sites, slots and other common gambling games then there would be no assurance of success even if you do have the capability.Uniqueness is all we do seek and players love to try out something new that would really be entertaining.

BALIK

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I believe that most casinos actually start with a bunch of people pooling their funds together to produce a respectable sum of money for the bankroll. How much you need for this really depends n what your bet and win limits are, these usually scale with the success of the Casino so as long as you have at least 1 BTC up you should be fine

rolleth.io

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In order to open a casino, you need from 2 to 25 BTC. But in addition, in the future it is desirable to obtain a license to work with bigger amount and have a strong partnerships. I wish you good luck in that deal! Cool

sana54210

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Quote from: maydna on September 10, 2018, 12:13:01 AM

Quote from: Aikidoka on September 09, 2018, 07:19:48 AM

Guys, let's be positive and optimistic about what the OP said. He wants to start his own business. Although it is difficult, but he can do it. OP, you need to have lots of bitcoins to start the casino. I do not know if you want to wait for the price to pump or not. But with this current price, you will be at a total loss if you cash your bitcoin out. I recommend that you wait a bit longer for the price to grow, only then you can start your business. And by the way, do not start it all by yourself. You need a good trusted team with you.

but he needs to prepare a lot of money to start his gambling site. besides that, he needs to learn about how to promote his gambling site as we know that not all gambling site can give a lot of visitors if we don't promote the site. I agree that he needs to have a good team that will always support the site and if there is any problem, he and his team can solve it right away so it won't make their member run away because of the member is not satisfied to stay in their site. I think how if he starts with 10 bitcoin first and let see what is the results and if it's good, then he can start to improve the site with adding more game to attract more members.

It is a good thing Aikidoka himself admitted it is a difficult thing and it is not like we are saying it is not achievable. However, the truth is that if you really want to gain relevance in the gambling place as a business, then you have to come up with something that is a whole lot unique.

Now, this can seem a lot hard when you have to consider the likes of the available platforms that stand to be a huge competition, and in that case, that thing you are bringing to the table should really be ready to speak for itself.

Fatanut

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Quote from: BALIK on September 12, 2018, 10:48:27 AM

You can buy scripts from smaller, less established casinos, or those that have failed. This will save you a lot of money in the long run, you can then just pay a developer on freelancer or upwork to complete any changes you need making. Having an entire casino software coded from scratch would be extremely expensive, so best to work from a template if you can.

I can only imagine how little would that person's gambling site's bankroll is if having a casino worked from scratch to finish seems expensive. Not sure about that "find an unfinished code and then find someone to complete it for you" because the coder would have to study all of the codes first before he can make the changes. It might be easier for the coder to start from scratch. Plus it will be a whole team and just not one freelancer. A single freelancer would probably look for templates but not an unfinished project. Templates would only work on basic dice sites, though. If you want a unique website with a different game and a different layout, you're going to have to build it from scratch. Keep in mind that there are still other things to consider such as the responsiveness of the team with clients' concerns. Online gambling is not just about gambling.

Quote from: Symphonized on September 13, 2018, 06:30:32 PM

Quote from: BALIK on September 12, 2018, 10:48:27 AM

~snip~

That's not a valid answer, specially here at Bitcointalk.

Just take out some experienced devs / old Casino admins and make a company for yourself, grow your reputation.

Bitcointalk's open for all discussion, though. If that's what he thinks is right then he's free to post it. You're free to say why is it not a valid answer tho rather than just simply telling him it's not a valid answer.

Symphonized

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Quote from: BALIK on September 12, 2018, 10:48:27 AM

You can buy scripts from smaller, less established casinos, or those that have failed. This will save you a lot of money in the long run, you can then just pay a developer on freelancer or upwork to complete any changes you need making. Having an entire casino software coded from scratch would be extremely expensive, so best to work from a template if you can.

That's not a valid answer, specially here at Bitcointalk.

Just take out some experienced devs / old Casino admins and make a company for yourself, grow your reputation.

upsidedown75

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Quote from: justdimin on September 12, 2018, 05:27:04 AM

Quote from: Barcode_ on September 06, 2018, 08:40:36 AM

Quote from: btctalk4life on September 05, 2018, 11:38:28 PM

I think creating a new casino or dice website is not worth anymore nowdays, because there are so many dice sites out there. What i think is, how about bitcoin/cryptocurrency sportsbook? The competition on bitcoin sportsbook is not big and i think it's more worth than open a bitcoin casino or dice site.

I also think that there are too many online casinos that are focusing their business on the dice game, and the competition for customers between online casinos that focus on the dice game is strong, it is a good idea for casino owners to launch more online sports betting websites that accept crypto-currencies, one way to attract more customers to place bet on the site would be to give a slightly better odds among competitors.

At this point in time, any new casino focusing their attention so much on dice game will not get anything. There are so many other platforms offering a whole lot better and for what it is worth, I do not expect someone coming up with something lesser will be able to make any impact or receive a positive result.

It might be worth something if you end up creating something unique and probably adding more games to it which could be attractive, except that, it would be a fruitless effort as we have seen a whole lot of them coming and disappearing in a short time.

Yes, for someone to be able to make some very good impact right now, attract gamblers to their platform and be able to draw out their loyalty from where they already have gotten so comfortable with over the years, it would take a whole lot to be able to get that. I believe though with some little bit of additional innovation to what is being done, a very good UI, and a very good support that can bring about some level of trust, without any hanky panky by the team, it should be achievable, but will still take a lot of promotion to get there anyway. No business is easy as far as I know; you just have to take the risk and somehow pay your dues.

BALIK

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You can buy scripts from smaller, less established casinos, or those that have failed. This will save you a lot of money in the long run, you can then just pay a developer on freelancer or upwork to complete any changes you need making. Having an entire casino software coded from scratch would be extremely expensive, so best to work from a template if you can.

justdimin

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Quote from: Barcode_ on September 06, 2018, 08:40:36 AM

Quote from: btctalk4life on September 05, 2018, 11:38:28 PM

I think creating a new casino or dice website is not worth anymore nowdays, because there are so many dice sites out there. What i think is, how about bitcoin/cryptocurrency sportsbook? The competition on bitcoin sportsbook is not big and i think it's more worth than open a bitcoin casino or dice site.

I also think that there are too many online casinos that are focusing their business on the dice game, and the competition for customers between online casinos that focus on the dice game is strong, it is a good idea for casino owners to launch more online sports betting websites that accept crypto-currencies, one way to attract more customers to place bet on the site would be to give a slightly better odds among competitors.

At this point in time, any new casino focusing their attention so much on dice game will not get anything. There are so many other platforms offering a whole lot better and for what it is worth, I do not expect someone coming up with something lesser will be able to make any impact or receive a positive result.

It might be worth something if you end up creating something unique and probably adding more games to it which could be attractive, except that, it would be a fruitless effort as we have seen a whole lot of them coming and disappearing in a short time.

yousbabtle

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Quote from: crwth on September 05, 2018, 10:55:01 PM

Quote from: wuvdoll on September 03, 2018, 09:47:28 AM

Quote from: nds407 on July 28, 2018, 06:03:12 PM

Hey everyone, have a quick question: how much bitcoin do I need to start a bitcoin casino? Gonna buy a turnkey bitcoin casino soon which will be about a grand, but about how much bitcoin do I need to reliably be able to pay off winners, at least in the beginning? I know the number varies, but ballpark.

At this point I do not think creating a new casino or a dice website would be logical, I think if you are capable of spending that much money than I would rather buy another persons casino from what its worth. That way you are buying a casino that is already running, already known, already has workers and already has promotions going on.

You will have to give him a big chunk of the money or at least offer him something he can't refuse and in the end you will own a successful casino that is working and making you money from day one. If you can't afford that than you probably can't afford start one from scratch neither because it would require at least that much to own or make a new one.

Hmm, it would make things easier for the buyer and just have less hassle compared to one that you are going to make. I'm not sure buying a casino would be budget friendly though, especially if you have a lot of people to pay off. You need to have a lot of BTC. It would be nice to check if the casino you are trying to be is that of worth, not just some lame casino. It is interesting also to have your own twist in it one day, so that it could be yours.

You will really need to be bringing a lot of money to the industry to even be able to achieve that, because I cannot imagine what FJ, or Cryptogames team will want to sell their platforms right now, when they know how much is being generated daily from it and apparently, no sane minded person will want to be buying a casino that is already in a dilapidated state. Owning a casino requires a lot anyway and which is more about trying to stay on top of your game due to the competitions around, which is a lot worth considering.

Topic: Bitcoin Casino Question (Read 2028 times)