How much initial startup to Start Cryptocurrency Casino?

Lanatsa

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Quote from: chaser15 on December 19, 2022, 04:20:37 PM

Quote from: Cookdata on December 19, 2022, 03:39:29 PM

I can see that some people are recommending millions of dollars, which is not necessary in my opinion. You should start a casino with a small capital as a test and have more saved up as backup instead of investing millions of dollars in a casino you don't fully understand its market yet. Do more study, OP, and reject some of the suggestions.

I'm also with the idea that it is really not necessary to have a million dollars to start a casino but as you mentioned if OP doesn't fully understand the market around gambling then even with small capital, don't make an attempt yet to start a casino.

Spend time doing more study as operating a casino live should not be a TEST.

You are not allowed to do some testing here when it now involved the money of your users. At least, when it's now operational time and the casino is now live, OP already knows those important matters, especially the spending part.

Testing phase is something shouldnt really be done too much considering about the expense that would be used up which is something we dont really like to spend up more.Its true that this isnt talking about

million dollars but rather be pertaining about on how to make people get interested with your platform not only with the design but also into the games offered.Yes, weve seen lots of similar platforms
offering the same games all over again and again but surprisingly there are still people who do still get end up on being hooked up.
So this does proves out that it all matters with offering and on how you would be able to make people get interested into your platform.

chaser15

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Quote from: Cookdata on December 19, 2022, 03:39:29 PM

I can see that some people are recommending millions of dollars, which is not necessary in my opinion. You should start a casino with a small capital as a test and have more saved up as backup instead of investing millions of dollars in a casino you don't fully understand its market yet. Do more study, OP, and reject some of the suggestions.

I'm also with the idea that it is really not necessary to have a million dollars to start a casino but as you mentioned if OP doesn't fully understand the market around gambling then even with small capital, don't make an attempt yet to start a casino.

Spend time doing more study as operating a casino live should not be a TEST.

You are not allowed to do some testing here when it now involved the money of your users. At least, when it's now operational time and the casino is now live, OP already knows those important matters, especially the spending part.

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Quote from: FanEagle on December 19, 2022, 02:20:32 PM

The hardest part is to have the cash aside to keep it going. I mean think about it this way, you would have to not only spend money, but you would have to have a lot of money to cover the betting wins as well, and that is a huge amount too. It's not really easy to start a casino, I tried it back in the day with the casino funds being covered by another place, so I was just making a profit, and even with that it was near impossible because there are too many casinos and doing marketing is not easy at all.

I assumed if I could only do the free ones, and then get some people and use their money to do more marketing, but even that didn't work because you can't get people from free marketing.

It's like in any other competitive market. You have to find something that will make you different and interesting in a crowd of other projects, let people know that you're there, which means a lot of advertising, and offer them a fast and safe experience, so good security, provably fair games, fast servers, quick withdrawals, good support.
It all costs money. The only thing where you can cut corners is the bankroll because you can make max bets low and play it safe.

Cookdata

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Quote from: SirJohnVonSlotty on December 19, 2022, 04:29:47 AM

Imagine the amounts Stake does on its sponsorship deals Cheesy

Stake is one of the biggest Casinos I know, so you can't compare it to a start-up that is still assembling its pieces. I know that STake invests a lot in sponsorships and collaborations, and seeing their advertisements here and there shows how they stand out from the competition. Drake is just one example, and I believe it has something to do with casino equity. Making relationships with business tycoons and influencers that are liquid even if your company is still in the early stages or on the verge of failure is essential if you want to succeed in business.

I can see that some people are recommending millions of dollars, which is not necessary in my opinion. You should start a casino with a small capital as a test and have more saved up as backup instead of investing millions of dollars in a casino you don't fully understand its market yet. Do more study, OP, and reject some of the suggestions.

Viscore

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Quote from: FanEagle on December 10, 2022, 04:56:52 PM

A good one? Millions of dollars at least. The world is filled with people who think they can start a casino for 10 thousand dollars, and it is true that it can be made for that much money but then you would neither have any money left for in case someone wins big, and you wouldn't have any left for marketing as well.

To be at the levels of stake, sportsbet.io, roobet, rollbit, and many alike at the top of the crypto gambling world, then you really need at least a million dollars, so that you could start at that level, offer big rewards, and do great marketing as well. Just last year, Stake gave Everton 10 million a year for jersey sponsorship, imagine that.

Well, having a huge amount like millions will definitely ensure a competitive casino just like the reputable casinos we have at the current. But to think that OP is still starting, I may think that $100k is just fit enough to build a casino with minimal games and promotions, and of course some bonuses that will attract more users to play. And as long as the operators are good and competitive enough, always update their casino system with the trends today and keep up with the finances, then most likely in the end, this casino will eventually prosper and will become a big time casino in the future.

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Quote from: Hispo on December 05, 2022, 03:04:40 PM

I am not an expert, but I assume 100k would be enough to start a small casino, some small advertisement because with that amount you would need to give priority to keep the security of the website in good shape, have a healthy money reserve to pay your clients, etc.

So if you keep your expectations low during the first years, hire able people with experience on casinos and and slowly make your treasury grow, you could eventually move onto more wide advertisement campaigns and more games. That's my opinion.

Keep in mind the competence is hard in this business, tho.

I bet $100k is just good enough for a small casino, and with small variants of game as you are still in the beginning process and would still exert a lot of effort first so you can sustain with your business. And to think that this type of business is a lot more common so the competition will be also tight. So you need to have a strong and experienced team that will help you to make your business grow. Maybe if you see your profits is already growing, then you can add more bonuses and promotions too to keep your casino at its edge.

FanEagle

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The hardest part is to have the cash aside to keep it going. I mean think about it this way, you would have to not only spend money, but you would have to have a lot of money to cover the betting wins as well, and that is a huge amount too. It's not really easy to start a casino, I tried it back in the day with the casino funds being covered by another place, so I was just making a profit, and even with that it was near impossible because there are too many casinos and doing marketing is not easy at all.

I assumed if I could only do the free ones, and then get some people and use their money to do more marketing, but even that didn't work because you can't get people from free marketing.

jostorres

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Quote from: wxa7115 on December 19, 2022, 02:25:50 AM

Quote from: sempak on December 16, 2022, 03:10:30 PM

There is no fixed amount. And it also depends on which companies you want to do business with. For example, there are companies that offer an Igaming platform for a certain amount, but then you will also have to pay Revenue share every month. And there could be just a minimum of that. You really have to hope that you are profitable in the beginning and that players do not win too much money. Because if you have to pay a lot, your budget can go through quite quickly. But you also have to cover yourself for certain risks and betting limits for customers.

Business owners know that recurring costs are what can really make difficult to keep their business afloat, as expenses which are a one time deal while expensive can be easily dealt with if you plan far ahead.

But recurring costs, like rent, utilities or salaries can consume your working capital very quickly, and this can be incredibly problematic for a casino as not only they need to pay for all of that, but a casino also needs to have a huge bankroll which they have to use to pay their customers if they win.

I think the recurring cost you are talking about mainly applies to the offline businesses but business owners can save a lot of expenses if they will only do their operations online like for example an online casinos won't be needing to pay a rent for a space anymore although the ones that they will pay or rent this time is the hosting service.

The utility bills are going to decline because they can now operate in the comfort of their own homes, as well as the salary because there will be no need for a lot of staffs but they will only hire a few for the costumer support and maybe one that will develop the games. A huge bankroll may be optional for a while since they are still small. They will only need to put limits if how much the players can win.

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Quote from: el kaka22 on December 16, 2022, 01:42:21 PM

The point is that you have to pay curacao, you have to pay for virtual offices, and you have to have a minimum bankroll as well. Curacao is of course easier, but none of that is the hardest part, that is the easiest part if you ask me.

The hardest part is marketing, as someone who worked within marketing before, I can tell you that there is no limit to how much you can pay for it, you could pay 100 bucks per month on marketing, or 100 million a year, both are valid and could be spent, and nobody would say "where should we use all this money for marketing", it's all gone, within first days, because you just hire big influencers and celebs and it's all gone. So that is the biggest capital requirement, not the license.

Imagine the amounts Stake does on its sponsorship deals Cheesy

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Quote from: sempak on December 16, 2022, 03:10:30 PM

There is no fixed amount. And it also depends on which companies you want to do business with. For example, there are companies that offer an Igaming platform for a certain amount, but then you will also have to pay Revenue share every month. And there could be just a minimum of that. You really have to hope that you are profitable in the beginning and that players do not win too much money. Because if you have to pay a lot, your budget can go through quite quickly. But you also have to cover yourself for certain risks and betting limits for customers.

Business owners know that recurring costs are what can really make difficult to keep their business afloat, as expenses which are a one time deal while expensive can be easily dealt with if you plan far ahead.

But recurring costs, like rent, utilities or salaries can consume your working capital very quickly, and this can be incredibly problematic for a casino as not only they need to pay for all of that, but a casino also needs to have a huge bankroll which they have to use to pay their customers if they win.

Sandra_hakeem

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Quote from: fennic on December 05, 2022, 01:09:03 PM

Hi guys I wanted to ask some of big family members who have experience in crypto and also in gambling. But my experience is not good in gambling.
If someone wants to start a Gambling casino online with Cryptocurrency than how much money is needed. I think that 100k dollars initial capital would be enough to satrt a better casino. Cause we have to promote and also do other such promotions.
So what are your thoughts?

Everything depends on the standard of what you're setting out, the mindset of the Masses that will patronize you and the Budget that you have...as much as I understand; you can't do anything beyond your budget because -- how's that even possible?? So I'd advise you to better stoop low ....and secondly, what casino?? Online? Or you're getting a shop to set up equipments? Ofcourse, both would still have some bunch of luxurious project in them.... So I'd advise that you determine which one in particular.... You'll need to create a site with a valid domain (that's cost money) -- if it's online based... I'm making emphasis on that cus that's what I prefer

Sandra 🧑‍🦰

Hispo

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Quote from: el kaka22 on December 16, 2022, 01:42:21 PM

-snip-

The hardest part is marketing, as someone who worked within marketing before, I can tell you that there is no limit to how much you can pay for it, you could pay 100 bucks per month on marketing, or 100 million a year, both are valid and could be spent, and nobody would say "where should we use all this money for marketing", it's all gone, within first days, because you just hire big influencers and celebs and it's all gone. So that is the biggest capital requirement, not the license.

It is still about having a budget and hire someone who can get the maximum yield out of it, I assume.
You must know more about it than I do, since you have worked in marketing before. There are different ways to spend a 100k budget or a 100 million one and a good marketing expert can me the difference between a wasteful campaign or a highly effective one (which accomplishes the objectives).

Also, I am not an expert but I think the effectiveness of a campaign is supposed to be measured by the number of deposits or active users some time after the deployment of the campaign, isn't it?

sempak

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There is no fixed amount. And it also depends on which companies you want to do business with. For example, there are companies that offer an Igaming platform for a certain amount, but then you will also have to pay Revenue share every month. And there could be just a minimum of that. You really have to hope that you are profitable in the beginning and that players do not win too much money. Because if you have to pay a lot, your budget can go through quite quickly. But you also have to cover yourself for certain risks and betting limits for customers.

erep

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Quote from: coupable on December 15, 2022, 08:04:49 AM

In any type of investment, the bigger the budget, the better. However, this does not mean that projects cannot be launched without providing an initial budget covering future years. $100,000 can be divided to launch the casino for six months, and the profits are added to the capital to cover another period. There are casinos that have succeeded in launching their own token, and other casinos enable investors to obtain a return from the profits of the platform in exchange for amounts deposited in the form of investments.

Launching their own casino tokens does not get much support from investors because they have experience holding casino tokens without high profits and instead suffer losses due to the influence of the crypto market, casino funds will not be used to invest in crypto because of the risk of adding other losses except for having funds saved in BTC for withdrawing funds from gamblers.

roslinpl

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Most the people with good money had involved in gambling. Because gambling will give them a fun by betting money into it. Most of the people new to the gambling also can participate in the gambling games by the minimum budget of 20$ to learn and get some strategy for the gambling. Once you set the strategy for the game, they can implement by the gambling with the next budget of the 50$ and then further increase the investment and make a step by step profit to earn the money. Now the gambling with the crypto currency will had huge gambling sites. So the strategy is essential one for the crypto currency gambling.

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The point is that you have to pay curacao, you have to pay for virtual offices, and you have to have a minimum bankroll as well. Curacao is of course easier, but none of that is the hardest part, that is the easiest part if you ask me.

The hardest part is marketing, as someone who worked within marketing before, I can tell you that there is no limit to how much you can pay for it, you could pay 100 bucks per month on marketing, or 100 million a year, both are valid and could be spent, and nobody would say "where should we use all this money for marketing", it's all gone, within first days, because you just hire big influencers and celebs and it's all gone. So that is the biggest capital requirement, not the license.

BitcoinGirl.Club

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Quote from: coupable on December 15, 2022, 08:04:49 AM

In any type of investment, the bigger the budget, the better.

It's not necessary always. Every platform has it's saturation point. Just because you have huge budget does not mean you will have to spend it excessively. Wisely distribute it to different channels to bring better result.

Chipmixer proved to be different though LOL. I have no idea why they are spending so much in their signature campaign while even with 150$ a week payment would get them all these campaigners on board. The cost could go half per week. But in anyway, one will only guess that they have few hundred thousands of BTC so they don't mind charity 🤣

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Quote from: coupable on December 15, 2022, 08:04:49 AM

Quote from: BitcoinGirl.Club on December 07, 2022, 12:39:54 PM

Quote from: electronicash on December 07, 2022, 12:31:30 PM

the 100k initial capital OP is saying is probably just putting a casino up and running. getting it to be successful is the most challenging for it needs more funds.

Let's say $2k weekly budget for bitcointalk signature campaign. That's $8k per month. With $100k it's only one years budget. How about others. The main source of traffic are the advertising networks where you will need to spend a lot of money. Affiliates will bring your clients but without massive advertising from the company itself, affiliates will not show interest too.

In any type of investment, the bigger the budget, the better. However, this does not mean that projects cannot be launched without providing an initial budget covering future years. $100,000 can be divided to launch the casino for six months, and the profits are added to the capital to cover another period. There are casinos that have succeeded in launching their own token, and other casinos enable investors to obtain a return from the profits of the platform in exchange for amounts deposited in the form of investments.

It really depends on the market of their casino and even though they already have spent $100k it does not mean that it will be successful. Having a good promotion is really a must as also customer service if a player needs some help with their funds and navigation of the website.

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Quote from: BitcoinGirl.Club on December 07, 2022, 12:39:54 PM

Quote from: electronicash on December 07, 2022, 12:31:30 PM

the 100k initial capital OP is saying is probably just putting a casino up and running. getting it to be successful is the most challenging for it needs more funds.

Let's say $2k weekly budget for bitcointalk signature campaign. That's $8k per month. With $100k it's only one years budget. How about others. The main source of traffic are the advertising networks where you will need to spend a lot of money. Affiliates will bring your clients but without massive advertising from the company itself, affiliates will not show interest too.

In any type of investment, the bigger the budget, the better. However, this does not mean that projects cannot be launched without providing an initial budget covering future years. $100,000 can be divided to launch the casino for six months, and the profits are added to the capital to cover another period. There are casinos that have succeeded in launching their own token, and other casinos enable investors to obtain a return from the profits of the platform in exchange for amounts deposited in the form of investments.

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Quote from: Slow death on December 11, 2022, 09:51:34 AM

Quote from: SirJohnVonSlotty on December 08, 2022, 11:36:26 AM

For the Curacao that you mentioned, you need to have an office in Curacao and the site needs to be hosted in Curacao, with minimum bankroll requirements.

your post made me laugh a lot because I kept asking myself: this office they ask to be in curacao, will the authorities of curacao go to those offices to do some inspection or does it just take someone to say that there is an office in curacao so they already believe, why with so many scam casinos i've seen? I doubt that the scam casinos or many of them have an office in Curacao, now about other requirements I also don't know if the casinos can meet them, and to be more honest I even think that everything is done online and there isn't so much bureaucracy, because I'm not to see most people going to curacao to get license from casinos. maybe i'm wrong

I need to double check to be honest, but I wouldn't be surprised if it can be opened up virtually. Regardless of that, you still need to have presence in Curacao.

Topic: How much initial startup to Start Cryptocurrency Casino? (Read 970 times)