- 1, 2 or even 3 coins will be not enough for a good and trusted developer. You might find a developer, but IMO expect bad results, a developer who will cheat you or/and a very insecure site that can be easily hacked. 10% profit sounds fun, but as a developer I can easily just make this site for myself and make 100% of the profit.
True, but the developer may not have enough money to fund this.
- Sounds like you also need a designer, this also costs money.
Yeah, I do have near 9.56 BTC, but out of which I only wish to invest 3.56 BTC into this.
- On-chain is possible, but I think with the increasing blocksize, you probably should look into off-chain games. IMO those site that you mentioned, should also consider switching.
I agree with you, I can ask the dev to make this off-chain.
- You should have a max profit per bet of 0.5-1% of your bankroll. If you have 2 BTC as bankroll, the max profit per bet should be max 0.02 and adjust dynamically with every bet. This is based on math (search "Kelly criterion".) If you offer a bigger max bet, you have way too much risk to lose all your money and I am fairly sure your expected results are even losses in that situation.
I know math but not sure how this works.
I will leave it to the dev or I would definitely appreciate if you can elaborate this point. I am curious and I will try my best to understand it.- That's why MoneyPot (MP) can be indeed an option. There are even some basic free open-source scripts like:
https://github.com/untitled-dice/untitled-dice.github.io to get started. You will be able to have your own domain/hosting, but the wallets/seeds/bet-calculations/max-profit/etc go through MP. This is also much better for security (if you get a cheap developer) and your budget. You will need to trust MP though, obviously. Although from the player's perspective, MP is probably more trusted than you.
This site looks nasty. I don't want to host it on MP anyhow.
- Still there are already many (more trusted/interesting/fun) gambling sites. You will need a budget for promos/ads/etc too. The full 3 BTC is even limited for advertising IMO. Especially with a non-unique concept/game.
I guess, I will have to consider putting more money, I can do upto 7 BTC, not more than that.
- If you do get a popular site, the hosting costs might be disappointing too. Plenty of gambling sites spend 1-3 BTC a month on hosting.
If I get popular, I can surely afford better things because at the end of the day, "The House always wins."
Best of luck though.
Thanks sir, I will surely appreciate if you can help me with anything in this.
I just think people highly underestimate the budgets/time/effort to make and run a good gambling site.
I am not underestimating, I have never been into this before, so, I was making wrong assumptions. Now, I am getting to know about this better.