Opinion on crypto casino project

[Reatim]

Good day everyone,


I think this is an opportunity to build something :

A real decentralised crypto casino platform - 100% anonymous.
Same principle as a decentralised exchange like Uniswap, all you need to get started is a non-custodial wallet with funds. No KYC.
Being fully decentralised and using exclusively crypto means we're operating within a grey area in the eyes of the law and therefore "no need" for a license.
I believe that in order to gain trust, using only provably fair games would be a great idea in order to show that it isn’t rigged.

It's just an idea so far but I think getting feedback from real players is the first step to validate my assumption !

As long as your place(country) are not or will never be commanded by the government
then you can of course KYC asking and yes you can completely create a Decentralized casino platform .
and also you can gain trust proving your being trust worthy , means not like other casino that changes their rules in timing , after gaining many players and supporters.
this is actually what I hate more, instead be truth and be constant to all your promises.
it is easy to said but harder to maintain.

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[Nrcewker]

Describing something theoretically and implementing it into something practical, both are different. Not only you, but many of us thought of creating our own casino with unique features and dreamt of ruling the industry. But guess if it was as easy as writing a post, then all could have succeeded in their dreams. I really liked the concept of your casino, but in order to build it, you need a team, a huge bankroll and a stack of funds. Stake didn’t ruled the market overnight, they were present in form of PrimeDice from 2013 and from that experience they made Stake popular and famous.

[Pandu Geddon]

all types of games in the casino have the same character. gamblers who play slots more often will spend their money and time playing slots. if you want to make a casino with unique games, I don't know what uniqueness you will actually offer.
Regarding decentralized casinos, it all depends on how you promote and brand your casino platform to be trusted by gamblers. some are not comfortable with KYC. but some others don't mind that as long as the platform has a license and also keeps player funds safe.

[mindrust]

You are not the first guy who came up with this idea and interestingly, I also don’t see any successful decentralized casino around. That leads me to a conclusion that your project will also be a failure but who knows… maybe this time will be different huh? Maybe you know something that others don’t. Maybe you can come with a real decentralized casino unlike the other fakes. Don’t get me wrong, your idea is amazing but it is also pretty hard to do. If it was an easy thing, all the web2.0 would disappear but they didn’t.

[Popkon6]

Good day everyone,

I'm interested to launch a crypto casino and I'd like to get your opinion.

My assumption is the following. The time where anyone could create a crypto casino and had a chance to compete is over. There are now very large companies like stake who have a dominant enough position to attract players with their affiliate deals, celebrity endorsements, welcome / retention bonuses and so on .. Most of the crypto casinos have the same platform design / game offering as stake which means trying to compete with them with bonuses isn't realistic.

Now, from my business understanding, in order to go after the dominant players in any industry and create a successful business, you need to do either something that they don't (ex: a unique exciting slot game that no one else has), or acquire customers through a channel that is overlooked by others (ex: Stake flooded Twitch when the other didn't look at it) or go after a dissatisfied customer base ...

I've come across multiple posts where the original bitcoin gamblers regretted the fact that none of the crypto casinos are anonymous like they all used to be, almost all of them requiring KYC at some point of the customer journey.

I think this is an opportunity to build something :

A real decentralised crypto casino platform - 100% anonymous.
Same principle as a decentralised exchange like Uniswap, all you need to get started is a non-custodial wallet with funds. No KYC.

Centralized casinos always have less chance for games but if you want to give more chances to decentralized games then some methods must be adopted. As with KYC, KYC always annoys people and having dollar window experience without KYC helps the user more morale. I have withdrawn dollars from casinos by myself and without KYC, so far no problem, account is active. Most of the people who are involved in the casino do not like KYC, most of the people are more inclined towards the correct method rather than the complex method. So if you want to open a casino then definitely without KYC and more opportunities for games will definitely attract people towards your casino.

[iv4n]

You are not the first guy who came up with this idea and interestingly, I also don’t see any successful decentralized casino around. That leads me to a conclusion that your project will also be a failure but who knows… maybe this time will be different huh? Maybe you know something that others don’t. Maybe you can come with a real decentralized casino unlike the other fakes. Don’t get me wrong, your idea is amazing but it is also pretty hard to do. If it was an easy thing, all the web2.0 would disappear but they didn’t.

I think you are right, the idea itself is cool, but I think it is more than hard to realize this idea even with some big capital. As always, if it's a small capital, then it is even harder. Everything is more difficult in practice, problems and challenges start when we start working on the realization of an idea, which for many proves to be impossible to overcome.

And my suggestion to OP is to start his journey with small steps... Before comparing with Stake he needs to create a site first, or how they say, he needs to learn how to walk before he starts running.

[tusandii]

I've come across multiple posts where the original bitcoin gamblers regretted the fact that none of the crypto casinos are anonymous like they all used to be, almost all of them requiring KYC at some point of the customer journey.

Some didn't like KYC but it's not a problem. People can still play with tiny amounts of money if they are not willing to fulfill KYC requirement.

Play with small amount to avoid KYC, are you sure about that?
Will gamblers ever have to avoid KYC and play for little money while in the gambling industry?
Sometimes when you are lucky and get big wins from only small money, of course gamblers will be asked for KYC requirements for withdrawals and will they still refuse to provide KYC so they can withdraw their winnings?
I think for now there is no need to avoid KYC too much, especially if KYC is really needed then it is better to give it from the start.

I think this is an opportunity to build something :

A real decentralised crypto casino platform - 100% anonymous.
Same principle as a decentralised exchange like Uniswap, all you need to get started is a non-custodial wallet with funds. No KYC.

There have been so many web3 casino. I can tell you one like moonbet.

Yes, that's true, but to be honest, I don't really believe in decentralization because when one day a gambler gets a big win or even there is a problem, decentralization will be underdeveloped and in the end KYC will still be the main one.
Even though some have stated that they are decentralized and do not require KYC in any form, all of that can change instantly if things are felt to be making it difficult for the casino.

Being fully decentralised and using exclusively crypto means we're operating within a grey area in the eyes of the law and therefore "no need" for a license.
I believe that in order to gain trust, using only provably fair games would be a great idea in order to show that it isn’t rigged.

You just need to wait the regulator will come to ruin your business as it can be seized by them due to the money laundering purpose. Did you think you can stay away from the regulator by operated your platform in the gray area? I would prefer to play in the licensed platform. There have been so many casino based on web 3 but people didn't prefer to use it.

Some licenses also enforce KYC so that not a few licensed casinos implement KYC.
Moreover, having KYC can suppress money laundering and make it easier for casinos to solve problems that could occur.
So that having KYC has a very positive impact on the sustainability of casinos even though most gamblers really reject or avoid KYC.

[mak013]

If you want to get gamblers in such kind of the casino, you need to become popular. Only small part of gamblers is ready to risk their money in the casino they can`t trust.  And the casino without KYC and without any responsibility can`t attract gamblers from the start.
I think it would be better to create 2 same casinos one time - one with KYC and one can be decentralized.

[FatFork]

all types of games in the casino have the same character. gamblers who play slots more often will spend their money and time playing slots. if you want to make a casino with unique games, I don't know what uniqueness you will actually offer.

Well, I don't really agree with that opinion. There is always room to invent something new; that's how innovation has driven progress throughout history. Take, for example, the dice game – these things didn't really exist in online casinos before the emergence of crypto casinos. The same applies to the crash game, which I believe the first version was created sometime in 2015. Plus, bringing in these new games is a reminder that even old-school ideas can get a modern twist.

[bangjoe]

From us many people like anonymity and really hate KYC, but like a company that operates if it does not have a license, today is very doubtful by the players, because they do not get a guarantee that they can play fairly on the decentralized gambling platform, I will get confusion If the casino stole a few thousand dollars from my wallet, where should I go to complain about it?

I think it's better to make ordinary casinos as in general but with a higher number of deposit withdrawals than other casinos, for me a license is an indicator of trust in operating, but with a higher withdrawal limit for the obligation of KYC it is much better and people will definitely be interested in playing in your casino op.
If you force yourself to build a decentralized casino, I think you will only waste your money uselessly because there will only be a few people who will play in your casino and again they just try.

[pakhitheboss]

A decentralized gambling platform is a good idea but how will get the trust factor. Without any licence half of you users will ignore the casino. Those who will use your platform will not deposit big amount of fear that the games although being said are probably fair but not fair. Overall it would a trust issue rather anoymity. I don't mind clearing KYC if the casino is trustworthy and reliable. You can implement KYC and get a licence using decentralization. Do remember there are players who like playing with Bitcoin. Bitcoin doesn't have a web 3 wallet therefore you need to find some alternative for it.

[aioc]

Centralized casino platforms are very stable there's no need to invent another wheel it's moving well and accepted by the gambling community, newly launched casinos should just concentrate on adding more games, having more funds in their vault, getting a license to be compliant with the regulator, and the community, be trustworthy and do massive marketing this is how top and successful casinos do their business.
If you're launching a casino just follow the industry leader and beat them in their own games, there are sure tracks that will lead you to have profitable casinos, but if you insist on creating another concept or continue with lesser-known concepts then it's up to you to do that.

[piebeyb]

Actually it's a good idea but for sure you will get difficulties and pressure from the government in the end by building a decentralized casino, actually you can build a casino like usual it's just that you need to limit which users have to complete KYC and which don't, usually users with big betting stakes it is more suitable to complete KYC because it also checks whether there is money laundering or not.

But again, you need big money to build it, sometimes an idea without capital will be useless, even so, everyone must have an idea like you, it's just an idea, nothing more. I think many people will like this because it's anonymous without KYC because There are some people who want to gamble free of KYC, although I can't guarantee the safety, besides that it won't be profitable for you to run this business, money must be played in gambling to keep this business running.

[coin-investor]

If you want to get gamblers in such kind of the casino, you need to become popular. Only small part of gamblers is ready to risk their money in the casino they can`t trust.  And the casino without KYC and without any responsibility can`t attract gamblers from the start.
I think it would be better to create 2 same casinos one time - one with KYC and one can be decentralized.

Creating 2 casinos with different concepts in one company is not feasible, if members encounter issues in one casino the other casino will suffer from the association, it's very hard to think of a new concept that the community will support right away it will need expertise, colossal funding, and massive marketing, Stake, and Duelbits and all the other top casinos that are mostly centralized have a huge funding for continuous marketing, especially for a new concept in the casino industry, and you have to have a lot of luck to gain the support of the community.

[itchiba]

Well that’s a lot of answers ! Thanks a lot everyone.

So a decentralised platform that provides anonymity is just an elusive ideal for players which in reality would be too risky to be actually trusted. Risk of being hacked, lack of licence, transaction fees, lack of governance and so on ..

Therefore, KYC isn’t a big deal as long as the operator is licensed, can be trusted and takes care of its players.

Now, you guys do point out among other things that most of the platforms have a similar game offering.

I like the way Stake got its start with Primedice.

Do you think that coming up with a platform that at the beginning only offer one exclusive provably fair game and a very straightforward customer experience can attract players into the platform ? Or ultimately you guys want a very large game offering otherwise you’ll get bored after a few days ?

Also, from your experience, is there anything that you guys think could be done better on current centralised casino ? Any missing features ? Or games you’d like to see ?

[davis196]

OP, you are writing about decentralized gambling but you didn't mention where those "probably fair" games will be hosted.
If the player has to deposit the money somewhere in order to play the games, then this is NOT decentralized gambling.
I'm not an expert in this field, but I think that using smart contracts is the only way to make gambling truly decentralized(by removing the human factor). Good luck, if you really plant to make a truly decentralized no-KYC crypto casino. I don't think that this would be enough for you to win the battle against the big casinos in the crypto gambling industry.

[348Judah]

The time where anyone could create a crypto casino and had a chance to compete is over. There are now very large companies like stake who have a dominant enough position to attract players with their affiliate deals, celebrity endorsements, welcome / retention bonuses and so on

I don't know if you already have some experience in gambling establishments before in other to know and have some practical experience with handling a gambling platform together with the gemblers that will be coming onboard, there's need to make an adequate preparation and provisions for these you've mentioned, i also want to believe you're quite aware that finances have the most of the demands to get all these achieved because you will need enough fund for an establishement and also enough money in maintenance and security network.

Most of the crypto casinos have the same platform design / game offering as stake which means trying to compete with them with bonuses isn't realistic.

It all dees not end with bonus, you can make a combination in your own way, provide a desire gambling experience platform, have a combination of games and sports, build a security network, provide a bonus plan, have a functional customer service and many more.

[vv181]

A real decentralised crypto casino platform - 100% anonymous.
Same principle as a decentralised exchange like Uniswap, all you need to get started is a non-custodial wallet with funds. No KYC.
Being fully decentralised and using exclusively crypto means we're operating within a grey area in the eyes of the law and therefore "no need" for a license.
I believe that in order to gain trust, using only provably fair games would be a great idea in order to show that it isn’t rigged.

How do you deal with the oracle issues? A decentralized casino requires real-world data and that data is mostly provided by a bookmaker.

You might not require a license to operate, but many popular casino games are from third-party providers, which require a license to operate them. That leads you must develop your own game. Developing a betting game requires tremendous effort, research, and calculation do you have a budget for that? and most importantly, is it probable? Bear in mind, developing your own in-house games is not an easy task.

[itchiba]

Absolutely, in order to be completely decentralised we would have to develop our own decentralised game which adds a lot of complexity to the project. As I said above, turns out decentralised casino isn't the right path to take. However, centralised crypto casino with exclusive games seems to be a big enough differentiating factor in order to stand out from the crowd.

[ethereumhunter]

Well that’s a lot of answers ! Thanks a lot everyone.

So a decentralised platform that provides anonymity is just an elusive ideal for players which in reality would be too risky to be actually trusted. Risk of being hacked, lack of licence, transaction fees, lack of governance and so on ..

Therefore, KYC isn’t a big deal as long as the operator is licensed, can be trusted and takes care of its players.

Now, you guys do point out among other things that most of the platforms have a similar game offering.

I like the way Stake got its start with Primedice.

Do you think that coming up with a platform that at the beginning only offer one exclusive provably fair game and a very straightforward customer experience can attract players into the platform ? Or ultimately you guys want a very large game offering otherwise you’ll get bored after a few days ?

Also, from your experience, is there anything that you guys think could be done better on current centralised casino ? Any missing features ? Or games you’d like to see ?

If a casino only offers one exclusive game and doesn't add others for a long time, there will not be many gamblers who want to play it except the very enthusiastic gamblers. But if the casino can add more games, it will attract more gamblers to come and play at the casino.

By having more casino games, especially slot games, from various slot game providers, and with services that can satisfy its users, this casino will get a good rating. And the casino can certainly compete with casinos that have already been operating. For KYC, it will be requested by the casino for its gamblers, especially those with big money but it could be applied for gamblers with small money. As for its features, almost all casinos have it and what differentiates it is just a matter of promotion. By making various kinds of promotions, it can attract the attention of more gamblers because the new casino can provide more attractive promotions than other casinos.