Topic: Would You Build your Own Casino(online/offline) If You Know You Can? - page 7. (Read 652 times)

That's too much management, and starting it up will definitely eat a lot of my time. I'll choose to enjoy my money and gamble wherever I want. Building up is costly and you may hear people saying that it's a profitable business which is true. But building one is out of context for those who think it is worthwhile. That will require a lot of time, money/capital, and effort until you see a little light on it. It is not even sure that the one you'll be building is going to be successful so, I'll choose to remain what I am now and remain low profile.

The thing is; it's one thing having the money for developing a gambling website or casino, but having the bankroll to make sure you can cover any winnings in the early days is also a requirement. The alternative is you can limit the amount your users can win, even fiat companies do this, but you have to make sure that you can handle the amount of money being wagered. If not, you've been rather irresponsible.

The staff don't come cheap either. You need a security expert, you need developers, chat moderators, odds makers, and likely a legal team. Since, the average person isn't going to know the laws around delivering content to multiple countries around the world. Also, you have to store secure data, and you need both security, and the legal process to do so.

You don't need a billion dollars though, that's a bit far fetched .

Any sophisticated casino software is going to cost you quite bit. I once got quoted £20k for a project which was far less complicated than a full fledged casino. It wasn't related to gambling, but including a mini game of sort. So, you need quite a bit of money for the software development itself, you need to hire people to make sure it operates smoothly, you ideally need to advertise, and you need the bankroll to cover any potential winnings. It's very likely going to be above, and beyond a million dollars.

Right, which I believe a lot of the sites open today, and are well renowned actually risked their reputation in order to get started. Unless, you're operating a rather low wagering site, i.e restricting user registrations, as well as wagers, you basically need to be a multi millionaire.

Generally, once they're large enough. However, quite a few casinos fail, and if you aren't careful it can get rather messy quick. I mean, definitely be prepared for law suits too which you should probably be factoring into your costs. I'm not saying you intend on getting sued, but if you've made any errors, then it can easily lead to a law suit. The big fiat companies have been sued multiple times, sometimes successfully.

^It was already said above, do you need to rephrase it?
It requires a lot of expertise and resources, especially in areas such as technical support, security, licensing, and other aspects of the site. While it is certainly possible to find other people who are capable of handling these areas, it is important to have a solid team in place to ensure the smooth and safe operation of the casino. If you can be able to handle the pressure and constant need for improvement and innovation and if you are up for this challenge and feel confident that you can cover all the areas of running a casino, then maybe starting your own site is worth considering. Because for me, running a successful casino is a complex and competitive business, and there is no guarantee of success. It is important to weigh the potential rewards against the risks and make an informed decision based on your skills, resources, and goals.

There is a difference between loving something and managing something as a business. Even with plenty money, it does not still mean that you will be successful. With it as a business there will be a lot challenges to face and with you as the leader, you will be under a lot of stress with trying to manage a casino that you may even loose your love for gambling or betting. Consider a lot of things and ask yourself if you are really up for the challenges that come with running a casino before you choose to begin.

If I have the money, yes I would in a heartbeat. Casinos always win or either breakeven in the long run if the games they provide are truly provably-fair and has a lot of regular customers returning. The only failure I see in casinos is if they fail to take into account the security of their site which should not be underestimated in any way as that may begin the downfall of the casino (through hacks and other malicious attacks). If I know all of these anyway, and I have the money, why would I not try and make it happen? Most of the time, money is the only limiting factor to one's success.

Having your own casino are way more profitable compare if you remain as a player only, so if I have the knowledge about this one and I have the capital to start my own casino then I will push it through I just need to look for someone who can trust my ideas and invest with me. Well, this is a good business after all and many casinos started from the scratch as well, if there’s an opportunity for this why not.

I think this is a rhetorical question to many of us who gamble almost daily and that is a big yes if I know I could.The reason is simple,the house edge,it is exactly the house edge that in the long run keeps the casinos running and that is in the slot machines,not for nothing slot machines are the most played games in most of the casinos.Even in offline casinos you will rarely see the slot machines free without people playing them,they are simply to addictive and they can give you an instant huge payout or even in those extremely rare cases a huge jackpot,these are the reasons people keep playing them.When I know I would have a guaranteed profit as a casino of course I would build it if I knew I can.

You can't run solo when running an online casino. Take note that you can have all the money but are you ready for other areas you need to take care of?
Such as technical support, security, licensing and other aspect of the site to make it in the competition. Do you think you can find other people that are capable of these areas?
Do you also think you can handle the stress brought about by daily operations, it doesn't stop on day one when you launch the site, but it is continuous
process of improvement, innovation on your site to compete with other casinos? Are you up for this challenge?
If you think you already cover all the areas in running a casino and you feel confident about it, then, maybe try running your own site and see where it will bring you.

^ That is a huge sum to start with and I think even a million dollars could become a start of a business.
But put in mind that running a successful casino requires a lot of expertise, resources, and effort, and it can also be a high-risk venture.
If you continue to gamble or bet on other casinos can be a more straightforward and less risky option. With a billion dollars or more, a person could potentially place very high bets and make significant profits without the added stress and responsibilities of owning a casino but if you cannot manage it well, it boils down again to zero. So the decision would depend on the individual's priorities and goals. Some people probably find the challenge and excitement of running a casino worth the effort and risks, while others probably prefer to focus on their gambling and enjoy the benefits of their wealth without the added stress of running a business. For me, I will choose to keep gamble for less responsibility.

Of course I will. If I can and I know how to buildy own casino then I will surely make it. After all, casino is a business either I make it a licensed casino or not. One more thing, I would absolutely listen to recommendations and suggestions for the casino to make it better or you can say a casino made exactly what people suggested what it will be. Of course, one of it will be the cryptocurrency that is accepted in one of the payments when depositing and in withdrawals.

Most likely not. I could just continue betting and just enjoy the billion dollars I got than go through all the troubles of having a casino that might give me headaches. I'll just enjoy life and probably watch live boxing and NBA in the stadium.

Managing a casino must be tiresome due to the harsh competition but investing on it like becoming a partner might just be a better idea for me.

I used to be a gambling addict and I used to do it for money thinking some day I will recover all my losses and then I will give up. But it never happened. I was lucky that my close people stepped in and helped me to give up the habit.

Now when I gamble, I do it for fun. $100, $50 not more than that. And when I lose I do not regret. Never think to make money from gambling. So if I need to have my own casino for gambling then no, that's not the reason I will do.

Having a casino needs high bankroll, so that you can pay one or two or even a few lucky guys who will hit large amount or you are done. If I have huge amount of money then I will not risk it in casino business rather I will have a business where the risk is lesser. Casino is still a risky business for the owners. We have seen a few successful casino to shut down. If they were in money, they would not decide to shut it down.

Investment in startup are the best way to accumulate your money.

Honesty yes, I also have the same thinking if ever given a chance to build my own.

I know being a gambler for long isn't enough as running a gambling casino is tough. But with a decent of money on-hand, I don't need to know every aspect of running a casino as I can pay a professional person who can deall on other sides that I'm not aware of.

Who knows I will get there soon. Time will tell.

I think that if one makes his own casino.. may spoil the fun of it. Or, at least, would not play at his casino (and then it's two unrelated things).

Having/managing a casino is not necessarily for a gambler. It's for somebody who knows to handle all the legal things, all the software and security issues. Gambler(s) can be asked for opinion now and then in order to spice up the games. But the rest is more management than gambler-mind business.

Even more, a gambler may take unnecessary risks with his business (eg start with too low bankroll and risk not having money to pay the winnings at start, especially as the start is more expensive due to increased advertising and bonuses), so he can doom the business before properly starting it. Not a good mix.

Perhaps I would, but there are other kind of businesses I would consider as well which are more familiar to me.
I somehow I managed to get rich so quickly besides starting a company, I would also enjoy some of the money with my family. 

The thing is that one can have a lot of money, but that alone does not guarantee success, there has been several examples of banks, companies and individuals who lost it all because they decided to get into a market they did not know enough. And I am not even mentioning the huge competence in the gambling sector!

It comes to mind the case of Barings Back, a powerful back who disappeared because they did not know better and handle over much their capital to a single trader.

https://www.investopedia.com/terms/b/baringsbank.asp

So if a century old bank can fail because lack of knowledge or common sense, then it can happen to someone who just turned into a billionaire.

You do not need a billion dollars to start a casino even if you want to build the casino from the scratch, less than a million dollar should even be enough to start.

No everyone wants to build a casino, some people just like it and have fun with it. There are many millionaires in the world if compared to casinos, the casinos are few.

It depends on you, but not everyone wants to build a casino.

Lastly, you interchanged casino and sport betting, I hope you know that they are not the same, although a gambling site can have both.

So this evening, I was thinking within myself, Businesses I could start if I made good money, I mean money large enough that I could start any business comfortably(no matter the cost) without going through any financial crises before, during or after starting the business.

So one of the ideas of businesses to start that came to my mind was a gambling casino, online casino preferably for me, so as part of my research, I thought I should put this question out here to you guys …

If you made a billion dollars or even more, as someone who love gambling/betting and have been doing this on several other casinos for many years now, would you rather start your own casino?
Or would you prefer to keep gambling, doing your sports betting on other casinos even when you know you have more than enough money to start your own casinos and make the casino as big as you want it to be??

Inputs are greatly appreciated.