Bitcoin Casino Question

[Symphonized]

I see so many interesting answers, but i keep saying (at some other topic with almost same question):
- You should ask to other successfull Cassinos as well

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[adaseb]

I don't know what's a minimum figure but I would easily keep 500 - 1000 btc aside and I know it's a very high amount but I have seen big whales play that high and once they come they need quick payout. Secondly you'll need a good budget for security, upgrades and most of all marketing your site, I would advise you to see how the pros do it before you jump in.

This isn't 2015 anymore where BTC was $200  and everybody had 500-1000 BTC in their cold storage. At $7500 you are talking about $3.75 million up to $7.500 million. Even if he had that much money, he wouldn't risk it all on a casino.

Like everybody said here before. You need to find ways to manage risk like limit the bet size. The way greed works its difficult. Because many casinos want people to risk more since they have a greater chance of making a profit with the house edge; but it can also clean them out.

You want a perfect example, look at what happened earlier this week with the OKEx $500million dollar liquidation long position. The guy was long about 50K BTC and the position was liquidated and there wasn't enough buyers and its still sitting in the orderbooks and every profitable short trade might have to take a loss. This is a perfect example of how badly OKEx has managed risk.

[Initscri]

I see so many interesting answers, but i keep saying (at some other topic with almost same question):
- You should ask to other successfull Cassinos as well

I doubt any would give any true secrets away, and anything they would tell you would be publicly available or already posted on threads like this.

[ethereumhunter]

I think it will be a big money to create a bitcoin casino especially if you want to promote your casino so it can reach more player to come to your site and play the games. you need to have many games in your site so you can attract more gamblers to play in your site but it's not guaranteed that you can get many players that will stay at your site. I don't know how much bitcoin that you should prepare to create the gambling site plus the promotion because it depends on what do you want on the gambling site.

[darkangel11]

It's possible to start a casino with a small bankroll, provided that you limit people from betting high. This will of course limit your earnings as well because you won't give chance to high rollers and basically make them look for another site. Those people are rare but they do exist and I've seen people gamble away a couple BTC in a single day. So, in short, you start with little money, you earn little money. The more you have the more you can potentially earn.

[sweetbet]

I thought about it in the past but decided against it. The legal costs of setting up an online casino, finding a hosting service for it, automating deposits and withdrawals, marketing costs, etc, would be way too much for one or a handful of people.

[CryptoGamblingSites]

Hey everyone, have a quick question: how much bitcoin do I need to start a bitcoin casino? Gonna buy a turnkey bitcoin casino soon which will be about a grand, but about how much bitcoin do I need to reliably be able to pay off winners, at least in the beginning? I know the number varies, but ballpark.

Do everyone a favor and don't launch a casino that nobody needs or asked for. There are too many already.

[coinplus]

Hey everyone, have a quick question: how much bitcoin do I need to start a bitcoin casino? Gonna buy a turnkey bitcoin casino soon which will be about a grand, but about how much bitcoin do I need to reliably be able to pay off winners, at least in the beginning? I know the number varies, but ballpark.

The initial capital required must be depending on the business level, first of all buying a turnkey bitcoin casino website is the most trustworthy thing you will do in your entire life. You need to trust that person with everything you have in your life since they might have a backdoor to actually rob all of your and your customers money.

But, lets assume for now that you trust that person that sold you a turnkey bitcoin casino and all you need to worry about the first days. Well of course it depends on how much you let them gamble, since a casino that allows people to gamble with 100 bitcoins at a slot machine will lose more than a casino that allows them to gamble with 1 bitcoin at max.

A blackjack with 100 btc betting will lose more as a result than a blacjack that has 1 bitcoin at maximum. If you ask me, in order to start slow you can have 100 bitcoin saved up on the side and don't allow people to bet big so you can be sure you will not run out of money.

[Zocadas]

Buying a casino site without the necessary background and basic knowledge of capital is comparable to a financial destruction command. And to calculate, how much you need to beeing able for proper winning payouts is still the least problem in this situation. Do you even know, whether there are no debts from preowner to his customers? Do you know the legal requirements - taxation - licenses and so on.

[wxa7115]

Hey everyone, have a quick question: how much bitcoin do I need to start a bitcoin casino? Gonna buy a turnkey bitcoin casino soon which will be about a grand, but about how much bitcoin do I need to reliably be able to pay off winners, at least in the beginning? I know the number varies, but ballpark.

The costs of running a casino are greater than just having a big amount of capital to pay your players, there are too many expenses, like the servers, customer support, paying for the creating of new and interesting games that bring people to your casino and probably one of the biggest expenses of all which is marketing.

This industry like almost all of them is full of competition with casinos that have been established for a long time in fact if you take a look you will notice that some of the longest running signature campaigns in the forum come from casinos and this is not really surprising because the moment you stop promoting your casino then another casino begins to take new players that could have played in your casino if you did not stopped the promotion.

[mikyadel]

Getting starting in bitcoin casino industry isn't just about some bankroll whether it's 3 btc or 300 nor it's about setting up a fantastic design with an unbreakable security measures .
this might have been the case couple of years ago , but right now there are already many established websites which you should think what's your edge here over them . why would someone go to your new website instead of other ones ?!

[jacee]

This industry like almost all of them is full of competition with casinos that have been established for a long time in fact if you take a look you will notice that some of the longest running signature campaigns in the forum come from casinos and this is not really surprising because the moment you stop promoting your casino then another casino begins to take new players that could have played in your casino if you did not stopped the promotion.

Promotions/marketing is indeed vital for a casino to continue on growing their community. Signature campaign isn't the only thing to be considered tho. Funds should also be allocated in social media marketing and other website ads. One example of a well manage gambling site is primedice. They offer awesome promotions in a form where people needs to play in their site to get an awesome prize.
I haven't seen a casino does that yet. Maybe they should consider it, to increase traffic on their sites.

[Ganbound]

It's possible to start a casino with a small bankroll, provided that you limit people from betting high. This will of course limit your earnings as well because you won't give chance to high rollers and basically make them look for another site. Those people are rare but they do exist and I've seen people gamble away a couple BTC in a single day. So, in short, you start with little money, you earn little money. The more you have the more you can potentially earn.

I think that no one will like to play with you if you will make people limited. They want to play gambling in such casinos where they can play without having any limit. I think it requires a lot of money if you want to run a gambling casino so smooth.

[checkmatesir]

I think it will be a big money to create a bitcoin casino especially if you want to promote your casino so it can reach more player to come to your site and play the games. you need to have many games in your site so you can attract more gamblers to play in your site but it's not guaranteed that you can get many players that will stay at your site. I don't know how much bitcoin that you should prepare to create the gambling site plus the promotion because it depends on what do you want on the gambling site.

It is a game of big investors, I do not think that is so easy to create your own casino and them run it so smoothly to make it a successful one. I think that for that you need to have a lot of money, may be countless. There are so many other necessary factors which are too much important for running a casino.

[Betwrong]

There have been quite some number of people who asked this same question before, so if you browse a bit on this forum, you will get some pretty good answers. You should not just be worried about the "Winners" pot of money, but also about the money that must be used for marketing and promotions. The gambling scene is very competitive and a lot of people are hiring hackers to sabotage other people's casinos. {DDoS attacks}, so you should also get people to beef up your security.  

This is a great advice. For some reasons people launching new online casinos don't pay due consideration to marketing, while it is very important for the success of their business. If you need a raw estimation, I can tell you about the bottom limit, or rather about a pretty significant sum of money which appeared to be not enough for the successful operation. A friend of mine opened an online poker site last year and 3 months later he decided to  abandon the business on the grounds of lacking cost-effectiveness. He told me that he spent $15k overall and that his site had maximum 50 players online at its peak, most of whom were promotion abusers. Imo his site failed because of the poor marketing, and a good marketing requires good money. So, if you don't have much more than $15k I suggest you to not even start because most likely you will just lose the money.

[earnadoge]

I think they use kelly formula, so 10 grand would cover 100 dollar max bet at 2x with 1% house advantage.  There's gotta be information on how the casino's are ran from financial perspective somewhere, to help you squeeze the most out of your bank.  I've seen dice sites with really small max bet, so they are operating on a really small bank.  So you can start with any bank as well, and can calculate your max bet, if you feel your max bet is too low, gotta increase the bank, and you know by how much by using the formula.  Accepting investments from players within the game can boost your max bet, and profit share with the players.  Allowing players to invest small amounts that can be divested without fee, can boost bank as well.

[el kaka22]

If you have to ask this question, obviously you are not ready to start your own website.

If someone asks how much they need to start a gambling website, they are not ready yet. I had my own dice website once, there was this moneypot script that allows you to start your own dice website and I agreed with a developer friend of mine, paid him well and made that script into something good looking and started it, it kinda got traction a wee bit but in the end when there are websites that spends x1000 of your earnings into advertisement, there is no way you can start your own and get more people because people tend to flock to the biggest names, which as a gambler myself I do it too.

Hence, if you are new you need to have a huge bankroll just for advertisement let alone anything else.

[emberbekas]

If you have to ask this question, obviously you are not ready to start your own website.

If someone asks how much they need to start a gambling website, they are not ready yet. I had my own dice website once, there was this moneypot script that allows you to start your own dice website and I agreed with a developer friend of mine, paid him well and made that script into something good looking and started it, it kinda got traction a wee bit but in the end when there are websites that spends x1000 of your earnings into advertisement, there is no way you can start your own and get more people because people tend to flock to the biggest names, which as a gambler myself I do it too.

Hence, if you are new you need to have a huge bankroll just for advertisement let alone anything else.

Agree. Building a gambling site is a competition because there are already established gambling sites that can attract many visitors. The capital needed is of course not just to build it. To attract more people, through advertising, to use it will certainly cost a lot.

[Symphonized]

If you have to ask this question, obviously you are not ready to start your own website.

If someone asks how much they need to start a gambling website, they are not ready yet. I had my own dice website once, there was this moneypot script that allows you to start your own dice website and I agreed with a developer friend of mine, paid him well and made that script into something good looking and started it, it kinda got traction a wee bit but in the end when there are websites that spends x1000 of your earnings into advertisement, there is no way you can start your own and get more people because people tend to flock to the biggest names, which as a gambler myself I do it too.

Hence, if you are new you need to have a huge bankroll just for advertisement let alone anything else.

Agree. Building a gambling site is a competition because there are already established gambling sites that can attract many visitors. The capital needed is of course not just to build it. To attract more people, through advertising, to use it will certainly cost a lot.

If he doesnt have a good audience as well those topics will be out of his reach.
He will not even be able to get so many people for sustaining it.

[Theb]

Obviously this question needs to be answered by your partners and not in this forum. But to give you an idea starting your own Bitcoin casino will need a lot of money especially your bankroll needs to be sufficient for high rollers because you don't want that to be drained with just one day. Also maybe observing some gambling sites might help becauae you can actually see all of the player's bets and results with their provably fair system.