With the growing demand for cryptocurrency in almost every industry around the globe, the interest towards cryptocurrency casino solutions has also taken centre stage in the industry. As one of the modern, cost-effective and convenient payment methods, it is being applied to more and more online casinos worldwide, offering cutting-edge solutions with new market potential.
Given the circumstances, throughout the COVID-19 outbreak, the increased popularity of online casinos has drastically changed the scenario for crypto-powered gambling, emphasising the benefits of crypto and blockchain integration into online casinos.
If you are thinking of building a successful business based on innovative technologies and the finest digital solutions, you are in the right place. In this article, we will give you a detailed overview of how to start a crypto casino and discuss the specifics of crypto in gambling.
What is a Crypto Casino?
With a thousand cryptocurrencies available nowadays, crypto casinos are amongst the most popular contemporary iGaming trends.
Any casino supporting transactions in cryptocurrencies can be called a crypto casino. Basically, crypto casinos are platforms that support a native currency, allowing players to deposit, play, and withdraw using cryptocurrencies. However, some crypto casinos also support cryptocurrency deposits but immediately convert them to fiat currencies such as USD or EURO.
This means that players will be playing and betting with these traditional currencies rather than the original cryptocurrency deposited. In essence, the distinction lies in whether the casino operates solely with cryptocurrency or incorporates a combination of cryptocurrencies and traditional fiat currencies.
What is the Difference Between Traditional Online Casinos, Blockchain and Crypto Casinos?
Essentially crypto casino is the same as the traditional one, with the exception that the payments, bets or wins are made via cryptocurrencies as well.
An increasing number of casinos are accepting cryptocurrencies in addition to traditional fiat currency. This broadens their reach, both in terms of the player base and game content.
Blockchain casinos are online gambling platforms that use digital currencies, such as Bitcoin or Ethereum, as a means of payment. They use blockchain in their algorithms to provide highly secure transactions and shorten the time for operations, allowing the players a smooth experience. Moreover, it is both effective and safe, as all transactions can be validated and confirmed but not modified, eliminating the possibility of fraud.
The main difference between the two is that blockchain casinos use smart contracts to ensure that games are fair and transparent, while crypto casinos may not use this technology. Additionally, blockchain casinos may offer decentralised gaming experiences, where players can participate in the management and operation of the platform, while traditional crypto casinos are typically centralised and operated by a single entity.
In blockchain casinos, every transaction is stored in an unchangeable block of code, and the decentralised blockchain network must verify every transaction. The transactions are direct, travelling straight from one cryptocurrency wallet to another, eliminating any third parties' involvement and lowering the risk of fraud and other security breaches.
Blockchain eliminates all security concerns enabling the ability to view the history of all transactions and features with open-source cryptographic methods that make sure any random number generator (RNG) fraud or other trickery won't go unnoticed.
It is also worth mentioning that blockchain technology makes it possible to keep information private, preventing third parties from accessing players’ private information. The decentralised, open transaction records, security and transparency are extremely valued by players, as they are required to provide less personal data than with any other payment method.
Understanding the fast-growing progression of blockchain casinos, BetConstruct has designed its own Decentralised Casino Platform, an all-in-one solution allowing partners to ensure provably fair gaming, high-class security, and verifiable RNG.
How to Start a Crypto Casino?
The process of developing a blockchain casino is similar to the one of launching a regular iGaming business. Here are the key factors you should know about how to start a crypto casino and make your project a real business.
Market analysis
Essentially, as in any business, one of the first steps you should take is getting to know your target audience. You should learn everything about your players and their needs. Also, with deep market research, you will have a full understanding of market specifics before choosing the one that is best suitable for your enterprise. The analysis also includes competitor research to ensure background information about the local competitors.
Spare no effort on research because different marketplaces may have specifics, such as required payment methods for particular types of players. Players in some regions must be able to make payments using their mobile or crypto wallet instead of traditional bank transfers.
Applying for the local licence
Obtaining a market-specific licence is one of the most vital steps you should take to start a successful iGaming business. However, there are too many grey zones and vague formulations when it comes to legal requirements for crypto-gambling.
Thus far, there are no specific laws indicating that casino owners need a particular permit to operate with crypto. As a result, it is neither formally permitted nor forbidden.
Returning to the question of whether the crypto casino must obtain a licence?
Usually, a gambling licence is not necessary in case the casino operates only via cryptocurrency. However, we always suggest that you research the legal system of the areas you plan to function in.
It is also worth mentioning that most players still perceive crypto casinos as a standard online gambling platforms, so any experienced player or a high-roller is definitely going to dig deeper to check the legitimacy of the casino, as they want to feel secure when sending money to an online platform. In this scenario, a legitimate gaming licence turns into a crucial marketing asset that encourages customer loyalty and greatly improves the casino's reputation.
Choosing Software provider
Buying software for online casino from an experienced platform provider can be a great kickstarter for your business. You should choose a trusted supplier with a reputable name, powerful software and deep knowledge of all specifics.
Any quality platform should help you track your business progress, provide detailed statistical data, have reporting tools, a customer relationship management system, and marketing tools. This also means allowing you to adjust the website's functionality, navigation, and style for particular markets.
In this sense, as a leading software provider, BetConstruct offers an all-inclusive platform along with an iGaming website builder with advanced settings and all the features required to ensure a high-quality gaming experience for the players.
Offering the players an extensive gaming portfolio
If you want to know how to start a successful crypto casino, then creating a wide suite of different appealing games should be your first answer.
The market research conducted previously will play a great role in creating thrilling gaming experiences. You should expand the scope of your games based on the specific requirements of local players.
This will be a great niche for creating a loyal player base and expanding the market of operation. Starting from classics like slots, Blackjack, Roulette and adding some more variants like live dealer games and virtual reality games. As one of the most popular iGaming trends right now is Live Casino offers players the thrill of a real casino experience in the comfort of their homes.
Building a website
Having a user-friendly website should be one of your top priorities. It should be easy to navigate, allowing the players to find their way around the pages and have easy access to all the features. According to recent studies, most players use their mobile devices nowadays, so you should absolutely make sure to have a website that is entirely optimised for mobiles. You can have more detailed insights on the topic by reading our “how to create a gambling website” article.
Integrating payment systems
Offering a wide range of payment methods is only an advantage for any online casino. Moreover, a crypto casino should accept transactions in cryptocurrencies, the list of which may include but not be limited to Fasttoken (FTN), Bitcoin (BTC), Ethereum (ETH), or Litecoin (LTC). Adding cryptocurrencies to the list of accepted payment options guarantees a wider audience as there are more people preferring to make their payments via crypto by each day. Due to their nature, you will also be able to provide a gaming experience that is safe and smooth.
BetConstruct is expanding its cryptocurrency options for crypto enthusiasts. For example, Multi-Wallet is a single application to easily manage a variety of fiat and cryptocurrencies from one account. Players can choose from a variety of currencies, including EUR, USD, BTC, DOGE, FTN, and more, and easily move between them within a single account. This flexibility allows them to register with one currency and add multiple fiat or cryptocurrencies.
Keeping up with the times BetConstruct opens doors with custom token creation feature, allowing companies to get their own cryptocurrency tokens.
Implementing marketing strategy
Raising awareness among the players is the mission that leads to building a successful business. You should create a marketing campaign that will clearly identify your advantages over the competitors. This may include incentives such as sign-up bonuses or loyalty programs to keep the players from leaving your platform.
What are the Advantages of a Crypto Casino?
Here are a few points why accepting payments in crypto is a smart thing to do:
- Popularity
As they are widely available and easy to transfer, it has become one of the most popular payment methods around the world.
- Quick payments
Blockchain technology enables quicker payments at cheaper costs than banks by creating a decentralised ledger for payments.
- New players/Market
This solution caters for the needs of the players, giving the online platform owners an opportunity to attract new audiences and broaden the market of their operation.
- Low overhead
The transaction fees are minimal as there is no third party involved in the process of deposits or withdrawals.
Waiting too long for a payment to be processed by a bank or another third party might cause players irritation. Crypto transactions, on the other hand, do not depend upon the presence of a third party. Instead of operating via a bank or other payment source, crypto is transferred straight from the casino to the player's wallet. Withdrawals can be completed in one hour, with no additional costs directed to payment processors.
Start Your Online Casino With FTN as the Preferred Currency
Fasttoken (FTN) is the officially adopted cryptocurrency of BetConstruct. It is already integrated into the whole ecosystem of BetConstruct and related products and services, offering its partners a way to step into the world of gambling. When you set up your online crypto casino, your players have the opportunity to gamble using FTN as their preferred currency, which gives them numerous, unprecedented benefits, including larger cashbacks, FTN-only tournaments, jackpots, and wonderwheels, all organised and supported by BetConstruct.
On top of that, as a partner, you have the option to settle your monthly business arrangements via FTN instead of traditional fiat currencies (USD, EURO, etc.), which allows to bypass third-party intermediaries like banks and thus reduce overhead costs.
Why is Now the Right Time to Start Your Online Crypto Casino?
Cryptocurrencies are not going anywhere anytime soon. With the rising value of crypto around the world, the demand for crypto casinos is skyrocketing. Transactions using an e-wallet are gradually becoming more common.
The industry of online gaming is extremely profitable by itself, but selecting a specialised niche of crypto casinos is a sensible move since it provides you with a distinct subject to focus on. Those are one of the prominent sectors in online casinos where you may invest and benefit greatly.
Final Words
Numerous casinos now accept crypto payments as a legitimate form of payment due to its growing popularity in the gaming industry. This has created a whole new scope of opportunities in the industry.
Although starting an online casino might bring along significant pressure, it is certainly worth the shot if you are ready to put in the effort. We have pointed out what is a crypto casino and all the important aspects that will help you get the picture of how to build a successful business. Now that you have a general idea of what is a crypto casino, you can narrow down your research and also read about how to start an online casino.
Frequently Asked Questions (FAQ)
Question: What is a crypto casino?
Answer: Online gaming platforms that provide deposit and withdrawal methods in the form of cryptocurrency are known as crypto casinos.
Question: Which are popular cryptocurrencies used in online casinos?
Answer: Some of the most widespread choices include Fasttoken, Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash.
Question: Which is the best crypto casino software provider?
Answer: Finding a software provider that best reflects all your needs is not an easy task. As an industry-leading technology and service provider in the iGaming industry, BetConstruct will assist you with a powerful platform to start your gaming business.
Question: What are the benefits of using cryptocurrencies in online casinos?
Answer: Payments via cryptocurrencies are spreading throughout the online gaming industry based on reduced fees, anonymity for customers, faster transactions, and higher security levels.
Question: Is it legal to operate a crypto casino?
Answer: The legality of operating a crypto casino will depend on the laws and regulations in the specific jurisdictions. In case you hesitate or need more detailed information, feel free to contact us, and we will help you go through the process.
Question: What payment processing providers support cryptocurrency transactions?
Answer: Some popular payment processing providers that support cryptocurrency transactions include Coinbase, BitPay, and GoCoin. It is important to research and compare different providers to find the one that best meets the standards of your crypto casino.
Question: How do I choose a gaming platform or software provider for my crypto casino?
Answer: When choosing a gaming platform or software provider, consider factors such as the variety of games offered, the reliability and security of the platform, and the cost of licensing. It may also be helpful to research reviews and ask for recommendations from other online casino operators. Additionally, As an industry-leading provider with a superb reputation, BetConstruct has endorsed Fasttoken (FTN), providing an opportunity for a better gaming experience.
Question: How can I promote my crypto casino?
Answer: There are many ways to promote your crypto casino, including social media, content marketing, and affiliate programs. It can also be helpful to offer promotions and bonuses to attract new players and keep the existing ones.