How passive is the income from running a dice site/altcoin exchange?

[Mt. Gox]

I am interested in creating my own dice/gambling site (like Primedice and Just-Dice) and my own altcoin exchange (like Cryptsy and Poloniex). Does anyone know how passive such sites are? For example, writing a novel is passive income because once you write it and find a publisher, you don't need to do any work for the money to keep rolling in. Another type of passive income is a rental property - especially if you have a property manager, and automated trading where you write the trading bot and it does all the trading for you. Most large businesses also generate passive income for their owners.

So how passive is a dice site/altcoin exchange? Could I write a site using PHP and Javascript, announce it here on the forums, and then leave it alone and still get money? Since it would all be automated and the site will automatically skim the profits from the house edge or trading fees, am I correct in assuming that I won't need to do anything further other than maybe check to see how it's going every once in a while?

[Pierre11]

I am interested in creating my own dice/gambling site (like Primedice and Just-Dice) and my own altcoin exchange (like Cryptsy and Poloniex). Does anyone know how passive such sites are? For example, writing a novel is passive income because once you write it and find a publisher, you don't need to do any work for the money to keep rolling in. Another type of passive income is a rental property - especially if you have a property manager, and automated trading where you write the trading bot and it does all the trading for you. Most large businesses also generate passive income for their owners.

So how passive is a dice site/altcoin exchange? Could I write a site using PHP and Javascript, announce it here on the forums, and then leave it alone and still get money? Since it would all be automated and the site will automatically skim the profits from the house edge or trading fees, am I correct in assuming that I won't need to do anything further other than maybe check to see how it's going every once in a while?

It all depends on how much traffic the site gets.

PrimeDice for example most likely earns up to a 100 btc a month, easily.

Altcoin exchanges need to be very secure as you could deal with 1000s of BTC too.

You would need to constantly work with the site to ensure it is updated and such.

[HeroCat]

There will be strong competition with Dice site - there are a lot of them. Players like to play in their own favourite dice, which they know already, so I would suggest even not to think on this

[AnonBitCoiner]

You'd be competing with the other larger sites with more funding and more recognition and reliability. You'd have to distinguish yourself somehow. But, it could be extremely profitable if done correctly, I would assume. Every now and then, you'd have to check in and update it, making sure it's secure, and stuff like that, but there shouldn't be as much work as there was required for setting it up in the first place.

[yrask]

There will be strong competition with Dice site - there are a lot of them. Players like to play in their own favourite dice, which they know already, so I would suggest even not to think on this

Of course. Player wants to play in a dice game which has a big bankroll in way to win a great amount of BTC. So, I don't advice you to create a dice game, there will be many problem in future and it's very hard to grow up when there already are dice game like "PrimeDice" "JustDice" and "PRCDice".

[TinEye]

If you're asking this question you're probably not suited to run one. You have to be a good coder or have a good team. You will have to be constantly on alert, and you have to spend a lot of time and money advertising it as these are risky and customers will prefer to use the established places.

Be careful otherwise you will end up losing a lot.

[FeelTheBeat]

For example 24h volume on cryptsy= 2300BTC They have 0.25% FEE, so 2300*0.0025=~5.75BTC per day. But of course you have to pay for servers and electricity and maintainance.

[bitllionaire]

You have to create a good marketing campaign, and remember the possibility that you may enter in losses

[LuckyBtc]

I am interested in creating my own dice/gambling site (like Primedice and Just-Dice) and my own altcoin exchange (like Cryptsy and Poloniex). Does anyone know how passive such sites are? For example, writing a novel is passive income because once you write it and find a publisher, you don't need to do any work for the money to keep rolling in. Another type of passive income is a rental property - especially if you have a property manager, and automated trading where you write the trading bot and it does all the trading for you. Most large businesses also generate passive income for their owners.

So how passive is a dice site/altcoin exchange? Could I write a site using PHP and Javascript, announce it here on the forums, and then leave it alone and still get money? Since it would all be automated and the site will automatically skim the profits from the house edge or trading fees, am I correct in assuming that I won't need to do anything further other than maybe check to see how it's going every once in a while?

You will have to hire programmers to do the work you alone won't be able to maintain the website and it needs lots of investment too.And most important thing is trust.

[fearlesscat10]

Coinichiwa has gotten a lot of good reviews because of their "stop if balance if over/under x" options in their automated betting feature. I think you'd have a chance against the other more well known dice sites if you'd implement similar/better features.

Good luck though.

On a side note, I'm curious to why you chose "Mt. Gox" as a username considering everything that's happened. 

[Omikifuse]

Sometimes they can cause serious headaches.

Like bugs in the site, people getting mega luck, people crying because they lost their money gambling, marketing things like signature programs, etc.

And include among the time and money consuming things laws and taxes.

[sgk]

I am interested in creating my own dice/gambling site (like Primedice and Just-Dice) and my own altcoin exchange (like Cryptsy and Poloniex). Does anyone know how passive such sites are? For example, writing a novel is passive income because once you write it and find a publisher, you don't need to do any work for the money to keep rolling in. Another type of passive income is a rental property - especially if you have a property manager, and automated trading where you write the trading bot and it does all the trading for you. Most large businesses also generate passive income for their owners.

So how passive is a dice site/altcoin exchange? Could I write a site using PHP and Javascript, announce it here on the forums, and then leave it alone and still get money? Since it would all be automated and the site will automatically skim the profits from the house edge or trading fees, am I correct in assuming that I won't need to do anything further other than maybe check to see how it's going every once in a while?

It all depends on the amount of traffic you receive. But considering even minimum traffic (a few BTC volume on alt-coin trading), you can't just sit back on the couch and watch the show. Such sites require regular maintenance, updates and security checks to ensure users don't get hacked.

Also, given your username, I recommend naming your sites differently. Mt. Gox does not go well with most people here.

[dogisland]

Hi.

I run BitsinoDice which is open source. https://github.com/Bitsino/BitsinoDice

Basically, no site starts out passive, but may become passive later. The flow of money is simple.

Visitors -> Registrations -> Deposits -> Profit ?

The problem is firstly getting traffic. Secondly a dice site runs a house edge typically of 1%, however this is an average over many bets, you could lose the entire capital of the site through a few lucky customers.

So even if you are able to get a constant flow of traffic you have to look out for security issues. A security issue could also wipe out your profit.

Good luck.

[activebiz]

most popular casino and dice sites make 10-100s of btc daily, a gambling site should also require monitoring

[bornil267645]

The basics are the same for any sit,

More the traffic,

Better the earnings.

[ranochigo]

I am interested in creating my own dice/gambling site (like Primedice and Just-Dice) and my own altcoin exchange (like Cryptsy and Poloniex). Does anyone know how passive such sites are? For example, writing a novel is passive income because once you write it and find a publisher, you don't need to do any work for the money to keep rolling in. Another type of passive income is a rental property - especially if you have a property manager, and automated trading where you write the trading bot and it does all the trading for you. Most large businesses also generate passive income for their owners.

So how passive is a dice site/altcoin exchange? Could I write a site using PHP and Javascript, announce it here on the forums, and then leave it alone and still get money? Since it would all be automated and the site will automatically skim the profits from the house edge or trading fees, am I correct in assuming that I won't need to do anything further other than maybe check to see how it's going every once in a while?

If you are looking to create the website and leave it alone and try to profit, I advice you not to bother doing so. Successful dice sites like just-dice, primedice, etc and exchanges do not simply create the sites and leave it alone. They have to constantly listen to he community's feedback and improve on it. You also need to regularly test out your site for vulnerabilities and provide support for your user. Thats the reason why Stunna has a development team and quit his job to manage the dice site. Dice sites mostly generate 1% of the total wagered amount in the LONG run, sometimes, you may have positive or negative profits but in the long run, it usually evens out to 1% profit.

[Domino]

After coding, you will need to spend time/effort/money to advertise your site and attract users to your new site with promotion and bonus.
And even after you have established a stable customer base, you will still need to make improvements, fix bugs, and organize some events from time to time to make your existing customers happy and attract even more new customers.

[b!z]

No, running a successful business requires a lot of work. You will have to be ready to fix any bugs that are discovered on your website. Additionally, you will need to constantly market your website, or run the risk of traffic to it decreasing. You may have to introduce new updates to remain competitive against similar websites.

If you think about it, there is no such thing as a truly passive business that is at its full potential. Even if you write a book, you will still have to market it, and work out deals such as merchandising or movie rights, which will make you even more money. If you just published it and left it there without doing anything, you would not make the maximum amount of money possible from your business.

[SirChiko]

Marked is almost full, you would need good marketing strategy and good developers, and with the current nickname you don't have even one of these.

[LOBSTER]

Trustworthy dice sites with an investing option are something special. Currently, I would only trust Just-Dice because of many scams with the investing feature in a dice game.