Bitcoin Casino Question

[nds407]

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.

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[5o5kY]

It depends a lot on the user base you realistically expect, which means investing money in a marketing team which could give a very rough percentage of how many users you will have in x months since launch... which also depends on how much you are willing to invest in the actual marketing... Also (if the games are not framed), you shouldn't expect massive wins to payout to your users since all casino games are basically impossible to beat...but...

In other words:

if you start only with slots and 3D roulette and any other game that couldn't be beaten by the beautiful collective human mind, I would say 2 to 3 BTC should get you covered for the first 12 months, since I doubt you will see the success of a big casinos so early.

If you add, Hold'em, blackjack and any other game that could be in the control of players in any way, I would say 10 to 15 BTC should be ok.

Good luck with your bussiness!

[sunsilk]

Does your casino will have a specific game to focus with or you'll have a set of different games?

It really depends on how much you've got, you can have some terms on minimum/maximum deposits and withdrawal so you won't be surprised if a whale plays to your casino and won that much.

There are the same threads before.

How much bankroll do I need to start a dice site?

Should I start gambling site?

[leowonderful]

Yep, you can set parameters such as maxwin (1% or less is normal) so you don't lose too much in the beginning, but at the end of the day you still need a significant bankroll as you never know when a whale's going to gamble on your site or not. There's a hell of a lot of factors going into this, and there's no one definitive answer to this.

Devans' post sums up a suggested beginning dice gambling site's bankroll well below. You can certainly start with less funds, but you'll also have to adjust your max win whilst doing so to minimize risk and losses, and this may discourage some people from playing.

Assuming you don't want to risk more than is mathematically optimal, you can calculate the required bankroll for a dice game depending on the most you would like to allow players to win in a single bet and your game's house edge. For example, to offer a maximum profit per bet of 0.5 BTC with a house edge of 1%, a bankroll of 0.5 BTC / 1% = 50 BTC is necessary.

[Kprawn]

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. 

[maydna]

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.

how about 5-10 bitcoin for start? and if it's too big for you, maybe you can use 1-3 bitcoin because it still a new gambling site and you need to proves to many people that your site is really good. you need to think about how you can protect your members, your site from the attacker, you need to think about the promotions for your site too. I don't have an idea about how much the prizes because it depends on yourself.

[just_Alice]

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.

There are a lot of factors on which the resulting cost will depend, such as your software (which is incredibly important, you don't want to cut corners on that one) and security system. Your website should be simple for new users and attractive at the same time, plus it must command confidence, safety. Good software prices range between $10-15k. Obviously, you will need a license - not less than $15k per year too. Also you will need at least 5 employees for starters and consider lash out on promotion some decent money, if you don't want to make all your work go unseen. Altogether - about $40k to launch a website. The rest depends on how many and what kind of games you'll have there. I'd suggest you to make some variety here, this will bring more profit. Paying to winners - surprisingly that's not the thing that matters at first. I've seen some decent and popular gambling casinos, where hundreds of people spent plenty of time on poker tournaments the reward of which were about 10 USD. If you can attract people then you'll be able to pay people with money that others spent on your games.

[jacee]

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. 

OP should also include the funds for maintenance, security and bonuses along with marketing and promotions.
@OP I suggest that you get yourself a team to helo you with your site and think on how you can compete against well known and reputable casinos now.
Some new casinos I know failed to continue their site because they can't really offer anything new to the community and they failed to get people interested enough to stay.

[eternalgloom]

You definitely need to make sure that you have someone on standby to respond to any support requests, don't forget to include that into your budget.
As for casino bankroll, I'd make sure that you have at least enough to pay out the maximum win amount X100 or so.

[Juggy777]

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.

[ginellis]

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.

how about 5-10 bitcoin for start? and if it's too big for you, maybe you can use 1-3 bitcoin because it still a new gambling site and you need to proves to many people that your site is really good. you need to think about how you can protect your members, your site from the attacker, you need to think about the promotions for your site too. I don't have an idea about how much the prizes because it depends on yourself.

That is such a big amount of money, and I think that only experienced people can take the risk to invest such a big amount of money for opining a online casino. In fact no one know that what is going to happen in future either it will become succeeded or not what will be the gamblers response therefore I think that it is not so easy to start and run a gambling site.

[crwth]

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.

how about 5-10 bitcoin for start? and if it's too big for you, maybe you can use 1-3 bitcoin because it still a new gambling site and you need to proves to many people that your site is really good. you need to think about how you can protect your members, your site from the attacker, you need to think about the promotions for your site too. I don't have an idea about how much the prizes because it depends on yourself.

That is such a big amount of money, and I think that only experienced people can take the risk to invest such a big amount of money for opining a online casino. In fact no one know that what is going to happen in future either it will become succeeded or not what will be the gamblers response therefore I think that it is not so easy to start and run a gambling site.

I don't think 5 - 10 btc would be enough to cover everything that players are going to play. I'm not sure about opening casinos online but having that small of a bankroll is not good. I also agree that it's hard to run a casino site knowing that it is possible to be hacked. You need promotions that would make you expense a lot more money.

[maydna]

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.

how about 5-10 bitcoin for start? and if it's too big for you, maybe you can use 1-3 bitcoin because it still a new gambling site and you need to proves to many people that your site is really good. you need to think about how you can protect your members, your site from the attacker, you need to think about the promotions for your site too. I don't have an idea about how much the prizes because it depends on yourself.

That is such a big amount of money, and I think that only experienced people can take the risk to invest such a big amount of money for opining a online casino. In fact no one know that what is going to happen in future either it will become succeeded or not what will be the gamblers response therefore I think that it is not so easy to start and run a gambling site.

that is for small gambling site and maybe he needs more than just 3 bitcoin because there are many things that he needs to prepare and not just register the domain and hosting. and like you said, no one knows if his site can get success or not and it will need more effort to stay online in the gambling business because he needs to always maintain the site and secure the site from the rivals. but I also think that there is no exact amount of money to create one gambling site.

[Indamuck]

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.

It will be very difficult to start a new casino.  There is a lot of competition and you  may struggle to stand out against the crowd.   If you are seriously considering this you need to look at all the problems you may face: security issues, government compliance, angry customers, cheaters, abusers, etc. It's a lot to think about and spend a long time thinking about your decision.

[BitcoinArsenal]

Running a casino needs a lot of background knowledge about the industry and how it all works. Alone to provide security and trust for the gamblers and customers of your casino. Since you are asking this fundamental question here, I assume that you do not have this knowledge. That's why I would stay away from it or look for a partner who knows how it works.

[BitcoinNewbie15]

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.

It will be very difficult to start a new casino.  There is a lot of competition and you  may struggle to stand out against the crowd.   If you are seriously considering this you need to look at all the problems you may face: security issues, government compliance, angry customers, cheaters, abusers, etc. It's a lot to think about and spend a long time thinking about your decision.

I also want to add, what would happen if someone won a large jackpot on day one? That could potentially wipe out your bankroll completely, and if you refuse to payout, you lose you're reputation and any chance of having a successful gambling site.

OP I believe you would need to do this gradually. Start out will small amounts and small rewards, and do giveaways or something of the like to increase your userbase. As your user base grows you should adjust the rates accordingly.

[BitcoinArsenal]

I also want to add, what would happen if someone won a large jackpot on day one? That could potentially wipe out your bankroll completely, and if you refuse to payout, you lose you're reputation and any chance of having a successful gambling site.

When launching a casino, the jackpot usually has a small size of lets say 1 BTC for each game and gets bigger with each game made. Thus, the starting capital for the jackpots can be well calculated. As a rule, 0.02 to 0.05% of the bet goes into the jackpot, depending on the casino's prize draw.  The longer it is not hit, the bigger it gets.

[Initscri]

As mentioned, it's hugely dependent on many variables.

For example:

- What's the target audience
- How much traffic do you expect at the beginning of the site
- Are you planning on using investors/implementing an investor program
- Development wise, who's developing the site. Is it just a simple dice site, or are there many games?

Realistically, you can also program maximum bets when starting sites to protect your jackpots. It won't impress users, but it's just a simple reality if you're limited on winning funds.

[mostkey]

Before you go too far by consolidating the preparation from every aspect and requiring a lot of people to manage it so that there is no inconvenience to the services provided to the user, all other people's suggestions become a reference to complement the quality it finds, not sure exactly what budget is needed but it's all very expensive, by including more skilled people I think can minimize spending in design, of course there will be risks in the game, I hope you have thought about the level of security to maintain the trust of others.

[shield132]

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 last one is really popular, especially on casino that's in my signature. But to be fair this means casino is so great and top that others have left nothing but a ddos to give them a headaches.
OP what's about your question, I can say that everything depends on your aims. There are casinos which are in shadow and have some regular players and there are others which are in top. If you want to be in top, then you need a lot of money. Becoming famous is very hard, a lot of marketing activity is needed, it's another question how you'll ROI. There are really a lot of factors, it's not a thing we can say in one word. Remember! You need a team to take care of your casino + develop it.