How good of a business is the "Crypto Casino" business?

[upandtotheright96]

This feels like a tough business to be in.  You pointed out some really interesting challenges yourself -- lots of competitors, easy switching costs.

With that said, think about how many social networks there are on the web.  (Or how many altcoins there are, haha!)

At the end of the day, it's going to come down to out-executing the competition.

[RockBar0]

I might not contribute much to your question but, I'd like to point out that buying scripts for any type of "business", be it Crypto Casino or any other type of internet site, in an already over-saturated market, is a poor choice! it's both a waste of money and time, if you're not capable of creating one/finding the people to create it from scratch (and therefore be able to compete with those who do), it's very likely going to end up dead very quickly! I would suggest trying to both combine the already existing "casino" ideas with some new type of idea (not every type of casino game is available), and therefore you're both unique and with a functioning site.

Thanks for this thoughtful response!  I totally see what you mean here, and I agree that this makes sense -- just buying an off-the-shelf thing in a crowded market seems like a potential race to the bottom.  If there is anything you take away, OP, it should be that you need a differentiator.

Crypto Casino is a form that will grow in the future because of its effectiveness. Previously used cards to bet, the use of crypto to play directly will be effective and faster. This is a direction that will be developed very soon.

[Nahl]

Several years ago i have seen plenty of crypto casino announced almost everyday and at that time people always be says build new casino is very profitable because plenty of active players are willing to spend their money into gambling site but gradually the trend has been change that only several old casino can survive because they have loyal players and the rest of those casino were closing their service because lack of interest and i think currently build new casino will not profitable anymore because the trend has been change

[upandtotheright96]

Several years ago i have seen plenty of crypto casino announced almost everyday and at that time people always be says build new casino is very profitable because plenty of active players are willing to spend their money into gambling site but gradually the trend has been change that only several old casino can survive because they have loyal players and the rest of those casino were closing their service because lack of interest and i think currently build new casino will not profitable anymore because the trend has been change

What keeps people loyal, though?  Why not just switch from casino to casino?

[Wipro]

There are many casino sites I have noticed with the integration of cryptocurrencies usage service. I do not have much intervention with gambling side and it is not my place to invest bud. As of I noticed most preferable option sports betting only.
So I will not be give casino as a suggestion to your investment because the money you are earning is loss from the other people.

[Unnicew03]

Casino businesses are gambling businesses, and Gambling is a very good way of earning extra money but is also the best way to lose all your investment. It is a form of entertainment that sets limits for the amount you are willing to risk in order to win your money back. Gambling involves risking something of value on an uncertain event in hopes of winning something more than what was wagered. It involves risking your own money for the chance of doubling it or even turning it into 20 times more. This for the gamblers.

[Unnicew03]

Hey all!

I am an avid student of business, and a long-time bitcoin holder.  One thing I have noticed on this forum and in the bitcoin community more broadly is the presence of many "Bitcoin Casinos."  (I'm including all crypto here; not just bitcoin.)  Many, though not all, seem to be provably fair.

I'm curious to know -- how good of a business are these casinos?  I'd really love to hear from folks who have actually run or experimented with such sites! 

Here are some initial thoughts and questions that strike me:

* It seems that there are a number of these businesses; how does one get a competitive advantage over others?
* It seems like switching costs for the user are pretty low.  Combining this with the above makes me wonder how challenging they are together. 
* Are there network effects with these businesses?  In other words, does it matter how many other people are playing at the casino I am playing at?  (If I'm playing against the house.)
* At what volume does it actually make sense to run one of these?   (I'm sure this is a context-dependent answer - would love to hear perspectives!)
* I see a number of scripts available for sale.  Does anyone in the business actual buy these, or do people just do their own custom development?

Thanks in advance for insights and opinions!

Managing an online casino is hard work but with all legal and financial issues resolved in a timely manner, quality software chosen and a strong marketing strategy in place, it can be successful. The demand for online casinos will increase – specialists even predict 40% growth of this market segment in the nearest year. Following all the steps described above will help a newly made online casino to develop sustainably and outweigh the competition. Good luck!

[The_Dark_Knight]

It is clear that bitcoin casinos are very successful and very profitable, if that was not the case then we will not see so many casinos in the forum, but as you can see this is not precisely the best time to create a casino, many people are suffering huge losses thanks to crash in the market and I'm sure they are not willing to gamble their money away right now.

[WuGong]

You should be convinced that any form of gambling is very profitable, and since the cryptocurrency market is not subject to the law, there are many casinos here!

[Baofeng]

The only casino I'm familiar with that closed in recent times is Rollin.IO. They had a good run, unfortunately we can all speculate that they close due to financial reasons. They have been running a successful signature campaign, but suddenly lowered the rates so its obvious that they have problems financially. So yes, its a tough business to be in and you need to have a good marketing strategy to keep players coming back for more.

[Koadharber]

~snip~

Seems you aren't aware on how rampant or famous does crypto and gambling business collaboration. Check this board https://bitcointalk.org/index.php?board=56.0
and you will see on your very own eyes on how many gambling sites or online casinos are competing with marketshare and due to such popularity these are indeed
profitable but only to those who do offer much better service into the public.If you are planning to have a similar business then you should focus to those games that are somehow
unique not just creating another similar common game that do already exist in the market.

[crzy]

Several years ago i have seen plenty of crypto casino announced almost everyday and at that time people always be says build new casino is very profitable because plenty of active players are willing to spend their money into gambling site but gradually the trend has been change that only several old casino can survive because they have loyal players and the rest of those casino were closing their service because lack of interest and i think currently build new casino will not profitable anymore because the trend has been change

What keeps people loyal, though?  Why not just switch from casino to casino?

Maybe there’s a loyalty program, or the casino itself is really good compare to others. This must the things that casinos should gain more, the loyalty of every customers. Crypto casinos is profitable only if you gain the trust of every gamblers but make sure you operate legally.

[tosmartak]

Since those that are doing it well like cryptogames, FJ and so on are making shit load of money, then it sure pays. The only question is are you willing to do it well too and do you have something unique you want to bring with your own casino which is not present in the current ones? That is when you can be able to gain enough users to make you join the category of those I mentioned.

[ginellis]

Hey all!

I am an avid student of business, and a long-time bitcoin holder.  One thing I have noticed on this forum and in the bitcoin community more broadly is the presence of many "Bitcoin Casinos."  (I'm including all crypto here; not just bitcoin.)  Many, though not all, seem to be provably fair.

I'm curious to know -- how good of a business are these casinos?  I'd really love to hear from folks who have actually run or experimented with such sites! 

Here are some initial thoughts and questions that strike me:

* It seems that there are a number of these businesses; how does one get a competitive advantage over others?
* It seems like switching costs for the user are pretty low.  Combining this with the above makes me wonder how challenging they are together. 
* Are there network effects with these businesses?  In other words, does it matter how many other people are playing at the casino I am playing at?  (If I'm playing against the house.)
* At what volume does it actually make sense to run one of these?   (I'm sure this is a context-dependent answer - would love to hear perspectives!)
* I see a number of scripts available for sale.  Does anyone in the business actual buy these, or do people just do their own custom development?

Thanks in advance for insights and opinions!

Well, one thing I am certain of is that as long as you are able to feed your target market with what they want in your business which in this sense, crypto casino, then I am sure you will make the best from the investment.

I am also certain that a lot of money is being made for those crypto casinos that are doing it right by the day and have been able to make name for themselves, which is something you must be ready to come up with something very unique to be able to challenge that competitive space at the moment, and buying a script would not do that for you.

[fullhdpixel]

There is a very high competition in casino business but not so high in crypto casino. But we can proudly say that there are major players which are so competitive that it's very hard to beat them. All you need when you enter in market is Great template, great support and amazing promotions. This last one plays a huge role to attract customers. When others play regularly on top website and then see you offer something exciting and attractive, why not to play on your website? And when I play, as time goes, if I like your website, I won't only play for the sake of promotions but I'll continue playing because I like it, it attracts me and gives me comfort during my gambling.
P.S Don't buy any script, hire devs and keep team.

There is actually a very high competition as well when it comes to the crypto casino space and not just casino business. If you do not have something substantial to bring to the table and at least a platform that can be a bit trusted, then there is nothing for you in the crypto casino business space.

A lot of crypto casino platforms are already doing a great job and trying as much as possible to keep remaining relevant which to me is a top notch.

[buwaytress]

Several years ago i have seen plenty of crypto casino announced almost everyday and at that time people always be says build new casino is very profitable because plenty of active players are willing to spend their money into gambling site but gradually the trend has been change that only several old casino can survive because they have loyal players and the rest of those casino were closing their service because lack of interest and i think currently build new casino will not profitable anymore because the trend has been change

What keeps people loyal, though?  Why not just switch from casino to casino?

Maybe there’s a loyalty program, or the casino itself is really good compare to others. This must the things that casinos should gain more, the loyalty of every customers. Crypto casinos is profitable only if you gain the trust of every gamblers but make sure you operate legally.

I'm pretty much the definition of loyal user, when it comes to online services, especially once familiarity sets in. Once I'm comfortable, takes quite a bit to get me to move on, but I think you find in crypto gambling, communities tend to stick at one place, and play across new casinos, all keeping their places anyway.

But where we put our bets are always where we feel safer, where we feel we won't get our funds stuck. I put up with quite a lot... Less friendly or less responsive staff, less friendly UIs... If I get regular good treatment on the things that matter: prompt, fuss-free payouts, higher bonuses, lower edges. Make no mistake, as soon as I find better edges I try it out, but if I don't feel as confident in the fund management, I don't stay.

[naidray]

It is clear that bitcoin casinos are very successful and very profitable, if that was not the case then we will not see so many casinos in the forum, but as you can see this is not precisely the best time to create a casino, many people are suffering huge losses thanks to crash in the market and I'm sure they are not willing to gamble their money away right now.

Apart from people not even willing to gamble away their money, I want to believe that the competition is also increasing hugely in the crypto casino business. We keep seeing crypto casino platforms popping up daily and you will probably be having something a whole lot more to offer than them, otherwise, it would be hard to get any user. Retaining users is one hard thing but you do not want to find out about attracting users which is the hardest.

You should be convinced that any form of gambling is very profitable, and since the cryptocurrency market is not subject to the law, there are many casinos here!

At this stage, I even believe that from research, the OP should have known better that crypto casino business is a booming one and it is still booming. Nevertheless, the fact that it is a booming one does not mean anyone can just come into the space, buy a script, just put up anything and expect that people will just keep popping in.

You have to create something a lot unique, which is worth being tested and fanciful. I have seen some new platforms before that looks like a virus on its own, and you would not even want to take another more look than closing the page and never coming back. So it is best to create a very good first impression.

[raven7886]

Well ... casino in principle profitable business ... due to this much where prohibited. And yes, I did not think about it, but most likely it would really be good to try it .. casino with blockchain technology. Great)

The truth is that so many wannabe crypto casino platforms have come and gone because they could not withstand the competition in the space and to be able to do that, you really have to come up with your own unique platform and not by purchasing scripts which is totally the most wrong thing to even be doing. Every business requires a great effort in doing things right to be able to get the best from it and you must have some huge amount in your pocket to be able to start as well considering the nature of the game.

[victorwolf]

Hi, maybe you'll like this idea - https://bitcointalk.org/index.php?topic=5024554.0

[suvo05]

Well ... casino in principle profitable business ... due to this much where prohibited. And yes, I did not think about it, but most likely it would really be good to try it .. casino with blockchain technology. Great)

The truth is that so many wannabe crypto casino platforms have come and gone because they could not withstand the competition in the space and to be able to do that, you really have to come up with your own unique platform and not by purchasing scripts which is totally the most wrong thing to even be doing. Every business requires a great effort in doing things right to be able to get the best from it and you must have some huge amount in your pocket to be able to start as well considering the nature of the game.

The trust level is also very important, as there are so many casinos available right now. so people always will try to choose the trusted one. i.e even with a pretty unique platform you need to gain trust and this will take some time.