How much initial startup to Start Cryptocurrency Casino? - page 4.

coin-investor

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Quote from: casinodevservices on December 07, 2022, 06:29:11 AM

Quote from: acroman08 on December 07, 2022, 05:36:59 AM

Quote from: casinodevservices on December 07, 2022, 04:17:46 AM

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?

Development cost is about 3k, I can make one for you, dm me on here or discord digby#9927
All these people who say "1 million or 300k" have no experience. I can answer your real questions.

Lol, did you even read some of the conversations? people who say $300k or $1 million are not just talking about the development cost. opening a decent online casino is expensive though it is still nothing compared to when opening a physical casino. also, the OP is not planning on making a casino he is just simply asking how much capital is needed to open a crypto casino.

In my experience people have started crypto casinos with about 15k at most, mainly because they dont need to worry about laws. Starting a licensed casino is significantly more expensive and, as you said, a physical casino would probably be in that millions area yes.

Really can you prove that, all the articles I read about launching an online casino cost anywhere from $400k to over $1 million can you give me a breakdown of what a $15k can set up, let's take out the licensed part only the script, the software provider and reserves that $15k is good only for a month-long promotion of a casino

Quote from: casinodevservices on December 07, 2022, 04:17:46 AM

Development cost is about 3k, I can make one for you, dm me on here or discord digby#9927
All these people who say "1 million or 300k" have no experience. I can answer your real questions.

Well this is a big challenge for you, make a breakdown and prove those articles and experts that they are wrong and you are right lets see what you can come out.

Jawhead999

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Since I never create a startup especially on casino industry, so I don't have any idea how much it's cost to create good and well prepared casino. You can start as low as $100 by just creating poor site, hosting a bad URL and add your own game, I've seen new casinos usually like this. But of course no one will want to visit your casino since there's nothing can attract them. At least you must create a casino with short and interesting URL, have 2-3 gambling providers, slick UI/UX, and welcome bonus.

casinodevservices

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Quote from: acroman08 on December 07, 2022, 05:36:59 AM

Quote from: casinodevservices on December 07, 2022, 04:17:46 AM

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?

Development cost is about 3k, I can make one for you, dm me on here or discord digby#9927
All these people who say "1 million or 300k" have no experience. I can answer your real questions.

Lol, did you even read some of the conversations? people who say $300k or $1 million are not just talking about the development cost. opening a decent online casino is expensive though it is still nothing compared to when opening a physical casino. also, the OP is not planning on making a casino he is just simply asking how much capital is needed to open a crypto casino.

In my experience people have started crypto casinos with about 15k at most, mainly because they dont need to worry about laws. Starting a licensed casino is significantly more expensive and, as you said, a physical casino would probably be in that millions area yes.

Trasher Travis

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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?

The most important parts of the Casino Gambling idea are the Casino Software and the Marketing. Presenting a mind blowing casino platform with highly interactive web app and putting most of the efforts on the marketing part would make the idea a success with more funds inflow.

I myself a web app(crypto based) developer, the s/w won't cost that much as mentioned in the other replies, but it is important to have an highly efficient gambling s/w with top notch security as it involves cryptos.

If you want to discuss about the Casino Gambling web app, you can reach me to my telegram : Travis_BZ we can discuss if you interested to now more. My Git: https://github.com/trashertravis

acroman08

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Quote from: casinodevservices on December 07, 2022, 04:17:46 AM

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?

Development cost is about 3k, I can make one for you, dm me on here or discord digby#9927
All these people who say "1 million or 300k" have no experience. I can answer your real questions.

Lol, did you even read some of the conversations? people who say $300k or $1 million are not just talking about the development cost. opening a decent online casino is expensive though it is still nothing compared to when opening a physical casino. also, the OP is not planning on making a casino he is just simply asking how much capital is needed to open a crypto casino.

casinodevservices

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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?

Development cost is about 3k, I can make one for you, dm me on here or discord digby#9927
All these people who say "1 million or 300k" have no experience. I can answer your real questions.

mindrust

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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?

If you don’t have an idea of starting a casino from scratch, even a million USD might not be enough. $100k is definitely not going to be enough for everything imo. What’s your casino’s bankroll going to be? $50k? No serious gambler will want to play there. $100k maybe enough for your education about this business but it is not enough to start a serious casino. That’s because you will have lots of hidden costs which you can’t even imagine now. There are much better, easier, safer businesses which you can invest your $100k and still can make decent returns.

Mauser

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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?

That is a bit hard to answer. I don't think there is a fixed number that is going to cover all your expenses and possible withdrawals, because of so many variables in the gambling industry. First of all, are you planning to work all alone on the casino or do you need employees? It can be quite expensive if you hire support staff, IT specialist that run the website and casino for you, and a security system to make sure there are no leaks and your money is save. The more people that work for you the higher your monthly running cost and your 100k USD could spent quickly. Another factor that can be quite expensive is advertising cost. It depends on how fast you want to grow your casino, to attract a large number of gamblers you need to run some ads to promote your casino. All this will be initial cost that only after a few month will be recovered by money made from your casino. And the last big factor is your bankroll to cover potential outflows. It could happen that a whale plays at your casino, becomes lucky and wins 50k USD. That would ruin your bankroll and needs to be addressed quickly. It's probably better to make sure that you other monthly income that you could rely upon to cover potential outflows.

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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?

Although $100,000 may appear to be a large sum, there are other factors to consider. My first question is if you are the founder. Do you have developers that will create the software and websites for you? These are quite important for your casino, if you don't have any, you will spend more than that, believe me, because you'll pay them to create them for you, and you may even conduct a bounty test after the design to check for loopholes and beta testers. You can't expect a casino gambling with money to run smoothly at the start, you'll have to conduct a lot of cross examination.

You mentioned promotions, which are another way to entice customers and players to your casino, but using that budget wouldn't be sufficient because, for example, if you promised a player a 200% or 300% deposit and they all made deposits totalling $300k, how do you intend to raise the remaining funds? Remember that it is not all the players will lose if indeed your casino is fair, you would go bankrupt and might even be forced to close down. I advise you to secure more funds before launching your gaming business.

maydna

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Quote from: qwertyup23 on December 06, 2022, 05:56:04 PM

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?

Creating and operating your own cryptocurrency casino can be very expensive. Apart from the capital you have to set-aside for your games, you have to purchase licensing agreements with the government of your country in order to operate legally. In addition to that, you have to purchase your own domain, hire a set of employees for your operations, create your own website (or hire a person to do so), and advertisements for promotions and exposure.

Personally, this kind of space is relatively crowded as there are tons of cryptocurrency gambling websites available on the market. You also have to be different from each website in order to attract users with your own unique style and promotions.

If we talk about starting a business, especially if it is a gambling business, we will talk about a large amount of money that we cannot imagine. We can only talk about the estimated money we can prepare to start a business, but that number can be greater than we are talking about. The most important thing about the casino is the license factor, which might be expensive because the license will make people who believe that our business is valid and trustworthy. If he wants to start a gambling business, he must be able to find a different uniqueness from other casino sites because that makes gamblers curious and want to try to play gambling at our casino.

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Quote from: Johnyz on December 06, 2022, 07:08:54 AM

Quote from: Reatim on December 06, 2022, 05:01:30 AM

Quote from: crzy on December 05, 2022, 04:32:42 PM

That $100k capital would be enough to start a crypto casino, maybe you just need to budget everything and focus more on creating a great platform and a great marketing system, or else that money will just be wasted. You can also start looking for an investors if you already finished doing your site, it will not be easy at first but if you are able to create a good name already, I’m pretty sure everything will be ok.

if the limit of betting is smaller than normal then 100k maybe enough because if someone hits jackpot then this wont be enough to pay them . or at least several people wins good amount together so the release of winning will be higher than expected.
but what i want to learn is that if OP is interested in bringing a casino site? or this is just a question of curiosity ?

Probably an idea for his future plans, making a good site will always needs a lot of money because you have your point here that if someone win the jackpot, how the site will pay that player if they have a limited funds especially if there's still a few gambler on their site. $100K is good for a small gambling site with a winning limit, this is not easy though because a gambling site is not just about the capital, it also needs a great team.

that is exactly my point here , imagine that how much amount would they need to carry once there is a huge winning ? because even if not expected Luck will be there and wins will comes out.
better for them to be ready than to send nothing when the players need to withdraw and they will accused of being cheater just to save themselves from paying.

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Quote from: Baofeng on December 06, 2022, 06:00:00 PM

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?

Online casino? hmm, not sure if $100k will be big enough, though, you will need to hire some good developers and then the infrastructure and the support group as well. What if there is some whales who won big in your casino in the beginning?

And then you will have to promote it somewhere, here or own other social media platforms.

For me, it will take around $1 million at least cash on hand to be able to function in the next couple of months or years without any hitch.

$ 1 million is probably needed to make and operate a casino, especially if it is a new casino unknown to people.
As the casino owner, we must think that the costs will be very high, especially the casino and I have read what is conveyed by @tokeweed about the calculations needed to make the casino and run it.
It almost reached $ 2 million, which was a very large amount for the casino owner, which was why only a few people wanted to make a new casino.
The calculation can be even more if the casino owner wants to buy a premium domain where the price of the domain can be many times than buying a new domain.

Baofeng

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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?

Online casino? hmm, not sure if $100k will be big enough, though, you will need to hire some good developers and then the infrastructure and the support group as well. What if there is some whales who won big in your casino in the beginning?

And then you will have to promote it somewhere, here or own other social media platforms.

For me, it will take around $1 million at least cash on hand to be able to function in the next couple of months or years without any hitch.

Koadharber

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Quote from: tokeweed on December 06, 2022, 09:42:49 AM

Quote from: aioc on December 06, 2022, 09:13:31 AM

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?

A casino operator and casino software operator would not even consider $100k as a good capital to start a good casino, it could just go to the allotment for the winners and marketing I read one article that

Quote

You will also have to provide around $200,000 to $300,000 to cover large payouts when players win.

so that $100k alone is for large payouts as your reserves of course you should expect profit but you need a reserve for payouts, go check this article https://studybreaks.com/thoughts/how-much-does-it-cost-to-start-an-online-casino/

The cost of running a casino could go up to $2 million and the minimum should be at least $1 million for a decent casino that will gain support from gamblers you check the article I provided for the breakdown of the cost.

This one says that it would cost around 1.8 million USD to start one. That's a lot. For that kind of money I'd rather start something else like a small candy company or a small brewery for gourmet beer. Lol.

Here's a break down of the costs from the article:

Software package – $250,000 and up
License – $125,000 more or less depending on the country
Website – $3,000 and up
Payment processor per year – $240,000
Staff – $150,000 or more
Reserve fund – $500,000
Marketing and Affiliate payments – $600,000

https://www.businessfirstonline.co.uk/other-articles/how-much-would-it-cost-to-open-an-online-casino-business/

^ That's no joke. No wonder some sites take a long time before they pay out some people who hit a jackpot. They were prolly still trying make the money to pay out. Lol.

I dont know if this one would be accurate or just really that too much when it comes to those prices considering that licensure wont really be that taking that much but well i dont have much idea on what are the
exact numbers but i do believe these estimates might be near or too far but in expense of having 1.8M at least is realistic but they should consider out on taking a huge allocation when it domes to
on sites bankroll and reserve so that they would really be that capable on paying up their players in case they do hit up big and wont be ending up on scamming out users
because they hadnt the money for them to pay up.

qwertyup23

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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?

Creating and operating your own cryptocurrency casino can be very expensive. Apart from the capital you have to set-aside for your games, you have to purchase licensing agreements with the government of your country in order to operate legally. In addition to that, you have to purchase your own domain, hire a set of employees for your operations, create your own website (or hire a person to do so), and advertisements for promotions and exposure.

Personally, this kind of space is relatively crowded as there are tons of cryptocurrency gambling websites available on the market. You also have to be different from each website in order to attract users with your own unique style and promotions.

blockman

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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?

$100k is a good start but that won't be sufficient once the big gamblers get in, you'll have to be ready with any possible big wagers and big wins that they'll get.
Yes, that's the truth in operating casinos. It's not just all about the house winning at most times but also some gamblers will manage to win big and you have to be prepared for it. As said, it's just a good start but if you keep on that capital you have to limit the jackpots and wagers that your potential gamblers will do.

DoublerHunter

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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?

^Initial capital which means you have a backup capital aside from this because running a gambling casino is too expensive, and if you won't have enough budget in your pocket it could be your project will fail. The $100k to start is not enough I think, first thing first that you need when starting a casino.
The number problem is purchasing online casino software, which is if you will hire a developer for this but I don't know how much the cost and next is, building a website which is very important to have complexity on the website and then license in your casino which is I think it depends which jurisdiction that do you like, Curacao is the most common license as of now. Next is hiring staff and then the last one is marketing. So how would you budget that $100k for the whole operation? If that is initial and you have a backup fund, that is a good start.

Mahanton

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Quote from: OgNasty on December 06, 2022, 02:16:28 PM

There are people who crowdfund such expenses, but that's probably the worst thing you could do. I say it's better to build using your own money, even if you have to limit bets in the beginning and have very few games. You don't want to be the guy that borrows a ton of money to start an online casino, gets hacked, and then has people chasing you for money the rest of your life. Be unique, offer a better experience, and grow slowly. That's the way to succeed if you want my opinion. Don't take a lot of risks, especially because other people's money is involved. Just do your best and build something great without relying on others.

That should how someone build out a business which it would be always preferred on being that sole owner rather than on having investors or having corporations which i could say that it is really that hassle on overall.
Also, when you do tend to search up for some funding here on crypto space then there's no way you could find one.The nearest or the possible thing you could reach out is to ask on having a loan in a bank
but with those huge amounts then you should make yourself that eligible because banks couldnt lent out those amounts easily without any assurances.
Some business owners are really that too much in rush on making themselves profitable or generating huge income without trying to realize that it should really be on slow pace at least.

OgNasty

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There are people who crowdfund such expenses, but that's probably the worst thing you could do. I say it's better to build using your own money, even if you have to limit bets in the beginning and have very few games. You don't want to be the guy that borrows a ton of money to start an online casino, gets hacked, and then has people chasing you for money the rest of your life. Be unique, offer a better experience, and grow slowly. That's the way to succeed if you want my opinion. Don't take a lot of risks, especially because other people's money is involved. Just do your best and build something great without relying on others.

Zackgeno96

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You have technical costs. And you also have to think about a possible permit, for example. You could also set up the business without a permit, but I think many customers would then drop out. Since this is a question only about crypto casino, you could also start it without an official license. I don't know the going rates off the top of my head, but you actually need a lot more money as you also need a bankroll to pay out the players. If you don't, you will get a bad reputation and the whole project will be a waste of money. 200k seems like the minimum to start as a budget.

Topic: How much initial startup to Start Cryptocurrency Casino? - page 4. (Read 948 times)