How to use crypto?
Bitcoin casinos, or crypto casinos, have become one of the biggest iGaming trends.
In short, a crypto casino is an online casino that allows you to make deposits and withdrawals in one or more cryptocurrencies. Casino that supports payment in any cryptocurrency can be considered a bitcoin casino.
What are the advantages of a crypto casino?
Best crypto casinos operators accept bitcoin for several reasons, in addition to the fact that it is in trend. Accepting bitcoin is smart because this currency:
- popular with the online casino audience.
All transactions must be verified by a decentralized blockchain network and each transaction is written in a block of code that never changes. The blockchain technology behind Bitcoin and other cryptocurrencies provides a high level of encryption. Transactions go directly from one crypto wallet to another, which eliminates the involvement of any third party and reduces the possibility of fraud, as well as eliminating the need to pay transfer fees. There are several crypto-casinos at the moment, and there are affiliates that are able to bring in a crowd of crypto-lovers. Affiliate sites compare bitcoin and blockchain casinos and direct traffic to their affiliates.
Why do players like crypto casinos?
Players love crypto casinos for many of the same reasons operators love it:
This registry is widely distributed with a million copies. The cryptocurrency is supported by a decentralized ledger, which contains data on all transactions. Instead of having the support of some state, as is the case with the national currency. This has several results: firstly, anyone with access to the network can verify the transaction; secondly, the history of bitcoin cannot be faked. Any attempt to tamper with a network block will affect all blocks. Players appreciate the transparency and security inherent in decentralised public records.
While cryptocurrencies are completely transparent, it also offer greater anonymity. The fact that cryptocurrency transaction history is embedded in blockchain is already proof enough of identity. This does not guarantee 100% anonymity, the e-wallet address is recorded in the blockchain, even if the name and email of the holder are not.
This means that Bitcoin users should provide no less personal information than with other payment methods. But some blockchain-based casinos do not require more data from players than their e-wallet and email.
Withdrawal speed is always a concern for players. Having to wait too long for a bank or other third party to process a transaction can motivate players to write negative reviews about the platform on the forums. Transactions don’t require the involvement of third parties. Instead of passing through a bank or any other payment solution provider, bitcoin passes directly from the casino to the player’s wallet. And instead of several days, such a transfer takes about an hour, without charging any commissions.
Are there any disadvantages?
There are not many disadvantages in operating a bitcoin casino.
First of all, it is very hard to predict how regulation might change. One of the features of Bitcoin is that it is a decentralized network, not a sovereign state. It is impossible to predict how governments will treat cryptocurrencies in the future.
Moreover, in some places, cryptocurrencies have a bad reputation: their anonymity and lack of a centralised authorising body lead to suspicions of criminal activity.
Cryptocurrencies such as Ethereum, Bitcoin and Litecoin are known for their volatility. Casinos need to be prepared for currency value spikes and make sure they always have enough capital to cover player winnings, despite changes in value. Some casinos manage this risk by automatically converting cryptocurrencies into standard national currencies, converting it back when payouts are required.
What does it take to run such a casino?
To open a bitcoin casino, you need all the same components as when you open a classic casino:
- market research;
- payment systems (including cryptocurrencies);
- marketing .
Careful and smart planning is an important step for any business. Analyse the different markets of the world before choosing the one that best suits your resources and goals. Once you have decided on your target audience, find out all you can about it. Customer ability to pay and their gaming preferences will shape your offer.
It is true that some online casino platform operators avoid the application fees and licensing fees and taxes that accompany a licensed operation, but it also means that they miss out on opportunities for legitimacy and stability.
Most players will check the licence, especially the experienced ones, as they have intentions of betting big and staying longer. Moreover, having a licence allows the casino to build up a stable operating base and gain confidence that the business will not be blacklisted or blocked.
Gambling platform software must be powerful, flexible, fast and efficient.
A robust backend will allow you to monitor business performance, track progress, and generate reports. In order for the platform to be fully functional, it must have CRM, marketing tools, a reporting system, financial modules, player segmentation, live chat, and 24/7 player support.
Your game content will largely be determined by your market research. Rather than assembling the broadest line-up of games from scratch, it will usually be more effective to focus on a specific niche and then expand your selection once your player base is broad enough.
Slots, blackjack, roulette and baccarat are the most frequent choices. Depending on the market you operate in, which could include specifically targeted games like Andar Bahar, Teen Patti and Dragon Tiger, you can show players that you know their preferences. In addition to classic slots and table games, some developers create innovative forms, often, for example, based on the blockchain. Players in some regions love bingo, keno and lotteries.
Live dealer games are one of the biggest iGaming trends right now. Players connect to studios where live dealers play their favorite games, recreating the same experience as visiting a real casino and allowing players to interact with other players and dealers. While live dealer games were originally popular among those who didn’t trust RNG based games, they have now established their existence.
Football betting is almost universal. But the players of each region have their own interests when it comes to sports. Players from India like to bet on cricket, Australians on rugby. Again, study the market to understand which sport is your target audience’s favorite. In addition to live sports, players in many markets also enjoy e-sports, virtual sports, and fantasy sports.
Any online casino should support as many different payment methods as possible.
Bitcoin casinos should accept payments in cryptocurrencies such as Bitcoin and Ethereum, but that does not mean that they cannot also support deposits and withdrawals in local currencies – this will only increase the number of players.
Marketing an online casino consists of two main phases: retaining and attracting players. Online casinos must develop their brand awareness, give players a reason to choose them over their competitors, find the right motivation to complete sign-ups and offer ever-increasing benefits so players do not move on to other platforms.