Opinion on crypto casino project - page 3.

Kakmakr

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I do not want to burst your bubble... but the "NO KYC" sales pitch has been used by all new entries into the gambling scene. They start out with zero KYC requirements... gain a lot of gamblers ...and then the regulators takes notice of them and force them to adhere to the law.

The most recent example is one of the biggest and oldest operators out there.... namely : Freebitco.in Roll Eyes

They have moved under the radar for years, but their FUN token project and their links with other casinos... exposed them. (Stake.com also started with no forced KYC requirements... and look where they are now) Roll Eyes

Mr. Magkaisa

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- In this day and age I will rarely see crypto casinos that are under a decentralized based system. Most of the crypto gamblers, their gambling games are purely centralized casinos in the crypto space, not because the players are used to it, but in other aspects it is good.

Assuming that as you mentioned that the casino you will build is similar to uniswap as far as I can see there will be more frequent charges here compared to the centralized cryptocurrency casino.

vv181

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Quote from: itchiba on August 18, 2023, 08:22:33 AM

Absolutely, in order to be completely decentralised we would have to develop our own decentralised game which adds a lot of complexity to the project. As I said above, turns out decentralised casino isn't the right path to take. However, centralised crypto casino with exclusive games seems to be a big enough differentiating factor in order to stand out from the crowd.

Indeed but it also applies when you develop the game even if the casino is just a regular centralized one. Making a unique game means you are building from scratch, although not completely, but you are required to build the game design, mechanism, and most importantly the algorithm set within the game itself. Surely you did not want to build a game that the house did not win.

To have a unique casino by merely having an exclusive game is, I think, still not enough. A lot of other factors still need to be considered to compete within the cryptocurrency casino market.

libert19

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In my opinion, people go to particular casino for the reputation it has built over the years and the confidence that they are less likely to do fraud with kyc and their funds.

Now, this can be done by any new casino, consistently provide good service and then the day will come when you will be recognized and compete with head of tables, thing is preservence. Stake is king of throne right now, it won't be forever.

Quote from: itchiba on August 17, 2023, 01:57:53 PM

I've come across multiple posts where the original bitcoin gamblers regretted the fact that none of the crypto casinos are anonymous like they all used to be, almost all of them requiring KYC at some point of the customer journey.

You could make an on-chain casino but they work best on fee less blockchains (I only know Hive and have created a post about casino found here). Otherwise paying transaction fees for each transaction is simply not worth it, even at cheapest blockchain — consider it has 1 cent transaction fee, 100 transaction which are quick to do and you lose 1$, transaction confirmation time also matters.

Peanutswar

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Even though we are using a cryptocurrency in our gambling activity and keep anonymity we can't do this in a centralized platform reason why ideal if you don't want to have a KYC is to use a decentralized casino, Most of the known casino still have their KYC feature even though just a lower level that requires information of the user, like email and phone number, this could help too for your daily use because expected things happen you can use those for recovery, but again its now a centralized platform you cant do argue as always if you didn't read their terms and conditions. Reason why as always takes time to read before deposit your money.

delfastTions

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Quote from: pakhitheboss on August 18, 2023, 10:26:33 PM

Quote from: decodx on August 18, 2023, 06:22:46 PM

Quote from: Weawant on August 18, 2023, 04:47:16 PM

While building this decentralized casino, you'll encounter some challenge like chosing the best blockchain the casino will be built on and this will limit the participants that'll want to use your exchange because there's a division in the community of which blockchain is the best.

You can also decide to make the casino a multi chain casino that you can connect using all the decentralized smart contracts, I don't know if this is possible yet but this will give you more advantage than using only one blockchain as you won't get the users of the other smart contracts.

Trust is also going to be an issue since nobody knows the founder of the casino and it isn't liences so if you can escrow a backup funds that'll be used to pay your customers if anything was to happen to the casino funds as a result of hack then people can trust your casino.

You've covered all the important stuff about the challenges of making a fully decentralized casino. I want to add a bit more to this.

Let's talk about domains and hosting servers. So, while a decentralized casino could, in theory, do its thing entirely on the blockchain using smart contracts and dapps, it still needs a place to put up its website for players to get in and connect their wallets. Now, the issue with hosting and domains is that they're kind of centralized systems. This means they could end up being affected by government rules and regulations, which isn't ideal.

Full decentralization is not possible when you are talking about hosting and buying a domain name. OP could go ahead and setup his own server with domain name then again OP would have access to everything which again makes it centralized. What OP said is to create a casino on Web3 platform wherein the user is in control of his funds and not the platform. Decentralization doesn't work everywhere it only works when transaction is done on the blockchain.

Yeah! I agree with it.
As soon as we are talking about the hardware and directly about the servers, it immediately makes no sense to talk about decentralization, since both the owner of the servers and their location will immediately become known. Therefore, of course, only blockchain can bring decentralization closer. And the fact that all PoS blockchains are actually not completely decentralized, it is worth considering PoW protocols as options closest to decentralization. But here the choice of blockchains is not at all as large and often the functionality in matters of smart contracts is not as extensive as in the PoS blockchain, and this narrows the possibilities of their application.
In general, we still have to go through the stages of formation of at least partial decentralization in the Web 3 space. There is still a lot of work in this direction for developers, and apparently we cannot do without some kind of breakthrough discoveries and inventions.

ethereumhunter

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Quote from: Westinhome on August 18, 2023, 03:04:48 PM

The basic thing is gambling website should have enough game to make the gambler engaged to all the game in their website.Some good website fail to launch many games in their website,then their existence was mere exist.The main reason for their exit due to the less number of games in their website.If the casino doesn't compulsory the KYC to their users,then we should check the background of that website.Because the most of the casino which doesn't have KYC may be scam or fraud to get your money.So mostly prepare the casino with the KYC,that gambling site will doesn't allow the money laundering.

Having more gambling games will make many gamblers happy to be at the casino to play. And maybe they will spend longer than usual looking around and looking for the gambling game they want. Moreover, if the casino does not require its users to do KYC, the users will surely enjoy gambling there and come back as often as possible and there may be some people who will make the casino their casino of choice. But for now, it's hard to find a casino that really doesn't require KYC for its users even though it still exists. And we also have to be careful of casinos that we suspect are scam casinos because they are still difficult to detect except for those already well-known for their scams.

pakhitheboss

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Quote from: decodx on August 18, 2023, 06:22:46 PM

Quote from: Weawant on August 18, 2023, 04:47:16 PM

While building this decentralized casino, you'll encounter some challenge like chosing the best blockchain the casino will be built on and this will limit the participants that'll want to use your exchange because there's a division in the community of which blockchain is the best.

You can also decide to make the casino a multi chain casino that you can connect using all the decentralized smart contracts, I don't know if this is possible yet but this will give you more advantage than using only one blockchain as you won't get the users of the other smart contracts.

Trust is also going to be an issue since nobody knows the founder of the casino and it isn't liences so if you can escrow a backup funds that'll be used to pay your customers if anything was to happen to the casino funds as a result of hack then people can trust your casino.

You've covered all the important stuff about the challenges of making a fully decentralized casino. I want to add a bit more to this.

Let's talk about domains and hosting servers. So, while a decentralized casino could, in theory, do its thing entirely on the blockchain using smart contracts and dapps, it still needs a place to put up its website for players to get in and connect their wallets. Now, the issue with hosting and domains is that they're kind of centralized systems. This means they could end up being affected by government rules and regulations, which isn't ideal.

Full decentralization is not possible when you are talking about hosting and buying a domain name. OP could go ahead and setup his own server with domain name then again OP would have access to everything which again makes it centralized. What OP said is to create a casino on Web3 platform wherein the user is in control of his funds and not the platform. Decentralization doesn't work everywhere it only works when transaction is done on the blockchain.

tusandii

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Quote from: itchiba on August 18, 2023, 04:17:04 PM

Alright any software developers in here willing to give it a go ? Message me !

What kind of development do you mean?
I hope you are willing to explain it here because this is your thread so that if all development and updates are included in this thread it can provide information to all members who enter your thread instead of asking to be able to contact via private messages.
This thread is made for public purposes so any update regarding development you should say here so that we all can know and understand it in details.

This is a suggestion so you can gain trust instead of making users wonder what exactly was going on in the development.
Please understand.

Fivestar4everMVP

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Quote from: Chikito on August 18, 2023, 08:33:28 PM

Quote from: itchiba on August 17, 2023, 01:57:53 PM

It's just an idea so far but I think getting feedback from real players is the first step to validate my assumption !

Many things you have to think if want to build a casino. Not just a habit of the players, but something different that can make them keep use your casino. Actually, if they are comfortable even using a little money I think is still good than a person who deposits a big money but only one time playing at your casino. So, the casino must have a royal player which might have a positive impact in the future, indirectly, they will cover your casino if have problems, a royal player will unlikely to disgrace your casino if have complaints or queries from new players.

By royal, i believe you meant Loyal, Anyways, you are right, most especially in the area of having something different that could cause players to stay glued to the casino for a very long time, running a gambling casino have become a very lucrative , but also a very competitive business, and this is because there are already a lot of gambling casinos, big ones and doing very well, they spend millions of dollars in advertisements, promotions and big partnerships, they are so popular in the gambling industry, and this makes the whole thing look like there are no place for the smaller and up coming casinos, so for anyone building a casino, he or she must implement some really cool and very unique ideas that will help attract players, some new casinos sometimes depend on bonuses and promotions, but to me, that is not enough to win loyal players, what will make players stay with a casino is some kind of interesting features or games they cant find anywhere else.

Chikito

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Quote from: itchiba on August 17, 2023, 01:57:53 PM

It's just an idea so far but I think getting feedback from real players is the first step to validate my assumption !

Many things you have to think if want to build a casino. Not just a habit of the players, but something different that can make them keep use your casino. Actually, if they are comfortable even using a little money I think is still good than a person who deposits a big money but only one time playing at your casino. So, the casino must have a royal player which might have a positive impact in the future, indirectly, they will cover your casino if have problems, a royal player will unlikely to disgrace your casino if have complaints or queries from new players.

decodx

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Quote from: Weawant on August 18, 2023, 04:47:16 PM

While building this decentralized casino, you'll encounter some challenge like chosing the best blockchain the casino will be built on and this will limit the participants that'll want to use your exchange because there's a division in the community of which blockchain is the best.

You can also decide to make the casino a multi chain casino that you can connect using all the decentralized smart contracts, I don't know if this is possible yet but this will give you more advantage than using only one blockchain as you won't get the users of the other smart contracts.

Trust is also going to be an issue since nobody knows the founder of the casino and it isn't liences so if you can escrow a backup funds that'll be used to pay your customers if anything was to happen to the casino funds as a result of hack then people can trust your casino.

You've covered all the important stuff about the challenges of making a fully decentralized casino. I want to add a bit more to this.

Let's talk about domains and hosting servers. So, while a decentralized casino could, in theory, do its thing entirely on the blockchain using smart contracts and dapps, it still needs a place to put up its website for players to get in and connect their wallets. Now, the issue with hosting and domains is that they're kind of centralized systems. This means they could end up being affected by government rules and regulations, which isn't ideal.

khaled0111

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Quote from: itchiba on August 17, 2023, 01:57:53 PM

Most of the crypto casinos have the same platform design / game offering as stake which means trying to compete with them with bonuses isn't realistic.

Not necessarily true. No one would argue that gambling is one of the most competitive businesses but there is still room for new casinos to get a piece of the pie. There are many examples on this forum that confirm this. Some casinos were launched not long ago and they are doing well.

Quote

A real decentralised crypto casino platform - 100% anonymous.
Same principle as a decentralised exchange like Uniswap, all you need to get started is a non-custodial wallet with funds. No KYC.

This is a very good idea. But the pressure from regulators will get higher and higher as your casino grows. So you need to be ready for this.

Quote

I believe that in order to gain trust, using only provably fair games would be a great idea in order to show that it isn’t rigged.

Provably fair will prove the games aren't rigged but it's not enough to gain trust.

AmoreJaz

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Quote from: dezoel on August 18, 2023, 12:53:40 PM

I don't want to discourage you but the online gambling industry is too saturated, and to take a place where you will run a successful and profitable business will definitely be a difficult thing to do, not to mention the intervention from the authorities even if the platform is decentralized and doesn't have a license. I read somewhere that the authorities have said that they will soon start regulating decentralized platforms as well, so they will probably start the hunt soon.

However, keeping everything apart, you might have a shot if you actually manage to build a platform that will be 100% decentralized and will offer unique and engaging games for the players that they might have never played before, that might get you a good enough user base to keep your platform going.

first and foremost, you need to consider your bankroll here. if you have small bankroll to begin with and no other potential resources, better not start at all. because with the existing casinos and bookies, you can't compete with them even if you say you will offer other unique features. you will only incur expenses but won't get the return that you want. so before you buy a domain for this project, think of your financial status first. am also not encouraging but realistic with your situation.

Weawant

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Quote from: itchiba on August 17, 2023, 01:57:53 PM

I think this is an opportunity to build something :

A real decentralised crypto casino platform - 100% anonymous.
Same principle as a decentralised exchange like Uniswap, all you need to get started is a non-custodial wallet with funds. No KYC.
Being fully decentralised and using exclusively crypto means we're operating within a grey area in the eyes of the law and therefore "no need" for a license.
I believe that in order to gain trust, using only provably fair games would be a great idea in order to show that it isn’t rigged.

It's just an idea so far but I think getting feedback from real players is the first step to validate my assumption !

While building this decentralized casino, you'll encounter some challenge like chosing the best blockchain the casino will be built on and this will limit the participants that'll want to use your exchange because there's a division in the community of which blockchain is the best.

You can also decide to make the casino a multi chain casino that you can connect using all the decentralized smart contracts, I don't know if this is possible yet but this will give you more advantage than using only one blockchain as you won't get the users of the other smart contracts.

Trust is also going to be an issue since nobody knows the founder of the casino and it isn't liences so if you can escrow a backup funds that'll be used to pay your customers if anything was to happen to the casino funds as a result of hack then people can trust your casino.

South Park

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Quote from: itchiba on August 17, 2023, 01:57:53 PM

I've come across multiple posts where the original bitcoin gamblers regretted the fact that none of the crypto casinos are anonymous like they all used to be, almost all of them requiring KYC at some point of the customer journey.

I think this is an opportunity to build something :

A real decentralised crypto casino platform - 100% anonymous.
Same principle as a decentralised exchange like Uniswap, all you need to get started is a non-custodial wallet with funds. No KYC.
Being fully decentralised and using exclusively crypto means we're operating within a grey area in the eyes of the law and therefore "no need" for a license.
I believe that in order to gain trust, using only provably fair games would be a great idea in order to show that it isn’t rigged.

It's just an idea so far but I think getting feedback from real players is the first step to validate my assumption !

You can try but there is a reason casinos are moving towards a KYC model despite their customers not liking it, and this is because the pressure they are going through from the authorities is huge, if you create a casino like this it is possible you could get away with it for some time, but if your casino really got popular and a lot of people began to use it then you can sure that at some point governments will knock on your door and force you to include KYC policies.

itchiba

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Alright any software developers in here willing to give it a go ? Message me !

Renampun

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Quote from: itchiba on August 17, 2023, 01:57:53 PM

...
I think this is an opportunity to build something :

A real decentralised crypto casino platform - 100% anonymous.
Same principle as a decentralised exchange like Uniswap, all you need to get started is a non-custodial wallet with funds. No KYC.
Being fully decentralised and using exclusively crypto means we're operating within a grey area in the eyes of the law and therefore "no need" for a license.
I believe that in order to gain trust, using only provably fair games would be a great idea in order to show that it isn’t rigged.

It's just an idea so far but I think getting feedback from real players is the first step to validate my assumption !

as far as i know, web3 casino actually offers a concept like this (you only connect with your metamask, then make deposits and withdrawals to your metamask account only) cmiiw

although decentralized gambling is a nice concept but the concept of decentralization in gambling will always be complicated by interested parties, each country has different rules for gambling, they even try hard to urge all online gambling sites to implement the KYC system to avoid crimes that are likely to occur (money laundering, underage gambling and gambling addiction).

Hamphser

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Quote from: YOSHIE on August 18, 2023, 08:41:28 AM

Quote from: itchiba on August 17, 2023, 01:57:53 PM

I'm interested to launch a crypto casino and I'd like to get your opinion.

His opinion is quite simple.
1. Try to create an online crypto casino first.
2. Enter the main payment and deposit options of Bitcoin and some other types of crypto.
3. Make your gambling platform easy to use on all devices, Android and so on.
4. Prepare a lot of capital, to pay for people's wins.
5. And read the rules on this forum and the rules about online casinos well before they are released.
6. The important thing is fair and honest for your casino users, that's important.
7. and many other things you need to see and learn.

Bottom line: creating an online casino is easy, the difficulty is to develop it fairly and honestly, there are many casinos that run after 1-5 months, because of the bad actions of their team / operator, included the greed of casino owners.
remember don't let the players down in your casino once you've made the whole thing.

Adding up.

8. NO KYC
9. Instant deposits
10. Wide variety of games or something unique as possible
11. Make active or aggressive marketing

Lots of factors which would really be needing for you to be able to launch up a project specially on gambling which we know that competition is really that high.
We are really that trying our best on getting that marketshare but of course everything would really be depending or varying on your sites offering whether it is really that
attractive and something that interesting than with those current existing.

Just bare in mind that there's no assurance about success despite on following those points above because the main thing that would really be mattering is on how
you do hook up the interest of the people around to play into your platform. If they do see for it to be shit then it would definitely be ignored.

Onyeeze

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People will be happy for you to launch a new casino gambling platform, because I know very well that gambling is all about having a good platform and good reputation, and mostly what makes people to like a particular casino website is because of how active is the site, because gamblers dislike the situation whereby when you gambles to a particular gambling website and their is no delay of deposit and also no delay of withdrawal the gamblers will consider the gambling website as a preferable website, and the team for live chat should be active so that any complain given by the people patronising the gambling platform should be fast resolved. And secondly for this casino to have more firm in this site they have to launch a signature campaign so through the signature people can get aware of the site

Topic: Opinion on crypto casino project - page 3. (Read 692 times)