Bitcoin Casino Question | Bitcointalksearch.org

Oilacris

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Quote from: panjul07 on October 03, 2018, 08:21:16 AM

Quote from: worldofcoins on September 24, 2018, 04:01:09 PM

Quote from: nds407 on July 28, 2018, 05:03:12 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, 04:01:09 PM

Quote from: nds407 on July 28, 2018, 05:03:12 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, 04:01:09 PM

Quote from: nds407 on July 28, 2018, 05:03:12 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, 05:03:12 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, 05:03:12 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, 03:31:29 AM

Quote from: Dice-Bet on September 23, 2018, 08:15:20 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, 08:15:20 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, 10:52:05 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, 07:42:27 AM

Quote from: maydna on September 09, 2018, 11:13:01 PM

Quote from: Aikidoka on September 09, 2018, 06:19:48 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 09, 2018, 11:13:01 PM

Quote from: Aikidoka on September 09, 2018, 06:19:48 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, 09:48:27 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, 05:30:32 PM

Quote from: BALIK on September 12, 2018, 09:48:27 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, 09:48:27 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, 04:27:04 AM

Quote from: Barcode_ on September 06, 2018, 07:40:36 AM

Quote from: btctalk4life on September 05, 2018, 10:38:28 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, 07:40:36 AM

Quote from: btctalk4life on September 05, 2018, 10:38:28 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, 09:55:01 PM

Quote from: wuvdoll on September 03, 2018, 08:47:28 AM

Quote from: nds407 on July 28, 2018, 05:03:12 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.

maydna

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Quote from: Aikidoka on September 09, 2018, 06:19:48 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.

hajimasan

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Quote from: nds407 on July 28, 2018, 05:03:12 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.

It is good for you that you are going to take step toward to make a new success in your economical life because at one side you are going to take entry in that field where it is not easy to get success in very starting Because that need a big amount of money to make better startup Because even if you try to do scam with the people then still you will not be able to get success in your casino business because people will give only negative feedback over your casino .
Well here I would like to tell you that you should have atleast 5 btc atleast in your pocket to start gambling Because in the very starting people starts with the small amount of bet that why we don't need to pay in high amount in case of Thier win .
One of mine friend started his casino with 5 btc about 6 Month back and he get success after bulk advertisement at a-ads.com and at all social media platforms shared about his casino .
So overall he found that it is not tedious to get success in casino business but we need to spend money in advertisement field .

Aikidoka

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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.

rickadone

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Quote from: crwth on September 06, 2018, 10:45:23 PM

Quote from: Symphonized on September 06, 2018, 03:19:00 PM

Quote from: Initscri on August 02, 2018, 11:41:32 PM

Quote from: Symphonized on August 01, 2018, 11:34:49 PM

I see so many interesting answers, but i keep saying (at some other topic with almost same question):
- You should ask to other successfull Cassinos as well

I doubt any would give any true secrets away, and anything they would tell you would be publicly available or already posted on threads like this.

You would be surprised from the informations i have then Wink

If you know the admins very well you can get these sort of Informations.

Hmm. What kind of information do you have? I want to be surprised too. Lol

Surprised indeed! It is not a bad thing to seek for information though from successful casinos, but in reality a lot of them may not be willing to share their secrets unless probably you have a tie or link to any of them. Except he has that, I really do not see how he would have been able to accrue a lot of information. Now, for you willing to be surprised as well, that is if he is also willing to share.

Truly, unless you are very close to the admin of these casino sites, and even if you are, they certainly will not give you all the information as you will simply need to find some out on your own in the process.

el kaka22

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Quote from: loverets45 on September 06, 2018, 06:34:28 AM

Any new online casino coming into this space right now must be willing to come up with something a whole lot unique than just what is being done normally which would probably attract gamblers. I really do not see most gamblers these days hopping around since they are already loyal to the site they are used to. It is a huge competition, and to be able to make it as an owner, you must be ready to think out of the box.

Thinking out of the box !
That is absolutely one way to go if you really want to make the best from this space right now.

It is not about just owning a bitcoin casino, it is about drawing the attention of gamblers to your platform and we all know attentions is hardly hard to draw and you must be ready to come up with something totally unique from what others have been doing, and be ready to do it right so no one will end up playing a fast one on you to beat you to it.

Loyalty is something that is hard to gain, and if you want to draw people out from where they are already comfortable, you have to do something out of the ordinary.

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Quote from: Symphonized on September 06, 2018, 03:19:00 PM

Quote from: Initscri on August 02, 2018, 11:41:32 PM

Quote from: Symphonized on August 01, 2018, 11:34:49 PM

I see so many interesting answers, but i keep saying (at some other topic with almost same question):
- You should ask to other successfull Cassinos as well

I doubt any would give any true secrets away, and anything they would tell you would be publicly available or already posted on threads like this.

You would be surprised from the informations i have then Wink

If you know the admins very well you can get these sort of Informations.

Hmm. What kind of information do you have? I want to be surprised too. Lol

Symphonized

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Quote from: Initscri on August 02, 2018, 11:41:32 PM

Quote from: Symphonized on August 01, 2018, 11:34:49 PM

I see so many interesting answers, but i keep saying (at some other topic with almost same question):
- You should ask to other successfull Cassinos as well

I doubt any would give any true secrets away, and anything they would tell you would be publicly available or already posted on threads like this.

You would be surprised from the informations i have then Wink

If you know the admins very well you can get these sort of Informations.

Barcode_

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Quote from: btctalk4life on September 05, 2018, 10:38:28 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.

loverets45

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Quote from: Hobo66 on September 03, 2018, 02:54:40 AM

Quote from: wxa7115 on August 10, 2018, 09:31:48 AM

Quote from: nds407 on July 28, 2018, 05:03:12 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.

The costs of running a casino are greater than just having a big amount of capital to pay your players, there are too many expenses, like the servers, customer support, paying for the creating of new and interesting games that bring people to your casino and probably one of the biggest expenses of all which is marketing.

This industry like almost all of them is full of competition with casinos that have been established for a long time in fact if you take a look you will notice that some of the longest running signature campaigns in the forum come from casinos and this is not really surprising because the moment you stop promoting your casino then another casino begins to take new players that could have played in your casino if you did not stopped the promotion.

Yes that is right that there is a lot of competition between casino, if you want to open a successful casino for that you have to provide more facilities to their customers and only then they may be like to visit your online casino and play gambling there.

Any new online casino coming into this space right now must be willing to come up with something a whole lot unique than just what is being done normally which would probably attract gamblers. I really do not see most gamblers these days hopping around since they are already loyal to the site they are used to. It is a huge competition, and to be able to make it as an owner, you must be ready to think out of the box.

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Quote from: btctalk4life on September 03, 2018, 04:46:59 AM

Quote from: gabmen on August 25, 2018, 11:47:10 AM

Quote from: ethereumhunter on August 24, 2018, 01:19:32 AM

Quote from: checkmatesir on August 23, 2018, 03:38:45 AM

Quote from: ethereumhunter on August 03, 2018, 08:16:33 AM

I think it will be a big money to create a bitcoin casino especially if you want to promote your casino so it can reach more player to come to your site and play the games. you need to have many games in your site so you can attract more gamblers to play in your site but it's not guaranteed that you can get many players that will stay at your site. I don't know how much bitcoin that you should prepare to create the gambling site plus the promotion because it depends on what do you want on the gambling site.

It is a game of big investors, I do not think that is so easy to create your own casino and them run it so smoothly to make it a successful one. I think that for that you need to have a lot of money, may be countless. There are so many other necessary factors which are too much important for running a casino.

yea, I think with big money, he can be able to make something that will different than the other casino and he can attract more gambler to visit on his gambling site and play the games. this is why that I am saying that maybe he needs much money to crease gambling site or to buy gambling site from other people because he needs to adjust the site so the site can look different than before and the gambler will stay for a long time.

Well for starters you have to really spend on promotions and bonuses to attract initial customers and also on things that will really put a mark on these people since your first customers will likely be the ones to spread word and reviews. Im all you really would need to spend a lot.

Yeah, i think it will cost so much money at the start for promotions and bonus to attract gamblers to play on your casino and it's normal because to promote a new casino is not cheap.

It apparently will cost a lot of money to start with. First and foremost, you will at least need to have a bank roll before you can end up being able to start so as to be able to pay any winner as the case may be, when it comes to security, platform running smoothly and so on, they are not things that we just get to lay our hands on cheaply and you will apparently be ready to shed some money to that perspective unless you can build the whole platform on your own and all you will be looking forward to will be server.

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Quote from: wuvdoll on September 03, 2018, 08:47:28 AM

Quote from: nds407 on July 28, 2018, 05:03:12 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.

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.

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Quote from: wuvdoll on September 03, 2018, 08:47:28 AM

Quote from: nds407 on July 28, 2018, 05:03:12 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.

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Quote from: nydiacaskey01 on August 23, 2018, 09:56:27 PM

Quote from: Initscri on August 02, 2018, 11:41:32 PM

Quote from: Symphonized on August 01, 2018, 11:34:49 PM

I see so many interesting answers, but i keep saying (at some other topic with almost same question):
- You should ask to other successfull Cassinos as well

I doubt any would give any true secrets away, and anything they would tell you would be publicly available or already posted on threads like this.

There is no secret actually on running a successful casino. It's almost the same as running a regular site, its just that you need to pour more money on site security. But there is one not so secret formula on keeping up with other competitors and that is to continue to improve your service. If in 2018 you are providing the same kind of service that you are offering way back 2016 then you will be left behind by other online casinos.

Running a website is about reaching some audience without necessarily the need of them to engage and purchase something. Casinos are mainly very similar and apart from attracting users there, they also need to make the users deposit some money and start playing. I think it's harder than simply reaching the audience. Moreover, many websites offer goods that people might actually need, so convincing the audience to buy stuff is not that hard. Everyone knows that casinos are mainly making one lose money and sometimes lead to the development of addiction, so the person is not willing to get involved initially.
And surely now the market of crypto casinos is too old, so newbies are having harder time trying to make their casinos popular, since many gamblers simply use good old trusted ones instead.

wuvdoll

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Quote from: nds407 on July 28, 2018, 05:03:12 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.

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Quote from: gabmen on August 25, 2018, 11:47:10 AM

Quote from: ethereumhunter on August 24, 2018, 01:19:32 AM

Quote from: checkmatesir on August 23, 2018, 03:38:45 AM

Quote from: ethereumhunter on August 03, 2018, 08:16:33 AM

I think it will be a big money to create a bitcoin casino especially if you want to promote your casino so it can reach more player to come to your site and play the games. you need to have many games in your site so you can attract more gamblers to play in your site but it's not guaranteed that you can get many players that will stay at your site. I don't know how much bitcoin that you should prepare to create the gambling site plus the promotion because it depends on what do you want on the gambling site.

It is a game of big investors, I do not think that is so easy to create your own casino and them run it so smoothly to make it a successful one. I think that for that you need to have a lot of money, may be countless. There are so many other necessary factors which are too much important for running a casino.

yea, I think with big money, he can be able to make something that will different than the other casino and he can attract more gambler to visit on his gambling site and play the games. this is why that I am saying that maybe he needs much money to crease gambling site or to buy gambling site from other people because he needs to adjust the site so the site can look different than before and the gambler will stay for a long time.

Well for starters you have to really spend on promotions and bonuses to attract initial customers and also on things that will really put a mark on these people since your first customers will likely be the ones to spread word and reviews. Im all you really would need to spend a lot.

Yeah, i think it will cost so much money at the start for promotions and bonus to attract gamblers to play on your casino and it's normal because to promote a new casino is not cheap.

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Quote from: emberbekas on August 23, 2018, 02:32:59 PM

Agree. Building a gambling site is a competition because there are already established gambling sites that can attract many visitors. The capital needed is of course not just to build it. To attract more people, through advertising, to use it will certainly cost a lot.

Competition is existing and not only to bitcoin casino's but everywhere.

There's no certain amount for the total cost of operation but it should be huge if the owner wants to gather more gamblers all over his casino. It depends on the maximum and limit of total winnings that one can withdraw.

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Quote from: wxa7115 on August 10, 2018, 09:31:48 AM

Quote from: nds407 on July 28, 2018, 05:03:12 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.

The costs of running a casino are greater than just having a big amount of capital to pay your players, there are too many expenses, like the servers, customer support, paying for the creating of new and interesting games that bring people to your casino and probably one of the biggest expenses of all which is marketing.

This industry like almost all of them is full of competition with casinos that have been established for a long time in fact if you take a look you will notice that some of the longest running signature campaigns in the forum come from casinos and this is not really surprising because the moment you stop promoting your casino then another casino begins to take new players that could have played in your casino if you did not stopped the promotion.

Yes that is right that there is a lot of competition between casino, if you want to open a successful casino for that you have to provide more facilities to their customers and only then they may be like to visit your online casino and play gambling there.

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Quote from: ethereumhunter on August 24, 2018, 01:19:32 AM

Quote from: checkmatesir on August 23, 2018, 03:38:45 AM

Quote from: ethereumhunter on August 03, 2018, 08:16:33 AM

I think it will be a big money to create a bitcoin casino especially if you want to promote your casino so it can reach more player to come to your site and play the games. you need to have many games in your site so you can attract more gamblers to play in your site but it's not guaranteed that you can get many players that will stay at your site. I don't know how much bitcoin that you should prepare to create the gambling site plus the promotion because it depends on what do you want on the gambling site.

It is a game of big investors, I do not think that is so easy to create your own casino and them run it so smoothly to make it a successful one. I think that for that you need to have a lot of money, may be countless. There are so many other necessary factors which are too much important for running a casino.

yea, I think with big money, he can be able to make something that will different than the other casino and he can attract more gambler to visit on his gambling site and play the games. this is why that I am saying that maybe he needs much money to crease gambling site or to buy gambling site from other people because he needs to adjust the site so the site can look different than before and the gambler will stay for a long time.

Well for starters you have to really spend on promotions and bonuses to attract initial customers and also on things that will really put a mark on these people since your first customers will likely be the ones to spread word and reviews. Im all you really would need to spend a lot.

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Quote from: nydiacaskey01 on August 23, 2018, 09:56:27 PM

Quote from: Initscri on August 02, 2018, 11:41:32 PM

Quote from: Symphonized on August 01, 2018, 11:34:49 PM

I see so many interesting answers, but i keep saying (at some other topic with almost same question):
- You should ask to other successfull Cassinos as well

I doubt any would give any true secrets away, and anything they would tell you would be publicly available or already posted on threads like this.

There is no secret actually on running a successful casino. It's almost the same as running a regular site, its just that you need to pour more money on site security. But there is one not so secret formula on keeping up with other competitors and that is to continue to improve your service. If in 2018 you are providing the same kind of service that you are offering way back 2016 then you will be left behind by other online casinos.

The security of the funds is very much important in the gambling sites because there are some big whale payers only deposit their money if they can have them safe and withdraw at any time without any restriction,but OP now needs to concentrate on specific reputed games other than including all the games which make the cost more wider,it will be better if he can stick with one game and make it better in all terms which can provide the profits once the players started to play.

iv4n

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Quote from: nydiacaskey01 on August 23, 2018, 09:56:27 PM

Quote from: Initscri on August 02, 2018, 11:41:32 PM

Quote from: Symphonized on August 01, 2018, 11:34:49 PM

I see so many interesting answers, but i keep saying (at some other topic with almost same question):
- You should ask to other successfull Cassinos as well

I doubt any would give any true secrets away, and anything they would tell you would be publicly available or already posted on threads like this.

There is no secret actually on running a successful casino. It's almost the same as running a regular site, its just that you need to pour more money on site security. But there is one not so secret formula on keeping up with other competitors and that is to continue to improve your service. If in 2018 you are providing the same kind of service that you are offering way back 2016 then you will be left behind by other online casinos.

To run a casino you need a lot of money, a lot more then a lot. Like you said casino owners needs to invest a lot in security, in games, support, in the end the bigger bankroll will attract big players, bigger bankroll will save casino owner from disaster. If some whale come and win what will casino do? Running casino is not an easy thing to do, the bigger you wish to be, more money you need, I doubt that this guy have that money. I have seen many similar topics here, with similar question, people wish to be owners of big casinos, but who have that money will not come here to ask about how to open casino. There are consulting companies, they cost a lot but they deliver a lot, without a good team nobody can start a big company.

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Quote from: checkmatesir on August 23, 2018, 03:38:45 AM

Quote from: ethereumhunter on August 03, 2018, 08:16:33 AM

I think it will be a big money to create a bitcoin casino especially if you want to promote your casino so it can reach more player to come to your site and play the games. you need to have many games in your site so you can attract more gamblers to play in your site but it's not guaranteed that you can get many players that will stay at your site. I don't know how much bitcoin that you should prepare to create the gambling site plus the promotion because it depends on what do you want on the gambling site.

It is a game of big investors, I do not think that is so easy to create your own casino and them run it so smoothly to make it a successful one. I think that for that you need to have a lot of money, may be countless. There are so many other necessary factors which are too much important for running a casino.

yea, I think with big money, he can be able to make something that will different than the other casino and he can attract more gambler to visit on his gambling site and play the games. this is why that I am saying that maybe he needs much money to crease gambling site or to buy gambling site from other people because he needs to adjust the site so the site can look different than before and the gambler will stay for a long time.

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Quote from: Initscri on August 02, 2018, 11:41:32 PM

Quote from: Symphonized on August 01, 2018, 11:34:49 PM

I see so many interesting answers, but i keep saying (at some other topic with almost same question):
- You should ask to other successfull Cassinos as well

I doubt any would give any true secrets away, and anything they would tell you would be publicly available or already posted on threads like this.

There is no secret actually on running a successful casino. It's almost the same as running a regular site, its just that you need to pour more money on site security. But there is one not so secret formula on keeping up with other competitors and that is to continue to improve your service. If in 2018 you are providing the same kind of service that you are offering way back 2016 then you will be left behind by other online casinos.

Theb

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Obviously this question needs to be answered by your partners and not in this forum. But to give you an idea starting your own Bitcoin casino will need a lot of money especially your bankroll needs to be sufficient for high rollers because you don't want that to be drained with just one day. Also maybe observing some gambling sites might help becauae you can actually see all of the player's bets and results with their provably fair system.

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Quote from: emberbekas on August 23, 2018, 02:32:59 PM

Quote from: el kaka22 on August 23, 2018, 12:15:09 PM

If you have to ask this question, obviously you are not ready to start your own website.

If someone asks how much they need to start a gambling website, they are not ready yet. I had my own dice website once, there was this moneypot script that allows you to start your own dice website and I agreed with a developer friend of mine, paid him well and made that script into something good looking and started it, it kinda got traction a wee bit but in the end when there are websites that spends x1000 of your earnings into advertisement, there is no way you can start your own and get more people because people tend to flock to the biggest names, which as a gambler myself I do it too.

Hence, if you are new you need to have a huge bankroll just for advertisement let alone anything else.

Agree. Building a gambling site is a competition because there are already established gambling sites that can attract many visitors. The capital needed is of course not just to build it. To attract more people, through advertising, to use it will certainly cost a lot.

If he doesnt have a good audience as well those topics will be out of his reach.
He will not even be able to get so many people for sustaining it.

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Quote from: el kaka22 on August 23, 2018, 12:15:09 PM

If you have to ask this question, obviously you are not ready to start your own website.

If someone asks how much they need to start a gambling website, they are not ready yet. I had my own dice website once, there was this moneypot script that allows you to start your own dice website and I agreed with a developer friend of mine, paid him well and made that script into something good looking and started it, it kinda got traction a wee bit but in the end when there are websites that spends x1000 of your earnings into advertisement, there is no way you can start your own and get more people because people tend to flock to the biggest names, which as a gambler myself I do it too.

Hence, if you are new you need to have a huge bankroll just for advertisement let alone anything else.

Agree. Building a gambling site is a competition because there are already established gambling sites that can attract many visitors. The capital needed is of course not just to build it. To attract more people, through advertising, to use it will certainly cost a lot.

el kaka22

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If you have to ask this question, obviously you are not ready to start your own website.

If someone asks how much they need to start a gambling website, they are not ready yet. I had my own dice website once, there was this moneypot script that allows you to start your own dice website and I agreed with a developer friend of mine, paid him well and made that script into something good looking and started it, it kinda got traction a wee bit but in the end when there are websites that spends x1000 of your earnings into advertisement, there is no way you can start your own and get more people because people tend to flock to the biggest names, which as a gambler myself I do it too.

Hence, if you are new you need to have a huge bankroll just for advertisement let alone anything else.

earnadoge

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I think they use kelly formula, so 10 grand would cover 100 dollar max bet at 2x with 1% house advantage. There's gotta be information on how the casino's are ran from financial perspective somewhere, to help you squeeze the most out of your bank. I've seen dice sites with really small max bet, so they are operating on a really small bank. So you can start with any bank as well, and can calculate your max bet, if you feel your max bet is too low, gotta increase the bank, and you know by how much by using the formula. Accepting investments from players within the game can boost your max bet, and profit share with the players. Allowing players to invest small amounts that can be divested without fee, can boost bank as well.

Betwrong

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Quote from: Kprawn on July 29, 2018, 07:17:54 AM

There have been quite some number of people who asked this same question before, so if you browse a bit on this forum, you will get some pretty good answers. You should not just be worried about the "Winners" pot of money, but also about the money that must be used for marketing and promotions. The gambling scene is very competitive and a lot of people are hiring hackers to sabotage other people's casinos. {DDoS attacks}, so you should also get people to beef up your security. Wink

This is a great advice. For some reasons people launching new online casinos don't pay due consideration to marketing, while it is very important for the success of their business. If you need a raw estimation, I can tell you about the bottom limit, or rather about a pretty significant sum of money which appeared to be not enough for the successful operation. A friend of mine opened an online poker site last year and 3 months later he decided to abandon the business on the grounds of lacking cost-effectiveness. He told me that he spent $15k overall and that his site had maximum 50 players online at its peak, most of whom were promotion abusers. Imo his site failed because of the poor marketing, and a good marketing requires good money. So, if you don't have much more than $15k I suggest you to not even start because most likely you will just lose the money.

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Quote from: ethereumhunter on August 03, 2018, 08:16:33 AM

I think it will be a big money to create a bitcoin casino especially if you want to promote your casino so it can reach more player to come to your site and play the games. you need to have many games in your site so you can attract more gamblers to play in your site but it's not guaranteed that you can get many players that will stay at your site. I don't know how much bitcoin that you should prepare to create the gambling site plus the promotion because it depends on what do you want on the gambling site.

It is a game of big investors, I do not think that is so easy to create your own casino and them run it so smoothly to make it a successful one. I think that for that you need to have a lot of money, may be countless. There are so many other necessary factors which are too much important for running a casino.

Ganbound

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Quote from: darkangel11 on August 03, 2018, 03:56:05 PM

It's possible to start a casino with a small bankroll, provided that you limit people from betting high. This will of course limit your earnings as well because you won't give chance to high rollers and basically make them look for another site. Those people are rare but they do exist and I've seen people gamble away a couple BTC in a single day. So, in short, you start with little money, you earn little money. The more you have the more you can potentially earn.

I think that no one will like to play with you if you will make people limited. They want to play gambling in such casinos where they can play without having any limit. I think it requires a lot of money if you want to run a gambling casino so smooth.

jacee

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Quote from: wxa7115 on August 10, 2018, 09:31:48 AM

This industry like almost all of them is full of competition with casinos that have been established for a long time in fact if you take a look you will notice that some of the longest running signature campaigns in the forum come from casinos and this is not really surprising because the moment you stop promoting your casino then another casino begins to take new players that could have played in your casino if you did not stopped the promotion.

Promotions/marketing is indeed vital for a casino to continue on growing their community. Signature campaign isn't the only thing to be considered tho. Funds should also be allocated in social media marketing and other website ads. One example of a well manage gambling site is primedice. They offer awesome promotions in a form where people needs to play in their site to get an awesome prize.
I haven't seen a casino does that yet. Maybe they should consider it, to increase traffic on their sites.

mikyadel

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Getting starting in bitcoin casino industry isn't just about some bankroll whether it's 3 btc or 300 nor it's about setting up a fantastic design with an unbreakable security measures .
this might have been the case couple of years ago , but right now there are already many established websites which you should think what's your edge here over them . why would someone go to your new website instead of other ones ?!

wxa7115

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Quote from: nds407 on July 28, 2018, 05:03:12 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.

The costs of running a casino are greater than just having a big amount of capital to pay your players, there are too many expenses, like the servers, customer support, paying for the creating of new and interesting games that bring people to your casino and probably one of the biggest expenses of all which is marketing.

This industry like almost all of them is full of competition with casinos that have been established for a long time in fact if you take a look you will notice that some of the longest running signature campaigns in the forum come from casinos and this is not really surprising because the moment you stop promoting your casino then another casino begins to take new players that could have played in your casino if you did not stopped the promotion.

Zocadas

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Buying a casino site without the necessary background and basic knowledge of capital is comparable to a financial destruction command. And to calculate, how much you need to beeing able for proper winning payouts is still the least problem in this situation. Do you even know, whether there are no debts from preowner to his customers? Do you know the legal requirements - taxation - licenses and so on.

coinplus

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Quote from: nds407 on July 28, 2018, 05:03:12 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.

The initial capital required must be depending on the business level, first of all buying a turnkey bitcoin casino website is the most trustworthy thing you will do in your entire life. You need to trust that person with everything you have in your life since they might have a backdoor to actually rob all of your and your customers money.

But, lets assume for now that you trust that person that sold you a turnkey bitcoin casino and all you need to worry about the first days. Well of course it depends on how much you let them gamble, since a casino that allows people to gamble with 100 bitcoins at a slot machine will lose more than a casino that allows them to gamble with 1 bitcoin at max.

A blackjack with 100 btc betting will lose more as a result than a blacjack that has 1 bitcoin at maximum. If you ask me, in order to start slow you can have 100 bitcoin saved up on the side and don't allow people to bet big so you can be sure you will not run out of money.

CryptoGamblingSites

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Quote from: nds407 on July 28, 2018, 05:03:12 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.

Do everyone a favor and don't launch a casino that nobody needs or asked for. There are too many already.

sweetbet

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I thought about it in the past but decided against it. The legal costs of setting up an online casino, finding a hosting service for it, automating deposits and withdrawals, marketing costs, etc, would be way too much for one or a handful of people.

darkangel11

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Don't let others control your BTC -> self custody

It's possible to start a casino with a small bankroll, provided that you limit people from betting high. This will of course limit your earnings as well because you won't give chance to high rollers and basically make them look for another site. Those people are rare but they do exist and I've seen people gamble away a couple BTC in a single day. So, in short, you start with little money, you earn little money. The more you have the more you can potentially earn.

ethereumhunter

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I think it will be a big money to create a bitcoin casino especially if you want to promote your casino so it can reach more player to come to your site and play the games. you need to have many games in your site so you can attract more gamblers to play in your site but it's not guaranteed that you can get many players that will stay at your site. I don't know how much bitcoin that you should prepare to create the gambling site plus the promotion because it depends on what do you want on the gambling site.

Initscri

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Quote from: Symphonized on August 01, 2018, 11:34:49 PM

I see so many interesting answers, but i keep saying (at some other topic with almost same question):
- You should ask to other successfull Cassinos as well

I doubt any would give any true secrets away, and anything they would tell you would be publicly available or already posted on threads like this.

adaseb

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Quote from: Juggy777 on July 30, 2018, 07:41:36 AM

I don't know what's a minimum figure but I would easily keep 500 - 1000 btc aside and I know it's a very high amount but I have seen big whales play that high and once they come they need quick payout. Secondly you'll need a good budget for security, upgrades and most of all marketing your site, I would advise you to see how the pros do it before you jump in.

This isn't 2015 anymore where BTC was $200 and everybody had 500-1000 BTC in their cold storage. At $7500 you are talking about $3.75 million up to $7.500 million. Even if he had that much money, he wouldn't risk it all on a casino.

Like everybody said here before. You need to find ways to manage risk like limit the bet size. The way greed works its difficult. Because many casinos want people to risk more since they have a greater chance of making a profit with the house edge; but it can also clean them out.

You want a perfect example, look at what happened earlier this week with the OKEx $500million dollar liquidation long position. The guy was long about 50K BTC and the position was liquidated and there wasn't enough buyers and its still sitting in the orderbooks and every profitable short trade might have to take a loss. This is a perfect example of how badly OKEx has managed risk.

Symphonized

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I see so many interesting answers, but i keep saying (at some other topic with almost same question):
- You should ask to other successfull Cassinos as well

shield132

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Quote from: Kprawn on July 29, 2018, 07:17:54 AM

There have been quite some number of people who asked this same question before, so if you browse a bit on this forum, you

will get some pretty good answers. You should not just be worried about the "Winners" pot of money, but also about the

money that must be used for marketing and promotions. The gambling scene is very competitive and a lot of people are hiring

hackers to sabotage other people's casinos. {DDoS attacks}, so you should also get people to beef up your security. Wink

This last one is really popular, especially on casino that's in my signature. But to be fair this means casino is so great and top that others have left nothing but a ddos to give them a headaches.
OP what's about your question, I can say that everything depends on your aims. There are casinos which are in shadow and have some regular players and there are others which are in top. If you want to be in top, then you need a lot of money. Becoming famous is very hard, a lot of marketing activity is needed, it's another question how you'll ROI. There are really a lot of factors, it's not a thing we can say in one word. Remember! You need a team to take care of your casino + develop it.

mostkey

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Before you go too far by consolidating the preparation from every aspect and requiring a lot of people to manage it so that there is no inconvenience to the services provided to the user, all other people's suggestions become a reference to complement the quality it finds, not sure exactly what budget is needed but it's all very expensive, by including more skilled people I think can minimize spending in design, of course there will be risks in the game, I hope you have thought about the level of security to maintain the trust of others.

Initscri

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As mentioned, it's hugely dependent on many variables.

For example:

- What's the target audience
- How much traffic do you expect at the beginning of the site
- Are you planning on using investors/implementing an investor program
- Development wise, who's developing the site. Is it just a simple dice site, or are there many games?

Realistically, you can also program maximum bets when starting sites to protect your jackpots. It won't impress users, but it's just a simple reality if you're limited on winning funds.

BitcoinArsenal

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Quote from: BitcoinNewbie15 on August 01, 2018, 10:20:05 AM

I also want to add, what would happen if someone won a large jackpot on day one? That could potentially wipe out your bankroll completely, and if you refuse to payout, you lose you're reputation and any chance of having a successful gambling site.

When launching a casino, the jackpot usually has a small size of lets say 1 BTC for each game and gets bigger with each game made. Thus, the starting capital for the jackpots can be well calculated. As a rule, 0.02 to 0.05% of the bet goes into the jackpot, depending on the casino's prize draw. The longer it is not hit, the bigger it gets.

BitcoinNewbie15

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Quote from: Indamuck on August 01, 2018, 07:49:25 AM

Quote from: nds407 on July 28, 2018, 05:03:12 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.

It will be very difficult to start a new casino. There is a lot of competition and you may struggle to stand out against the crowd. If you are seriously considering this you need to look at all the problems you may face: security issues, government compliance, angry customers, cheaters, abusers, etc. It's a lot to think about and spend a long time thinking about your decision.

I also want to add, what would happen if someone won a large jackpot on day one? That could potentially wipe out your bankroll completely, and if you refuse to payout, you lose you're reputation and any chance of having a successful gambling site.

OP I believe you would need to do this gradually. Start out will small amounts and small rewards, and do giveaways or something of the like to increase your userbase. As your user base grows you should adjust the rates accordingly.

BitcoinArsenal

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Running a casino needs a lot of background knowledge about the industry and how it all works. Alone to provide security and trust for the gamblers and customers of your casino. Since you are asking this fundamental question here, I assume that you do not have this knowledge. That's why I would stay away from it or look for a partner who knows how it works.

Indamuck

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Quote from: nds407 on July 28, 2018, 05:03:12 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.

It will be very difficult to start a new casino. There is a lot of competition and you may struggle to stand out against the crowd. If you are seriously considering this you need to look at all the problems you may face: security issues, government compliance, angry customers, cheaters, abusers, etc. It's a lot to think about and spend a long time thinking about your decision.

maydna

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Quote from: ginellis on August 01, 2018, 03:27:47 AM

Quote from: maydna on July 30, 2018, 05:17:50 AM

Quote from: nds407 on July 28, 2018, 05:03:12 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.

how about 5-10 bitcoin for start? and if it's too big for you, maybe you can use 1-3 bitcoin because it still a new gambling site and you need to proves to many people that your site is really good. you need to think about how you can protect your members, your site from the attacker, you need to think about the promotions for your site too. I don't have an idea about how much the prizes because it depends on yourself.

That is such a big amount of money, and I think that only experienced people can take the risk to invest such a big amount of money for opining a online casino. In fact no one know that what is going to happen in future either it will become succeeded or not what will be the gamblers response therefore I think that it is not so easy to start and run a gambling site.

that is for small gambling site and maybe he needs more than just 3 bitcoin because there are many things that he needs to prepare and not just register the domain and hosting. and like you said, no one knows if his site can get success or not and it will need more effort to stay online in the gambling business because he needs to always maintain the site and secure the site from the rivals. but I also think that there is no exact amount of money to create one gambling site.

crwth

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Quote from: ginellis on August 01, 2018, 03:27:47 AM

Quote from: maydna on July 30, 2018, 05:17:50 AM

Quote from: nds407 on July 28, 2018, 05:03:12 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.

how about 5-10 bitcoin for start? and if it's too big for you, maybe you can use 1-3 bitcoin because it still a new gambling site and you need to proves to many people that your site is really good. you need to think about how you can protect your members, your site from the attacker, you need to think about the promotions for your site too. I don't have an idea about how much the prizes because it depends on yourself.

That is such a big amount of money, and I think that only experienced people can take the risk to invest such a big amount of money for opining a online casino. In fact no one know that what is going to happen in future either it will become succeeded or not what will be the gamblers response therefore I think that it is not so easy to start and run a gambling site.

I don't think 5 - 10 btc would be enough to cover everything that players are going to play. I'm not sure about opening casinos online but having that small of a bankroll is not good. I also agree that it's hard to run a casino site knowing that it is possible to be hacked. You need promotions that would make you expense a lot more money.

ginellis

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Quote from: maydna on July 30, 2018, 05:17:50 AM

Quote from: nds407 on July 28, 2018, 05:03:12 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.

how about 5-10 bitcoin for start? and if it's too big for you, maybe you can use 1-3 bitcoin because it still a new gambling site and you need to proves to many people that your site is really good. you need to think about how you can protect your members, your site from the attacker, you need to think about the promotions for your site too. I don't have an idea about how much the prizes because it depends on yourself.

That is such a big amount of money, and I think that only experienced people can take the risk to invest such a big amount of money for opining a online casino. In fact no one know that what is going to happen in future either it will become succeeded or not what will be the gamblers response therefore I think that it is not so easy to start and run a gambling site.

Juggy777

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I don't know what's a minimum figure but I would easily keep 500 - 1000 btc aside and I know it's a very high amount but I have seen big whales play that high and once they come they need quick payout. Secondly you'll need a good budget for security, upgrades and most of all marketing your site, I would advise you to see how the pros do it before you jump in.

eternalgloom

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You definitely need to make sure that you have someone on standby to respond to any support requests, don't forget to include that into your budget.
As for casino bankroll, I'd make sure that you have at least enough to pay out the maximum win amount X100 or so.

jacee

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Quote from: Kprawn on July 29, 2018, 07:17:54 AM

There have been quite some number of people who asked this same question before, so if you browse a bit on this forum, you

will get some pretty good answers. You should not just be worried about the "Winners" pot of money, but also about the

money that must be used for marketing and promotions. The gambling scene is very competitive and a lot of people are hiring

hackers to sabotage other people's casinos. {DDoS attacks}, so you should also get people to beef up your security. Wink

OP should also include the funds for maintenance, security and bonuses along with marketing and promotions.
@OP I suggest that you get yourself a team to helo you with your site and think on how you can compete against well known and reputable casinos now.
Some new casinos I know failed to continue their site because they can't really offer anything new to the community and they failed to get people interested enough to stay.

just_Alice

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Quote from: nds407 on July 28, 2018, 05:03:12 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.

There are a lot of factors on which the resulting cost will depend, such as your software (which is incredibly important, you don't want to cut corners on that one) and security system. Your website should be simple for new users and attractive at the same time, plus it must command confidence, safety. Good software prices range between $10-15k. Obviously, you will need a license - not less than $15k per year too. Also you will need at least 5 employees for starters and consider lash out on promotion some decent money, if you don't want to make all your work go unseen. Altogether - about $40k to launch a website. The rest depends on how many and what kind of games you'll have there. I'd suggest you to make some variety here, this will bring more profit. Paying to winners - surprisingly that's not the thing that matters at first. I've seen some decent and popular gambling casinos, where hundreds of people spent plenty of time on poker tournaments the reward of which were about 10 USD. If you can attract people then you'll be able to pay people with money that others spent on your games.

maydna

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Quote from: nds407 on July 28, 2018, 05:03:12 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.

how about 5-10 bitcoin for start? and if it's too big for you, maybe you can use 1-3 bitcoin because it still a new gambling site and you need to proves to many people that your site is really good. you need to think about how you can protect your members, your site from the attacker, you need to think about the promotions for your site too. I don't have an idea about how much the prizes because it depends on yourself.

Kprawn

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There have been quite some number of people who asked this same question before, so if you browse a bit on this forum, you

will get some pretty good answers. You should not just be worried about the "Winners" pot of money, but also about the

money that must be used for marketing and promotions. The gambling scene is very competitive and a lot of people are hiring

hackers to sabotage other people's casinos. {DDoS attacks}, so you should also get people to beef up your security. Wink

leowonderful

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Yep, you can set parameters such as maxwin (1% or less is normal) so you don't lose too much in the beginning, but at the end of the day you still need a significant bankroll as you never know when a whale's going to gamble on your site or not. There's a hell of a lot of factors going into this, and there's no one definitive answer to this.

Devans' post sums up a suggested beginning dice gambling site's bankroll well below. You can certainly start with less funds, but you'll also have to adjust your max win whilst doing so to minimize risk and losses, and this may discourage some people from playing.

Quote from: devans on July 05, 2018, 08:00:58 AM

Assuming you don't want to risk more than is mathematically optimal, you can calculate the required bankroll for a dice game depending on the most you would like to allow players to win in a single bet and your game's house edge. For example, to offer a maximum profit per bet of 0.5 BTC with a house edge of 1%, a bankroll of 0.5 BTC / 1% = 50 BTC is necessary.

sunsilk

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Does your casino will have a specific game to focus with or you'll have a set of different games?

It really depends on how much you've got, you can have some terms on minimum/maximum deposits and withdrawal so you won't be surprised if a whale plays to your casino and won that much.

There are the same threads before.

How much bankroll do I need to start a dice site?

Should I start gambling site?

5o5kY

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It depends a lot on the user base you realistically expect, which means investing money in a marketing team which could give a very rough percentage of how many users you will have in x months since launch... which also depends on how much you are willing to invest in the actual marketing... Also (if the games are not framed), you shouldn't expect massive wins to payout to your users since all casino games are basically impossible to beat...but...

In other words:

if you start only with slots and 3D roulette and any other game that couldn't be beaten by the beautiful collective human mind, I would say 2 to 3 BTC should get you covered for the first 12 months, since I doubt you will see the success of a big casinos so early.

If you add, Hold'em, blackjack and any other game that could be in the control of players in any way, I would say 10 to 15 BTC should be ok.

Good luck with your bussiness!

nds407

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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.

Topic: Bitcoin Casino Question (Read 2052 times)