How much initial startup to Start Cryptocurrency Casino? - page 5.

Smartprofit

legendary

Activity: 2338

Merit: 1775

Catalog Websites

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?

It seems to me that the initial capital of 100,000 dollars will not be enough to create a profitable online casino.

Online casino is a very competitive type of business. At the same time, a lot of online casinos are already very well-known, having regular and loyal players - customers.

To promote such a business project from scratch, you need a lot of money (at least $ 500,000).

At the same time, it is advisable to find a business consultant in this area with experience in creating such a casino. This will allow you not to make stupid mistakes and not spend money without benefit.

Casdinyard

hero member

Activity: 2184

Merit: 891

Leading Crypto Sports Betting and Casino Platform

Quote from: darkangel11 on December 05, 2022, 01:53:47 PM

There are a few questions you want to ask yourself like what types of games will there be available, how much advertising do you want, what's your max bet going to be?You can set up a casino for $10k but you'll have to keep everything low. Little to no advertising, preferably just one or 2 games available, very low bets, preferably some altcoins worth cents as people test it out...

There's probably no upper limit to where you could take this. If you decide to spend a million, you will spend a million and get live dealers, a lot of promotion, streamers testing you out live, forum sig campaigns and all that.

Agreed, although I don't really think a $10k capital for a casino won't cut it. You have to take into account that if you're not gonna do all the heavy coding yourself, you'd need to finance someone who will, that alone could cost you upwards of around $3k for a competent developer. Not to mention that on top of this you would need to fund the casino to offer rewards to winners, otherwise you'd look like a sham and a fraud in front of the people who are betting on your site. I'd say approximately around 20k upwards would cut it. Like you said, minimal advertising, low bets, altcoins for dirt cheap. You can probably fit in a couple more games in there considering you'd have to pay the coder on a project basis but that's about it.

justdimin

hero member

Activity: 3164

Merit: 675

www.Crypto.Games: Multiple coins, multiple games

Quote from: Don Pedro Dinero on December 06, 2022, 03:18:05 AM

if you don't have much gambling experience, I don't know where you get the figure from, but from the answers you can see that it's OK if you're talking about a low budget casino.

I don't know if you're half serious about setting one up. Apart from setting it up, like setting up the website and keeping it running, you will have to think about what currencies you are going to accept, how many people you are going to have working, what promotions to implement to attract customers and retain those who have already tried the casino, etc. It's not just a matter of initial investment, then you have to keep it running.

Building a casino is easier than ever these days. You could just hire a developer if you ever want to, but this means that you will have to pay something to that person, or if you know how to then you could do it yourself. All these games comes from oddmakers and that usually means that there are main places that gives you the games, you can have 5000 games on your website, no problem, in a few weeks.

However, the real cost happens later on, to get all these customers because let's be honest, it's very very difficult to convince people to gamble on your casino, there are millions out there and why would people pick yours over any other casino? That is why marketing is the biggest cost.

SirJohnVonSlotty

hero member

Activity: 616

Merit: 565

#NeverForgetGoba

Quote from: cabron on December 06, 2022, 11:10:04 AM

The marketing is where he might spend more of it because it's going to be a constant battle against the bigger casinos who just kept paying for the ad networks and campaigns. Its costly.

Yes and no.

The "no" part: You have a dedicated player base that exclusively plays on new casinos, this is why affiliates have sections for "new casinos".
The "yes" part: Imagine being a new crypto casino going against Stake, that's a bummer Cheesy

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

Quote from: bitbollo on December 06, 2022, 11:01:09 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?

as any business... you have to carefully evaluate what expenses you have to face otherwise you risk easily going over budget.
I think the best way to answer this question is to have a project plan for your site.
start calculating the amount that is asked of you for the various expenses.
and last but not least you must also take into account which budget is allocated as cash flow to pay the bettors.

Can't break it down in detail but the license alone will already cost $20.000.
And then there is the domain which I think if he really can be serious about it will cost big as well, let's just presume $10.000 for a premium domain and then a yearly server and then the casino script and a programmer to pay to harden its security holes.

The marketing is where he might spend more of it because it's going to be a constant battle against the bigger casinos who just kept paying for the ad networks and campaigns. Its costly.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

A hundred thousand dollars is enough to start a casino in it self, with this amount of money, I believe one can hire well qualified and highly professional developers and programmers who would build something really outstanding.

But then, the reality is that it doesn't end there, taking a look at what the user I quoted below mentioned..

Quote from: Kecil-Kecilan on December 05, 2022, 01:18:33 PM

How much about script, servers, license, office, regulation, team, promotion and etc.

It is eminent that a hundred thousand dollars won't go far, setting up a standard casino with all the good features and many games, plus license and every thing required to really attract serious gamblers would require a much more higher amount of money, but like every other business out there, one can always start small and expand while growing.

bitbollo

legendary

Activity: 3276

Merit: 3537

Nec Recisa Recedit

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?

as any business... you have to carefully evaluate what expenses you have to face otherwise you risk easily going over budget.
I think the best way to answer this question is to have a project plan for your site.
start calculating the amount that is asked of you for the various expenses.
and last but not least you must also take into account which budget is allocated as cash flow to pay the bettors.

348Judah

hero member

Activity: 714

Merit: 521

We need to understand that crypto casinos aren't like the banks that will hodl your money down and be making business with it, they will always render your winnings to you as long as you have meet up with their demand which is most time kyc related and regarding crypto casinos they need finances not only to start but to also maintain thier consistency with gambling, this will help the casino last in operation with quality standards.

SirJohnVonSlotty

hero member

Activity: 616

Merit: 565

#NeverForgetGoba

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

^ 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.

Yes, this is why most TOS of new casinos have withdrawal caps Cheesy

If someone hits a 200k jackpot, he's going to be dragging it over a couple months until fully withdrawn.

TheGreatPython

sr. member

Activity: 2660

Merit: 339

Quote from: fortunecrypto on December 05, 2022, 05:41:23 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?

I remember a thread here selling an already established casino that's been running for 10 months already and the cost is over a million, that $100k will not even get you a software provider

Yeah, I somehow remember that thread. But, I think his asking price is a little bit expensive. I don't think there's someone will be interested on buying it with that amount and if it's true that he is earning good then why can he just continue it or hire someone to run it for him while he will only make passive profits on his sleep.

In my opinion, $100k is already a big amount and I think a software provider doesn't cost that much but I know that a gaming/gambling license is a little bit costlier though this can come later on. A lot of casinos here didn't even start with a license and yet they can still be able to attract a lot of players. They only obtain one during the time their casino have grown huge.

Ben Barubal

member

Activity: 560

Merit: 17

Eloncoin.org - Mars, here we come!

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?

Why did you ask this? Are you also planning to build a crypto casino here in this industry? Because of the amount you mentioned, that's a bit big,

and I think it might be possible for a starting casino. But anyway, I don't think it's that easy to build a casino online here in the crypto space, there's

a lot to go through and consider to start well and be good for customers to trust.

tokeweed

legendary

Activity: 3976

Merit: 1421

Life, Love and Laughter...

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.

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

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 ?

The problem is how the casinos can pay someone who wins the jackpot if they don't have a large balance in their casino. The only answer we can give is that @OP should contact the casino owners one by one so he can have an idea of how much money it takes to build a casino. Only the casino owner can answer that, while we can only guess. Maybe $100k will be enough to start a casino but some owners say that $100k won't be enough because of the costs that will come after the casino is launched.

Cling18

full member

Activity: 1708

Merit: 126

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 of initial capital would be enough to start 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.

100K wouldn't be enough. You can use it to start up a casino but it won't be enough to sustain the continuous development of your site for you to gain trust and build a good reputation. You also have to allocate funds for getting your casino a license which will surely cost you a lot. You will be needing a million or more to build up a good casino with a strong foundation.

aioc

hero member

Activity: 2926

Merit: 567

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.

YOSHIE

legendary

Activity: 2128

Merit: 1775

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

So what are your thoughts?

Nowadays online gambling competition is very tight, starting to make graphics, some game displays must be perfect, good, responsive, to have a sense of comfort for customers visiting your crypto gambling site, for that, it's a start in creating an online gambling site with a capital of $ 100k, I think it's more than enough, starting from the cost of the website and the game operator that you want to enter.

What is certain is that with a cost of $ 100k you can already implement several games such as: sports betting, poker, slots, lottery, casino and several other types of games.

If I consider building an online casino with an initial budget of $ 100k, of course you can share the three capital methods / features.
1. Main features with 40% capital.
For example:
• making websites, applications, logos, domains, VPN, SSL, operators, training and so on.
2. The second feature is the 40% game fee, this is important, the more games, the better your online casino will look and users will feel confident and trust.
3. The third feature is 20%, this is useful for unexpected costs and others, such as: Estimation and anti-software protection.

$100k starting money if I think you can split three items to start creating an online crypto gambling site.

irhact

hero member

Activity: 616

Merit: 749

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 could be small depending on the type of users your casino attract. We have whales gamblers that like to bet with new casino and try to capitalize on some flaw the casino might have and this whale gamblers can use as much money to bet and if you don't have the funds to payout could cause some problem. We have seen bet slip of users using as much as $10k to place bet.

If your casino don't have the funds to pay out then that would be an issue and might destroy the reputation of your casino even before you are able to build it. $100k could be a decent amount to hold but make sure the casino has reverse funds or have were to get them from Incase the casinos runs into financial difficulties.

Yatsan

legendary

Activity: 2576

Merit: 1252

Leading Crypto Sports Betting & Casino Platform

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.

I think it would depend on the 'size' of the gambling platform as well as its 'content'. Since we are talking about online platform as a gambling site, size refers to its accessibility to players in particular with server. Well I'm not quite sure of it but according to my friend, which created an application before, the larger the server the more it would be expensive to actualize (feel free to enlighten me). Next is the content such as UI of the site, animations, which I believe would require big salary for the professional will create your platform and this includes maintenance of the site itself. Another to consider is the prize pool or reserve of the platform ( which I guess $100k won't be enough especially if it is a big project). Registration of license is lso another thing. These are just my general thoughts as a player and as a user of different online platforms, so this is open for corrections.

Johnyz

full member

Activity: 2086

Merit: 193

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.

kamvreto

legendary

Activity: 1946

Merit: 1157

MAaaN...!! CUT THAT STUPID SHIT

Quote from: traderethereum on December 06, 2022, 05:03:23 AM

More money is better in starting a casino because the promotion will cost more.
But if you think $100k will be enough, maybe it's only for a few months and you should still have a reserve fund especially if several players can win quite a lot of money.
You need to know that there is no specific amount in starting a business, especially in the casino business, because the casino business requires a lot of money.
And if in a few months, your casino can get a pretty good increase so that it can get a sizable profit, that means your casino has started to grow and this needs to be improved again.

Promotions are indeed more expensive because that is to introduce casinos and provide bonuses for early users as an attraction so that new players want to put their money into the casino.
The bigger the bait given, the bigger the fish you get.
The system created by the casino is also not designed to always win the player, the system will certainly side with the dealer so that the dealer benefits more often and only a few times can the player get the jackpot.
The casino is a gambling business with a large turnover of money, many players make deposits and hope to win. profits will increase.
Casinos that last a long time certainly have a good strategy and ongoing promotions, giving lots of bonuses and the like.

Topic: How much initial startup to Start Cryptocurrency Casino? - page 5. (Read 948 times)