How much initial startup to Start Cryptocurrency Casino? - page 7.

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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?

There is a whole spectrum of answers to your questions and a large part of it comes back to how fast you want to grow. You could basically split the costs a few ways, but there will be the initial setup costs and they are likely to be very high unless you use a pre-existing whitelabel solution or you are very confident in your programming/graphic skills to produce a secure gaming platform. Then there are other costs - like protecting your platform from blackmail because as soon as you start to get busy then people come along to DDOS you until you pay up or defeat it through other means. Then you have to split advertising costs into two buckets to get new signups - the basic advertising costs (which are continuous) and then promotions like welcome bonuses to get people over the depositing hurdle to start playing. On top of that you should have a solid support team and other staff doing various jobs too. $100k seems very low but if balanced well you might be able to pull it off with a slow buildup.

Newlifebtc

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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?

From my theory is not good for someone to introduce somebody into gambling gambling is something that someone supposed to start by itself without anyone introducing it because it has to do with advantages and disadvantages so therefore I think it is wrong from your own thinking or your own perspective of introducing someone that does not know about gambling into gambling

danherbias07

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Start by trying to calculate the basics.
1. Space/Rent - Will be better if you have your own space.
2. Employees - programmers, system admins, and more.
3. Equipment - computers, hardware, chairs, and tables, setting up the space.
4. License
5. Platform

I think those are the basics of it. It's not like you can start a casino with just a laptop and think it could grow bigger without a team.
There are always people behind the seen and it's better if they are in one space working together.

Accardo

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OP you are no where close to the mark of opening a Casino. First you'll need a legislative paper work that'll suit the laws of the government you'll be running the online casino in their country and it depends on the country, some charge $3000 and some $20,000 etc

Then you'll think of buying a games from developers and it's advisable to buy them in bulk as it's cheaper this way, this will cost about $200k.

Consider keeping $300,000 aside if a player wins big. Think of Staffs monthly or weekly salaries for a year could cost $200,000. Building a Casino website cost about $3000. Marketing is another money eater; SEO, affiliate sites, campaign etc budget about $50,000 a month to get players as you need them to earn.

Different payment processors will cost about $50,000 a month or more. However you'll have to keep about $1m - $2m to run effectively a casino website.

Read further here

https://studybreaks.com/thoughts/how-much-does-it-cost-to-start-an-online-casino/

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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.

100,000 dollars is cool enough to start up a gambling company irrespective of any where you are residing but there is a big problem of management. How experience is he about the things of gambling, someone could start up a business with with 50,000 dollars and be successful and you that starts with $300000 only crash within a limited period of time. If you could pm some staff of the well-known and established casinos in this forum to help you out, you can pm maybe some ones that are not working with any company for now. Be mindful of scammers that may flood your inbox with fake business proposals.

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I'm not sure of the investment required, but it is possible to have a gambling platform developed based on the fund available. When the capital is low it is good to start with one or two games. Further based on the progress of the platform adding more games make it a success. Most of the successful gambling platforms have followed this strategy to start with few games, then increase the available games and providers. Finally comes up with the sports betting facility.

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

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 can be okay but it is best to always budget for these sorts of projects at a figure but keep the figures flexible. The figure may be okay at the start when budgeted, but because of how quicky things can change and the prices of goods and services be affected, flexibility will give room to be able to adjust to any situation that affects the budgeted cost. To start a cryptocurrency Casino, Have a big budget, not a fixed budget.

AmoreJaz

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Quote from: Aanuoluwatofunmi on December 05, 2022, 04:34:07 PM

If you have been into a business start up before then you could understand how the experience of being a newly launched business sounds like because you will make no tangible profit for the start than putting more into it for maintenance and sustainance, then also a casino business will require a lot of funds to create one and will also need a miscellaneous funds for up keeps, but i will not advise someone to engage lending to have a start with crypto casino establishment because things could actually go beyond expectations.

the OP should ask himself also if he is ready to handle this business also, and consider all angles not only the initial capital but to what extent he can handle the stress brought by this business? he may have 100k dollars today, but considering all the factors, that amount may not be sufficient to keep afloat in this business. setting-up may be easy but the maintenance would be hard. he should find a dedicated team also for security purposes. the call of profits may be easy but the actual day to day operations may be too difficult to handle especially if the person has no prior experience with this business.

Aanuoluwatofunmi

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stead.builders

If you have been into a business start up before then you could understand how the experience of being a newly launched business sounds like because you will make no tangible profit for the start than putting more into it for maintenance and sustainance, then also a casino business will require a lot of funds to create one and will also need a miscellaneous funds for up keeps, but i will not advise someone to engage lending to have a start with crypto casino establishment because things could actually go beyond expectations.

crzy

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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.

stomachgrowls

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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?

When build up a casino then you should be needing to budget out that 100k.

1. UI/UX
2. Promotins
3. Staffs
4. Bankroll

You would be needing up to make out that max bet limit to be right.
Making a casino is never been that simple and wont really be that cheap but since you do only
have that kind of budget then you should know on how to make out partitions on every aspect or factor.

Hispo

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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.

MainIbem

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Fully Regulated Crypto Casino

If i should get you correctly, you want start up a project which is a gambling site right?
$100k would go little long far but i m not sure if that could possibly financed it all because basically to develop the project, employ some specialist who then work on your website, then also some tech guys who will then work on how to secure and protect your site maybe before talking of marketing and i think it should be the last thing to talk of. I don't really know much about project developments but $100k can't run it all.

From most of the projects I do see over here they don't just come without proper planning also obtaining license would possibly requires much money as well.

Oshosondy

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

You can set up a casino for $10k but you'll have to keep everything low.

I do not know how much the cost of gambling site would be, but I definitely know that it would cost more than $50000 to $100000, even to obtain one of the cheapest gambling license, it would cost almost or more than $25000. The area you want to use to setup the casino also matters, it is online but you still need some areas that would be used for servers and where employees will be staying. The site you will use and some other things needed for the functioning of the gambling site will also cost. You have to market your casino too which will require huge amount.

darkangel11

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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.

Kecil-Kecilan

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You need a things how they will be work. So there is would be based how is your business work, How much about script, servers, license, office, regulation, team, promotion and etc.

Many those casino work until now, they never sign message for they bankroll/funds able to paid to public.

fennic

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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?

Topic: How much initial startup to Start Cryptocurrency Casino? - page 7. (Read 949 times)