Operating a BTC gambling site - Worth it?

[DrSeuss]

Hey everyone. 

I'm a passionate Web-Developer and currently got a little bit more time on my hands than usual.
I really love what I'm doing and enjoy running my own projects, so I decided to sit down and start coding a new BTC gambling website.

Everything is prepared already:
 - I have a really catchy Game which I couldn't find anywhere else to play online
 - I have designers on my hand for some neat graphics
 - I have done the math to maintain a small house edge
 - The automatic handling of BTC transactions is finished
 - Provably Fair is planned to be done today
 - My dedicated server is ready to handle a good amount of traffic
 - [...]

But I'm interested to know: Is developing a BTC gambling websites considered to be profitable?
Can I expect people to pay attention to a new game?
Is the market maybe already saturated?

My decision to code this website isn't going to change, regardless of the answers I will receive. 
I'm simply wondering what dimensions I could be entering with this project.

I'm excited to hear your thoughts and opinions on this! 

[BTCLovingDude]

it is surely good to see someone who is putting some effort into his project and not just copy pasting a script and wanting profit.
i hope you become successful.

But I'm interested to know: Is developing a BTC gambling websites considered to be profitable?

not on its own. people who are using bitcoin have proven to be interested in gambling but they won't go for any game. they usually stick to certain types of games. mostly dice and some of them sports bet.

Can I expect people to pay attention to a new game?

if a new game is interesting they may. but it is a risky move in my opinion to go into uncharted waters.

Is the market maybe already saturated?

it is competitive but it is not full. there is still a lot of room for new casinos to come and be successful. you need a good plan, lots of promotions and advertisement which are all going to cost and then after some time reach profitability.

in my experience, as i said, people don't usually go for newer games that are too complicated and they don't know how to play them. that is one of the reasons why there are a lot of dice sites. because people will always play dice.

[xuan87]

I think it will be profitable if you know how to attract gambler to your site, but the first step is you need to build your reputation, giving a lot of giveaways sure is going to boost your popularity, when you already famous, then you can earn profit, you can see there are a lot of casino and gambling site keep on popping out

[DrSeuss]

it is surely good to see someone who is putting some effort into his project and not just copy pasting a script and wanting profit.
i hope you become successful.

Thank you kind sir, those words feel good and motivate. 

not on its own. people who are using bitcoin have proven to be interested in gambling but they won't go for any game. they usually stick to certain types of games. mostly dice and some of them sports bet.
[...]
if a new game is interesting they may. but it is a risky move in my opinion to go into uncharted waters.

Actually my game isn't something I invented myself, but a game which is really old and got forgotten. 
It's based on a game which will always be loved and is played all over the world, the differences to mine are actually quite small but the impact on how it feels are big. 

it is competitive but it is not full. there is still a lot of room for new casinos to come and be successful. you need a good plan, lots of promotions and advertisement which are all going to cost and then after some time reach profitability.

in my experience, as i said, people don't usually go for newer games that are too complicated and they don't know how to play them. that is one of the reasons why there are a lot of dice sites. because people will always play dice.

Sounds logical and fair to me.
Luckily my game played fast too, just like dice games you can adjust certain things if you desire too but the game itself consists of simple rolls.
I'm aiming to code everything really basic and minimalistic - Within 3 clicks (without counting executing a deposit) a personal account will be created and the first roll done. 

[target]

Bitcoin users are used to the games that already existed and i think all games are already here from sports to simple game of luck like dice. IF you can create a real time game like a video on a corner where we get to bet which color of a car that will pass by each minute, we might just try betting on it. I don't have any idea whether such game already exist here in bitcointalk but i do hope you can have it on your site. Also allow us to bet using some altcoin like LTC, ETH and rest.

[milewilda]

Atlast I saw already a meaningful consultation on someone who have a plan on making and launching a gambling site.Seeing on what is stated above I could say that it has a potential since ive read that you are creating a game that you didn't see on the market which makes some interest and im wondering on what game should it be. Goodluck on your project it will surely be worth it.

[agustina2]

I'm excited to hear your thoughts and opinions on this!  

How about the status of the bankroll? To execute all your listed developments and plans, bankroll is needed. It will dictate the outcome of the gambling site since less bankroll means less accommodation by all of the gamblers. There are lots of bitcoin gamblers today so what if someone hit some big? How can you deal with that?

You also have to pay for advertisements like signature campaign since it's hard to build popularity today because there are lots of gambling sites that established a strong name even you have a unique game that no other gambling sites have. It's profitable in the long run if you can established a good name and maintained well the operation. Also doing giveaways in regular basis can be considered.

[DrSeuss]

Bitcoin users are used to the games that already existed and i think all games are already here from sports to simple game of luck like dice. IF you can create a real time game like a video on a corner where we get to bet which color of a car that will pass by each minute, we might just try betting on it. I don't have any idea whether such game already exist here in bitcointalk but i do hope you can have it on your site. Also allow us to bet using some altcoin like LTC, ETH and rest.

Indeed, websites like primedice or satoshimines (in my case) are definitly a big name and I don't think a websites with the exact same concept will have a big chance to ever beat them in popularity.
That's why I aim for something that's not existing yet, in that way I can ensure people who enjoy my concept are bound to my website - Atleast until somebody copies me. 

With real-time betting you mean something like it's done on bustabit? Basicly my website running a certain process over and over (randomly of course) regardless of the visitors I currently have? 

Altcoins won't be a big problem to implement, ETH might cause some extra work but I can't tell that for sure rn, I only tried LTC and DOGE yet.   

Atlast I saw already a meaningful consultation on someone who have a plan on making and launching a gambling site.Seeing on what is stated above I could say that it has a potential since ive read that you are creating a game that you didn't see on the market which makes some interest and im wondering on what game should it be. Goodluck on your project it will surely be worth it.

I really hope there will be more people like you beeing interested in a new game digitalized. 
I will definitly get back to you guys as soon as I got something to play around with, you'll be invited to test everything if you desire. 

How about the status of the bankroll? To execute all your listed developments and plans, bankroll is needed. It will dictate the outcome of the gambling site since less bankroll means less accommodation by all of the gamblers. There are lots of bitcoin gamblers today so what if someone hit some big? How can you deal with that?

You also have to pay for advertisements like signature campaign since it's hard to build popularity today because there are lots of gambling sites that established a strong name even you have a unique game that no other gambling sites have. It's profitable in the long run if you can established a good name and maintained well the operation. Also doing giveaways in regular basis can be considered.

You're right, I will definitly need a certain base level of cash to be able to run the website without any problems 
There are a few possibilities I have here, the first would be to simply use my own cash since I luckily got a good base myself. I'd also be able to get a few investors as soon as I can show the finished project. 
But I might approach this problem on a totally different way, I'm still thinking about a few techniques. 

Advertisement is something I will deal with as soon as I'm done. I'm quite active on a few Forums where I'm known as developer and got a remarkable, flawless reputation - So a bunch of people will atleast try my website and maybe even tell their friends.
Buying any kind of advertisement is no problem tho - if I feel like it's worth it, I'll do it.

[milewilda]

Sure, that would be nice im quiet interested on this one since you said its a catchy game that cant be found in the market which is really a catchy thing for me.
I will wait for the launching of this gambling site and hope wont break peoples expectations here  

[shanem]

Operating a btc gambling site is worth it as the house wins more than it loses. However, you need to have a large capital to bankroll in case some btc whales get lucky and win some of your btc. You don't want to face a situation when nobody is able to withdraw because of lack of btc. I am tired of seeing all the dice sites sprouting up and it would be refreshing to have new gambling games.

[maydna]

i wonder what kind of the games that you makes in your sites? i am too curious about this and i am waiting the progress. i think you can add another altcoin like rdd, xdg, or bcn in your sites because there is not many sites that have this option for their members so members will have much option for the coins that they want to deposit. is there any ETA that you want to tells or its need more than a week before you launch the sites? i think every one in this forum will waiting for your sites and they expecting the best from your sites. good luck sir and have a best sites.

[wavespump]

Operating a BTC gambling site can be extremly profitable thing, primedice's owner stunna, he makes at least 20K BTC per year. Many other big gambling sites like nitrogen, betcoin, fortunejack are making plenty of bitcoins everyday. But most casinos can't make huge money, operating casinos is not easy, it is similar to gambling and trading, always winners and losers, you need the best marketing team, it is the key of SUCCESS.

[densuj]

Operating a btc gambling site is worth it as the house wins more than it loses. However, you need to have a large capital to bankroll in case some btc whales get lucky and win some of your btc. You don't want to face a situation when nobody is able to withdraw because of lack of btc. I am tired of seeing all the dice sites sprouting up and it would be refreshing to have new gambling games.

Agree and the owners must have much capital is for promotion the site
for example must there are money for pay Google advertising,
the other example pay members signature campaign if making promotion on bitcointalk
the promotions must be for long time until the sites are famous.

[DrSeuss]

Sure, that would be nice im quiet interested on this one since you said its a catchy game that cant be found in the market which is really a catchy thing for me.
I will wait for the launching of this gambling site and hope wont break peoples expectations here  

Haha, I'll give me best to deliver a high quality result, I promise.  
As soon as I got something useable I'll visit this thread and PM you guys.

Operating a btc gambling site is worth it as the house wins more than it loses. However, you need to have a large capital to bankroll in case some btc whales get lucky and win some of your btc. You don't want to face a situation when nobody is able to withdraw because of lack of btc. I am tired of seeing all the dice sites sprouting up and it would be refreshing to have new gambling games.

Yes indeed, this would be a real shame and probably instantly kill my reputation, I will take the necessary step to take care that this won't happen.
Anything else would be half-hearted and that's something I really dislike when it comes to my work, especially to my private work.

i wonder what kind of the games that you makes in your sites? i am too curious about this and i am waiting the progress. i think you can add another altcoin like rdd, xdg, or bcn in your sites because there is not many sites that have this option for their members so members will have much option for the coins that they want to deposit. is there any ETA that you want to tells or its need more than a week before you launch the sites? i think every one in this forum will waiting for your sites and they expecting the best from your sites. good luck sir and have a best sites.

Thank you for those kind words.
I will give my best to implement as many altcoins as possible, the only factor that slows my work down is my personal life, I'm quite busy and code the website alone but I'm confident that I will be able to finish this project.
Sadly the release will still take a certain time, it's hard for me to estimate the time I need but I'll let you guys know as soon as I have an overview of everything that needs to be done.
Please don't get me wrong but I don't want to talk too much about the actual game I'm planning, if this really has potential I'd just risk my possibility to rule part of the market, I hope you understand this.
Even if you guys probably don't even know the game, I'm sure it will feel really familiar fast.

Operating a BTC gambling site can be extremly profitable thing, primedice's owner stunna, he makes at least 20K BTC per year. Many other big gambling sites like nitrogen, betcoin, fortunejack are making plenty of bitcoins everyday. But most casinos can't make huge money, operating casinos is not easy, it is similar to gambling and trading, always winners and losers, you need the best marketing team, it is the key of SUCCESS.

This kind of profit would def. be nice.
But even if it doesn't rocket-boost to the top, simply owning a running gambling site would be great enough for me - I love to see my projects sprout.
Do you mind explaining what exactly you understand under "the best marketing team"?

[poplolnman]

always worth to try , nothing business have a free-risk. so far i didn't yet see there is bitcoin gambling site closed due to bankruptcy or something similar. most of them in profit especially a -EV games , no wonder there is very few games based on player vs player , would you take this challenge? to open a PvP game like PvP blackjack? goodluck btw.

[ralle14]

Just by reading your post it sounds like it should be profitable even with a small house edge as long as you set a minimum max profit/payout to reduce damage to the house/bankroll. I want to know when do you plan to launch your casino? I'm interested in playing new games.

[crairezx20]

always worth to try , nothing business have a free-risk. so far i didn't yet see there is bitcoin gambling site closed due to bankruptcy or something similar. most of them in profit especially a -EV games , no wonder there is very few games based on player vs player , would you take this challenge? to open a PvP game like PvP blackjack? goodluck btw.

you got the point and Try + test = achieving this is what i think that should do first yeah theres a risk and you will not know if this project could be profitable or not.. since the other business there are started and the other business was not successful they are close but the other business here are still alive and active that i think they are really making a good profit..

[izanagi narukami]

If you feel that your gambling site able to compete , why not ?
Bitcoin gambling industry that love lasting still have low amount compare real life gambling industry. Just make sure that you can hire the honest and great people to handle since my experience taught me, good gambling site doesn't guarantee that they can long lasting instead they scam in the end

[piloder]

But I'm interested to know: Is developing a BTC gambling websites considered to be profitable?
Can I expect people to pay attention to a new game?
Is the market maybe already saturated?

-> I think if you can run gambling platform smoothly and can insure security of bankroll than it will be profitable for sure.

-> Yes, new and pretty addictive game will always be in demand. Look at bustabit, satoshimines, luckyb.it etc they are successful because they have delivered games with pretty new concept and addictive.

-> Market for bitcoin only casino is still not saturated but if you are only planning to have dice, slots etc than market for dice site is saturated to some level.

[LFC_Bitcoin]

I'm sure operating a bitcoin gambling site is very profitable but unless you're a very early adopter it's probably too late for you now unless you have a lot of money.

You're going to have to be able to afford to pay every users wins, if they win big can you pay them?