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

devans

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Coin Dropper asked how much money is needed specifically for the bankroll, so I'm not sure why everyone is speculating about licensing, development and marketing costs.

Quote from: kryptqnick on July 25, 2018, 07:18:28 AM

Quote from: devans on July 05, 2018, 09:00:58 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.

People say this formula is solid, but isn't it supposed to depend on the number of users somehow? Surely we have to set limit for a maximum bet amount, but if we have 10 players on the website and one of them one on a 10% chance then it's one thing, while if there is a hundred players, then the potential win is bigger and the bankroll is supposed to cover it. Yes, we can expect that more people means more money waged and often lost, but probability can be tricky and one might on the early stage of casino's development suddenly get lucky, no?

No, as long as the maximum profit per bet is never exceeded, the number of users doesn't affect the risk to the bankroll. From the perspective of the house, it just receives bets one after the other. How quickly those bets are made or from how many players they come doesn't matter. Since the optimal risk is relative to the bankroll, the house is guaranteed to never risk too much, even if players are lucky.

Restricting the maximum bet size doesn't impact the expected bankroll growth either. For example, bustadice allows wagers of any size that don't attempt to win more than the maximum profit. If you wanted to you could place a 1,000 BTC bet and it would be perfectly safe for the house to accept.

Symphonized

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Quote from: mikyadel on July 26, 2018, 01:11:21 AM

bankroll is only one factor when considering starting a new dice site especially now where there are many good reputable sites ,the market seems a bit saturated ! . you need first to determine your target audience like do you want a site which attract only whales or normal people who can be happy to win .01btc ! Also you should consider putting some budget for marketing as without it no one will ever know of the website even if it's great.

Hum very interesting approach as i've stated before.
Just diversify to make something new from out of the ordinary that people expect.

mikyadel

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bankroll is only one factor when considering starting a new dice site especially now where there are many good reputable sites ,the market seems a bit saturated ! . you need first to determine your target audience like do you want a site which attract only whales or normal people who can be happy to win .01btc ! Also you should consider putting some budget for marketing as without it no one will ever know of the website even if it's great.

milewilda

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Quote from: Coin Dropper on July 05, 2018, 07:57:41 AM

How much BTC do I need as a bankroll to start a dice site? (Excluding development)

Just on my own words or just basing on my own plans if i would tend to create. Then it would be sufficient on having a minimal of 10BTC yet this would be a good start up and normally you would set out maximum bets basing on what your bankroll can handle not only focusing on few amount of players but you should set out directly for bigger numbers so that you can estimate or calculate on how your bankroll can sustain.

Quote from: Dice-Bet on July 25, 2018, 12:40:12 AM

If you get investors onboard you probably don't need anything.

If you can manage to accumulate or do seek out investors then it would make your job more easier but i would still prefer to go solo.

spiker777

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The amount of bank roll you start with is less relevant than you might think. What is more relevant is the maximum bet size and win amount. This can be scaled up or down depending on your bank roll. However, in order to look professional so as not to appear to be a scam, I'd say a respectable amount would be 10 BTC. Of course this could be lower, but would you really trust a dice site with $500 bank roll?

Minus7point5

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You would need to have this idea on your own before asking other people mate.
Just with the license can be more than 50,000 USD so you need to have some extra money laying around or find other investors.

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Quote from: devans on July 05, 2018, 09:00:58 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.

People say this formula is solid, but isn't it supposed to depend on the number of users somehow? Surely we have to set limit for a maximum bet amount, but if we have 10 players on the website and one of them one on a 10% chance then it's one thing, while if there is a hundred players, then the potential win is bigger and the bankroll is supposed to cover it. Yes, we can expect that more people means more money waged and often lost, but probability can be tricky and one might on the early stage of casino's development suddenly get lucky, no?

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Quote from: btctalk4life on July 24, 2018, 11:37:27 PM

Quote from: Coin Dropper on July 05, 2018, 07:57:41 AM

How much BTC do I need as a bankroll to start a dice site? (Excluding development)

There is no exact number of how many bitcoins you need to open a new dice site, maybe 50-100 bitcoins. It's depend though, if you have many players you need more big bankroll. For early start, maybe you only need 10-25 btc.

I agree that you need a lot of Bitcoin in order to have a great experience for people. Winning and losing would have an impact in your casino and as long as you continue with it, it’s going to be okay. I suggest to have a great GUI and solid program to have a meaningful game. No cheaters, beware of it.

Dice-Bet

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If you get investors onboard you probably don't need anything.

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Quote from: Coin Dropper on July 05, 2018, 07:57:41 AM

How much BTC do I need as a bankroll to start a dice site? (Excluding development)

There is no exact number of how many bitcoins you need to open a new dice site, maybe 50-100 bitcoins. It's depend though, if you have many players you need more big bankroll. For early start, maybe you only need 10-25 btc.

Juggy777

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There can be no definitive answer to this, as it'll depend on how much funds you have, what plans you have from your site. What are your competitors doing in the same region, what is your target audience are they happy. Then you'll need in house team that's able to give support within 12 hours, and graphic designers who can play and make it happening. Visit other sites and understand it.

wxa7115

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Quote from: devans on July 05, 2018, 09:00:58 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.

This is correct, the problem for a new casino are not the players making low bets but a whale coming in and betting big and winning so as long as you keep the maximum bet low then you have nothing to worry, now if you do not have that money for your bankroll you can do what many casinos did in the past, accept some investors, they will add to your bankroll and the overall risk of going bankrupt will go down with it, the real problem is to gain popularity in a market which has many good casinos already, but it is possible to do it if you invest your time in creating an attractive website and put a huge effort marketing your site in the forum and in social media sites.

cluit

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Quote from: Coin Dropper on July 05, 2018, 07:57:41 AM

How much BTC do I need as a bankroll to start a dice site? (Excluding development)

A LOT. I don't mean just by development as well, development should require INSANE amount of man hour put into it for it to be different from others and make you entertaining enough so that gamblers would prefer you over others. Than you will need to spend money on security which will be really expensive. Than you will need to spend money on marketing.

This is one of the highest ones. Almost all websites have signature campaigns nowadays, from casinos to altcoins to tokens and so forth. You will have to spend so much money that I can't even begin to talk about it but even with just these, you can see that its HUGE.

Symphonized

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If you reach some conclusion let us know Wink

Im happy to ear those points you have reached out and share with us Tongue

Devawnm367

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It depends on what the max bet allowed is Starting out a bitcoin dice site I would advise to have 50 to 100 Btc before even attempting, If you have any jackpots or anything like that on your site I would advise having atlease 3 to 500 times your largest prize!

tabas

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Quote from: supermine on July 06, 2018, 01:25:01 PM

Quote from: tabas on July 06, 2018, 12:41:34 PM

Quote from: Coin Dropper on July 05, 2018, 07:57:41 AM

How much BTC do I need as a bankroll to start a dice site? (Excluding development)

You can check bitvest as an example and see how much it's bankroll. Currently it has an average bankroll of 1,387 BTC.

For most of the people who want to start gambling site will afraid to invest high capital like these and also I don't think he will compete with the site like bitvest which is one of the more reputed site.Anyway I think he looks for the minimum amount to stat the dice site as per the above replies it depends on the maximum rewards on that site.

Waiting for his response on what he can say with the suggestion of most on the thread he created. If he don't want to start gambling site without that much bankroll, he's running a business that isn't solid for long run.

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Quote from: SyGambler on July 05, 2018, 04:56:01 PM

Quote from: Coin Dropper on July 05, 2018, 07:57:41 AM

How much BTC do I need as a bankroll to start a dice site? (Excluding development)

there is no perfect answer the more you have compared to the max win the safer you will be , but as devans stated 1% max win should be fine
it doesn't necessarily means that you should offer 0.5 BTC max profit , some sites offer lower than that like 0.1 or even lower

and you can of course run an investor based site when you basically take no risk at all but you will profit way less

Then again, for sites that do this, they have a LARGE issue attracting the best sorts of investors -- which are the whales that bet massive amounts of money. I would think a max min of 1 percent is fine, though if your bankroll is below 100 bitcoin I couldn't see you being able to attract too many whales. I don't think anyone wants to be betting for under 1 bitcoin if you're betting large amounts.

Bankroll is only one part of the site though, you're probably going to need a large amount of capital to have the site developed, company setup fees in an offshore island (depending on where you live, though you're probably going to need this), hosting fees and so on and so forth. You're probably looking at spending around 20k in original setup fees and such.

Not something which is going to be easy to do, plus you're going to have to be different then the REST of the competition - which there is many -- I do hope that whatever you decide to do works out. Goodluck!

mostkey

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Quote from: Shinpako09 on July 05, 2018, 10:33:42 PM

This has been discuss many times but to tell you, consider all things you need, 100btc isn't enough to make a dice site plus it's hard to compete with those established gambling sites. You can have a high chance of surviving in this industry if your bankroll is good but if yours is just right, don't expect too much.

Yes of course that is not a good way where today more and more established and professional sites in gambling, trusted and famous are not easy, try to prepare more mature again to perfect your desired intention, money issue I think you are great at managing it.

supermine

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Quote from: minime0105 on July 06, 2018, 06:07:12 PM

Quote from: rollburst.com on July 05, 2018, 07:51:05 PM

Now the competition is really high for BTC dice sites. There are many biggies with 1000 BTCs of bankroll. Why don't you focus on a dice site with other coins?

I totally agree. Perhaps it would be better to look at other coins such as ETH, as its the second coin after BTC, and to get the numbers right you first need to consider how much your house edge should be as per the formula mentioned previously.

I don't think it is a good strategy to start a site without bitcoin,which was the most acceptable and used crypto of all time.En he can avoid other coin from his list but never the bitcoin so he need to invest the amount based on the rewards he is going to issue.Bitcoin gambling sites are the best when comparing any even if the time to process the transaction is bit slower because anyone who is doing gambling for money so when he want to cashout he need to convert it into bitcoin first when he gets the rewards on altcoins.

minime0105

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Quote from: rollburst.com on July 05, 2018, 07:51:05 PM

Now the competition is really high for BTC dice sites. There are many biggies with 1000 BTCs of bankroll. Why don't you focus on a dice site with other coins?

I totally agree. Perhaps it would be better to look at other coins such as ETH, as its the second coin after BTC, and to get the numbers right you first need to consider how much your house edge should be as per the formula mentioned previously.

darkangel11

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You can set up a gambling site with low bankroll and limit the max bet people can make. Most people bet low, usually below 0.001 BTC, and it's not low bets that can screw you but a whale coming and crashing the party betting a couple BTC with high odds.
IMO the bankroll would end up being a small problem compared to gaining popularity in this saturated market. Gamblers rarely switch to another site and newcomers are greeted with an overwhelming amount of reviews and banners of established businesses.

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Quote from: Shinpako09 on July 05, 2018, 10:33:42 PM

This has been discuss many times but to tell you, consider all things you need, 100btc isn't enough to make a dice site plus it's hard to compete with those established gambling sites. You can have a high chance of surviving in this industry if your bankroll is good but if yours is just right, don't expect too much.

Yeah, also saw this topic asking and make gambling site. As what have devans said the owner of two gambling site 50 bitcoin you can start your own bankroll and have a gambling site. But in my own that it is a good bankroll if you have 100 bitcoin to use and remember not only bitcoin currency you may use in gambling then, you must try other altcoins too, more altcoins in choosing option deposit much better.

supermine

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Quote from: tabas on July 06, 2018, 12:41:34 PM

Quote from: Coin Dropper on July 05, 2018, 07:57:41 AM

How much BTC do I need as a bankroll to start a dice site? (Excluding development)

You can check bitvest as an example and see how much it's bankroll. Currently it has an average bankroll of 1,387 BTC.

For most of the people who want to start gambling site will afraid to invest high capital like these and also I don't think he will compete with the site like bitvest which is one of the more reputed site.Anyway I think he looks for the minimum amount to stat the dice site as per the above replies it depends on the maximum rewards on that site.

tabas

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Quote from: Coin Dropper on July 05, 2018, 07:57:41 AM

How much BTC do I need as a bankroll to start a dice site? (Excluding development)

You can check bitvest as an example and see how much it's bankroll. Currently it has an average bankroll of 1,387 BTC.

Shinpako09

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This has been discuss many times but to tell you, consider all things you need, 100btc isn't enough to make a dice site plus it's hard to compete with those established gambling sites. You can have a high chance of surviving in this industry if your bankroll is good but if yours is just right, don't expect too much.

rollburst.com

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Now the competition is really high for BTC dice sites. There are many biggies with 1000 BTCs of bankroll. Why don't you focus on a dice site with other coins?

BillCoin

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It's all depends what is the max bet your are going to offer, you need to have atleast 20 times more bankroll then the highest amount of money that someone could receive from one roll.
For an example, if maximum bet is 0.1btc on 10% roll, then you should have something around 18-20 bitcoins in your bankroll so in case of someone that bet max and win you won't have a very decent loss, and also you will be able to cover a large amount of max-bets in a case of bad luck.

Always make a spread so you won't feel that you are dangerously close to losing your whole funds.

Symphonized

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Well it also depends on the community you're going to have immediatly after being online.
If you get some hackers right away, you might be scared off since they will probabily something bad and your business can drop bottom.
Try first focusing into security and then focus into that.
My suggestion is: the max you can afford to lose for your starting company. Since the money you're investing it might already be lost at the start or by luck someone busts big and you win more.

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Quote from: Coin Dropper on July 05, 2018, 07:57:41 AM

How much BTC do I need as a bankroll to start a dice site? (Excluding development)

Aside from the advise from the guy who own 2 dice sites and posted right below you. But also take into consideration site security. I have seen sites that is doing well but targeted hackers or DDOS attackers that slows down the site, this turns off visitors making them look for other sites to play with.

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Quote from: Coin Dropper on July 05, 2018, 07:57:41 AM

How much BTC do I need as a bankroll to start a dice site? (Excluding development)

Not only to start dice website but you have to have team of developers which will always try to fix bugs, develop game, improve some things and of course take care of DDOS attacks, this last one become very popular these says.
It's hard to determine money because it also depends on how much will be max winning. Also how will you negotiate with your team members. Some prefer fixed wage, others prefer share.

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Quote from: Coin Dropper on July 05, 2018, 07:57:41 AM

How much BTC do I need as a bankroll to start a dice site? (Excluding development)

there is no perfect answer the more you have compared to the max win the safer you will be , but as devans stated 1% max win should be fine
it doesn't necessarily means that you should offer 0.5 BTC max profit , some sites offer lower than that like 0.1 or even lower

and you can of course run an investor based site when you basically take no risk at all but you will profit way less

St4yInTh3D4rk

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Quote from: devans on July 05, 2018, 09:00:58 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.

I think this answer is enough for OP because he is the owner of the two reputed dice site now. Cheesy

Anyway having more reward in the single bet will attract players towards it so you can calculate as per the formula above mentioned by devans.

devans

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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.

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How much BTC do I need as a bankroll to start a dice site? (Excluding development)

Topic: How much bankroll do I need to start a dice site? (Read 358 times)