Bitcoin Forum

I am planning to make a bitcoin betting site.

But one question (for old timers and knowledgeable people)

How long does a bitcoin site operate until it close down?

Give example of the site and its life span. :)

Thanks!

There is not written rule that says how long a gambling site can stay open.

A lot of Bitcoin gambling sites operate in a bit of a grey area right now, expect a lot of them to close down when regulations are here.

Who will regulate these bitcoin betting sites? What if I operate my site not from the states but from something like Panama or Cuba..

That's a good point. There is no real way that people can regulate a Gambling site from those countries. But how many customers are you going to get compared to a regulated gambling site from the US? Most people would rather visit those sites and get peace of mind IMHO

That depends on the country you are offering your services. For example you can get regulated in Curaçao or Malta but that doesn't mean you can offer gambling in the Netherlands (not yet anyway) or any other country. Just this week or last week two sites got huge fines (6xx.xxx€) for offering gambling to Dutch people, even though they were regulated in another country.

In fact, quite a number of gambling sites were/are working anonymously (like those run away scamming its users) and still a lot of people were/are happy to play on them...

What about Satoshi Dice? What happen to them? Dooglus owned that one right?

I guess if you guard against fraud and theft, you should do okay.
Most gambling sites close down after somebody scams the owners/ investors.

Voorhees owned that one, sold for a bunch of money to a rich gambling mogul. New owner redesigned the whole thing and introduced retarded shenanigans such as "spirit mood", new design also brought major outages and hickups, site went downhill from there.

If you mean just-dice, invested amounts were getting kind of ridiculous to carry responsibility for as a lone developer, definitely when regulation is heating up in Canada, so he closed it down gracefully.

I would be interested to see what would happen if more sites did get registered in panama or other places... I don't believe there is a requirement in any location for a Bitcoin gambling license yet?

Hi Addi, I don't know if you can answer this but what does SatoshiBet do with regards to being incorporated or having a Bitcoin gambling license?

Are you worried about regulation getting in the Bitcoin gambling scene?

Did you mean JD?

slot machine gambling

You'd need a serious marketing funds. The competition is pretty tough and people don't trust the new sites. You'll have to earn the trust, and will have to offer some incentives to attract the players. You may be running at loss for the first few months/year.

As for life span - if you get everything right from the start, prove you're trustworthy etc you can last for decades (unless bitcoin dies).

How big do you think is that marketing funds? $5k, $10k? If that is not enough, what is enough?

Run it nicely and honestly, and it will last a lifetime.

I have no idea on that, but you can get some idea from how much other gambling sites are spending on signature campaign.
Example 1 LB: 20x 0.1 btc slots + 20x 0.05 btc slots = 3 btc a month
Example 2 BitDice: The owner said his budget for the first month is ~2.5BTC
Example 3 Pocket Dice: 50 slots, 0.001+ BTC per post (depending on member rank), max 25 posts per week

Probably you'd want to start with a signature campaign on this forum.
The standard rate is about 0.1 BTC /month (for senior member), but to attract enough participants you'd need 0.12 BTC.
To be effective, you'd need to recruit around 50 people.

Thats:

50 * 0.12 = 6 BTC, which at current rate ($390) gives $2,340 for the first month, just for the sig campaign.

On top of that, you'd probably need some advertising outside this forum and some sort of promotions/bonuses/on-site giveaways to give people an incentive to switch to your site.

When did Primedice started?

gambling sites usually last bout 350

I think PD stand over a year already
   
Primedice | The Most Popular Bitcoin Game! |1% Edge | PVP | Active Chat | Faucet
May 18, 2013, 06:18:05 AM


and Luckyb.it almost reach their 1 year operation since October 31, 2013, 03:21:29 PM
    
➫ ➬ ➫ ➫ ➬ ➫  Tired of dice? Try LuckyBit! (http://luckyb.it/)
★ Let the coins rain! (http://luckyb.it) ★  Get free coins on chat! (http://luckyb.it) ★ Official thread (https://bitcointalk.org/index.php?topic=757624.0)

Dragon's Tale casino has been operating since early 2011 at least - that's certainly not the 'normal' betting model - but some sites have longevity.  Seals With Clubs (poker site) has also been in operation since sometime in 2011 I believe

If you run it well & have marketingpower & some incentives & affiliate program, you can run it forever... until hacked or someone manages to win your jackpot ;)

SWC was created in Aug 2011 and is still operating in business as the most popular bitcoin poker site. https://bitcointalk.org/index.php?topic=40077.0
SD was created in April 2012 and is still operating in business now. https://bitcointalk.org/index.php?topic=77870.0

So these two are the longest running bitcoin betting sites to date?

Just a question, what do you think Primedice is worth right now? If they want to sell?

Not really sure about that. After all, I joined bitcointalk in 2012 and have little knowledge of the early bitcoin world. :)

As long as they keep improving and are transparent (dont scam) no end date in sight.

Security vulnerability would be my first concern.
If your site got hacked, it is possible to recover, but it might put you out of business.

And regulatory issues might cut you off overnight.
If you can maintain your own site without having to hire programmers, etc., you could probably do it without much up front costs.

Getting the traffic might take a while, so marketing expenses might be heavy in the beginning.
There might be many months, if not years, of negative cash flows that you should be prepared for.

Payouts and jackpots can be controlled for the most part.
Like any business, there are risks - and payoffs.

Good Luck in whatever you decide to do.

About 3 fiddy?

https://www.youtube.com/watch?v=9cn7xfBpZ3M