An Ultimate Guide to Crypto Live Casino Business
Big entrepreneurs like you invest a lot in the gambling business! And amongst all the business ideas, knowing how to start a crypto casino business is the ideal one. Crypto casinos are gaining a lot of popularity with the advent of technology and the preference for safer and credible gambling experiences.
Cryptocurrencies are trending hot, and especially in the case of online gaming, it gained perfect momentum in recent years. Due to offering security and providing a safe haven for online transactions, it attracted players to use it a lot. Multiple gambling and betting websites have started accepting cryptocurrencies like Bitcoin, Ethereum, and others.
As per a published report, the existing crypto-gambling market size is USD 250 million, and approximately 55% of Bitcoin transactions are related to gambling. So, if we talk about developing a live crypto casino, it is no exception. It is one of the top ideas that you must consider for business.
If you are wondering how to develop a live crypto casino for business? You have landed at the right blog. While going through this blog, you will get valuable information that will help you develop a live crypto casino.
We have created this blog based on our experience in live casino software development and aim to give you an overview so you can make a perfect decision. So what are you waiting for? Delve into the guide on how to start a crypto casino with simple steps and the help of a credible crypto casino software provider.
Cryptocurrencies are trending hot, and especially in the case of online gaming, it gained perfect momentum in recent years. Due to offering security and providing a safe haven for online transactions, it attracted players to use it a lot. Multiple gambling and betting websites have started accepting cryptocurrencies like Bitcoin, Ethereum, and others.
As per a published report, the existing crypto-gambling market size is USD 250 million, and approximately 55% of Bitcoin transactions are related to gambling. So, if we talk about developing a live crypto casino, it is no exception. It is one of the top ideas that you must consider for business.
If you are wondering how to develop a live crypto casino for business? You have landed at the right blog. While going through this blog, you will get valuable information that will help you develop a live crypto casino.
We have created this blog based on our experience in live casino software development and aim to give you an overview so you can make a perfect decision. So what are you waiting for? Delve into the guide on how to start a crypto casino with simple steps and the help of a credible crypto casino software provider.
Navigating Crypto Gambling Landscape: Market Stats & Growth Factors
The Crypto Gambling market is skyrocketing, and it has revolutionized how people try their luck through betting or gambling on live casino platforms. Including its advantages like fast transactions, security, enhanced privacy, and more, multiple factors drive the growth of Crypto casinos in real-time.
Let’s check how it is happening!
Let’s check how it is happening!
Growing Market Size
In recent years, the crypto gambling market has expanded unprecedentedly, and players and businesses are expressing their interest in it in many ways due to its multiple advantages. Including Crypto gambling, the global online gambling market is projected to reach $136.30 billion by 2029, where the current size of the crypto gambling market is $250 million. Additionally, the overall iGaming market is expected to reach $150 billion by 2030.
Involvement of Cryptocurrencies in Gambling
The use of cryptocurrencies is rising, and Crypto gamblers place 337 bets every single second. The best example is that in 2023, Bitcoin was at the top and accounted for 73.3% of the total crypto gambling transactions(Ethereum - 9.9%, DOGE- 3.1%).
Acceptance of Crypto Payments
Cryptocurrencies are global virtual currencies, and businesses accept them as a new form of payment and transactions. Here, the most significant advantage is lower transaction costs. There are 420 million cryptocurrency users, which makes developing a live crypto casino for a business fruitful.
Customer Preferences
Casino fans are rapidly turning to online casino platforms due to the convenience of experiencing the thrill of different casino games such as blackjack, roulette, slots, and others. Most online casino players like crypto betting as there is no fear of privacy violation, crucial data theft, and other financial fraud.
Regulatory Acceptance
Due to the regulatory acceptance, the trajectory of crypto live casinos is increasing every day. Launching a crypto casino is a significant benefit for casino business owners. The top regions where crypto casino gaming is popular are Europe, North America, Australia, and New Zealand.
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What is Crypto Live Casino?
The crypto live casino offers a thrilling way of gaming with more advantages than conventional online casinos, such as low transaction fees, players’ privacy, quick withdrawal, fewer security risks, and others.
As its name suggests, a live crypto casino is an online gaming platform. While playing casino games, players use cryptocurrency( virtual tokens that use cryptography for security) and place their bets in real time. These platforms accept cryptocurrencies for transactions and withdrawals. In other words, it is like a crypto live casino that combines a captivating gameplay experience of live dealer casino games (Blackjack, Roulette, Baccarat, Poker, and more) with the benefits of cryptocurrency transactions.
Crypto live casinos operate on Blockchain technology, ensuring high security, fair outcomes, and transparency. Including these, it offers a perfect real-time gaming experience where a gamer can play the games and place their crypto bets. Here, human dealers transparently manage the game live on screen in front of players.
As its name suggests, a live crypto casino is an online gaming platform. While playing casino games, players use cryptocurrency( virtual tokens that use cryptography for security) and place their bets in real time. These platforms accept cryptocurrencies for transactions and withdrawals. In other words, it is like a crypto live casino that combines a captivating gameplay experience of live dealer casino games (Blackjack, Roulette, Baccarat, Poker, and more) with the benefits of cryptocurrency transactions.
Crypto live casinos operate on Blockchain technology, ensuring high security, fair outcomes, and transparency. Including these, it offers a perfect real-time gaming experience where a gamer can play the games and place their crypto bets. Here, human dealers transparently manage the game live on screen in front of players.
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How a Crypto Live Casino Works?
For the players who are experts at playing traditional casino games, crypto live casino games are no different. The only difference is that they’ll perform transactions using cryptocurrencies like Bitcoin, Litecoin, and other cryptocurrencies, with multiple advantages. Still, if you want to know how a live or online crypto casino works, here it is simplified below.
Create Crypto Wallet
As in step 1, you need to create a crypto wallet. It works as a personal digital wallet for a player where they store their virtual currency in a safe environment. Later, perform transactions from it to play live casino games.
Choose a Game
The next step is choosing one of the best crypto live casino games like Roulette, Slot, Poker, Baccarat, or any other available on the crypto live casino platform.
Place a Bet
Once you are in the crypto games casino, place your bet using your crypto wallet and the desired currency you have stored in it.
Winning Amount
Upon winning a live casino crypto game, the winning amount will be transferred to your virtual account within the live casino. It will hold all your crypto winnings.
Move Your Winnings
You can transfer your winnings to your crypto wallet from your casino account. Here, you have choices like moving virtual currency to your private bank account or using it for cryptocurrency transactions for other purposes.
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Advantages of Crypto Casino Games
There are multiple advantages of incorporating cryptocurrency in live casinos, from security to the best user experience. It eliminates all the flaws of fiat currency-based best crypto live casinos. So, here are the advantages of launching a crypto live casino for a business such as:
Safer Transactions
Crypto transactions take place at lightning speed compared to traditional transactions. All transactions are processed utilizing Blockchain technology, which makes it more secure than anything else.
Secrecy
While playing on any Crypto live casino platform, the identity of players remains anonymous throughout the game from start to finish. It eliminates the chances of any compromise with the player's identity.
Game Variety
Compared to the conventional ones, live crypto casinos offer a variety of games that offer unlimited thrilling experiences.
Simple Signup
The signup process at Crypto Live casino is easy, and it doesn't ask for a player's personal details. On the other hand, live Bitcoin casinos are a new trend, so businesses offer multiple bonuses to connect with target audiences.
Global Reach
The cryptocurrency-based casinos are global, and anyone can access them. Remember that live casinos are subjected to laws and compliances depending on the location. However, from a business point of view, it can help you expand your casino business globally.
Low Transaction Fee
Cryptocurrency incurs lower fees compared to conventional or fiat currency transactions. It keeps players from accumulating funds and continuously enjoying the casino gaming experience.
Instant Payouts
The withdrawal process is one of the biggest challenges faced by traditional casinos, but not with live crypto casinos. With Blockchain-empowered crypto casinos, money withdrawal is easy and quick.
Enhanced Security
Live crypto casinos offer enhanced security, and the credit goes to the Blockchain's decentralized nature that ensures high-grade security and prevents any financial fraud.
Taxation Perks
In some parts of the world, Cryptocurrencies are not heavily regulated compared to fiat currency winnings. In turn, it offers tax benefits to players and operators.
Why Crypto Live Casino is Best for Your Business?
The Top-5 Cryptocurrencies for Live Casinos
Most of the casinos have accepted cryptocurrencies as the go-to payment method. So, it is not an exception if you plan to include it in your next live casino software. There are dozens of cryptocurrencies available, and your choice is yours. Still, what cryptocurrencies to include in your live casino if you are looking for? Here, we have curated a list for you.
Bitcoin
The best and top choice by live crypto casinos and its players around the globe is Bitcoin. Among cryptocurrency categories, Bitcoin is at the top in offering high value.
Ethereum
If you are looking for the best alternative to Bitcoin, Ethereum must be your first choice, as it has been introduced to solve all of Bitcoin's technical issues. Most of the casinos accept it, so you can also include it.
Tether
Tether is another best choice if you want to offer cryptocurrency-based transactions and withdrawals to your live casino users. It is a stablecoin as its price remains stable. As it is pegged to the US dollar, you can also consider it a great alternative to the fiat currency.
Litecoin
Litecoin is another alternative to Bitcoin and a fully decentralized P2P currency based on supply and demand. Instead of being controlled by any centralized authority or banking institution, individuals managed it as per supply and demand needs.
Dash
Dash is one of the popular cryptocurrencies that is based on Bitcoin. It is an independent currency and allows users to transact with lightning-fast speed, lower transaction fees, and maximum security.
Want to Start Crypto Live Casino Business?
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Steps to Create a Crypto Live Casino for Business
When it comes to creating a Crypto live casino, you need to take care of multiple things. So, if you have a question- how to develop a crypto live casino? Here are the steps.
Market Research
By considering the stats and growth factors, you are on the right track to develop a crypto casino platform for business. But things are more complex than they seem. So, the first step is to do market and competitor research.
Identify Your Niche
Decide the games you want to include in your crypto live casino(Roulette, Slot, Pocker).
Identify Your target Audience
Identify your target audience and locations whom you want to convert as your customer.
Identify Your Competitors
Casino gaming is a competitive landscape, so discover your competitors. Research about their offerings.
Collect Market Data
Collect real-time stats and market data and analyze them to make an informed decision about your business.
Document All Requirements
Document all your requirements in a format so you can have a clear view of them with no confusion.
Legal Considerations
It is one of the most critical steps you must take care of. For online or live casino gaming, the use of cryptocurrency falls under compliance and regulation in different jurisdictions. Before entering the market with your live crypto casino software, you must know all regulations, such as KYC regulations, anti-money laundering, etc.
Obtaining a legal gaming license is mandatory for launching a crypto casino or iGaming business. For better understanding, you can take the help of expert professionals. As an experienced iGaming and sports betting solutions provider, GammaStack assists clients in obtaining licenses for jurisdictions like Curacao, Anjouan, Kahnawake, and Maltese.
Budget Planning
You are going to develop a crypto casino for business, and everything depends on the budget and financial planning. With budget planning, things may be the same as multiple types of expenses are associated with it, such as software developers hiring costs, license and security fees, promotion, and others. So, plan for the budget, such as how much you can and want to spend on the project.
Choose Business Model
Your ultimate goal in developing a live crypto casino is turning it into a profitable venture. So, choose a business model. It will help you plan and strategize for great earnings through your live casino software.
House Edge
It is the average gross profit a casino expects from each game, even if the players win occasionally.
Players Fees
Under this business model, a casino charges a fee for each withdrawal and transaction players make.
Rakes Fees
The rake fee is a small amount taken on every player’s bet, especially in a live poker game.
In-Game Purchase
You can let users purchase bonuses, virtual goods, or other features while playing the game.
VIP Programs
By spending some amount, the players can purchase VIP programs and experience premium casino gaming using your crypto casino platform.
Membership or Subscriptions
You can offer membership or subscription plans to your regular customers with extra advantages like bonuses and access to multiple games for a single fee or more. It will help you to generate a steady income.
Affiliate Marketing
By offering commissions on each customer to your affiliates, you can generate revenue for your casino business and connect with more customers.
Hire Software Developers
One of the most important steps to take while developing a live cryptocurrency casino software or platform is choosing a live casino software provider. Although it is your choice whom you hire for software development, it is recommended to choose from top live casino software providers as they can ensure the best assistance, cost-effectiveness, and quality and add value to your software.
Designing & Development
Here, the team of software developers will help you design and develop your software. They will develop user-friendly software ensuring the finest experience of online crypto casino gaming, including multiple key and advanced features. Ensure your software has appealing designs and a flawless live casino environment.
Games Integration
The next step is game integration, which provides your customers with multiple options to enjoy live casino games using your platforms. Including games like Baccarat, Blackjack, Roulette, Poker, and Slot, you can integrate multiple live casino games. Here, the game integration depends on your live casino software solutions provider. For example- GammaStack offers access to the 8000+ games from 50+ providers targeting 34+ countries.
Setup Payment Gateways
With your software, all types of transactions will happen with cryptocurrencies, from deposits to withdrawals. So, set up appropriate payment gateways so the crypto transactions can happen smoothly and quickly. It must also be capable of handling multiple transactions on the go and able to prevent fraudulent transactions.
Setup Security
Online gambling platforms always work as prey for cybercriminals. As a business owner, you are responsible for protecting your platform's and users' integrity. So, do not hesitate to set up the best security measures, such as SSL encryption, two-factor authentication, and other security measures to make your platform safe for all users.
Test and Launch
Once all steps are done, from designing, development, and integrations, it's time to test your crypto live casino before its launch. Rigorously test the platform to remove the last bug or discrepancy from it. Once it is done, make your live casino software available to users.
Marketing & Promotion
Almost all businesses leverage innovative marketing techniques, whereas digital or online marketing is at the top. So, promote your platform by keeping your target audiences and locations in mind. It will ensure you the best results.
Last, remember to stay updated with your platform by applying a perfect maintenance strategy. It’ll help you to follow the compliances, ensure seamless execution, and offer the best crypto live casino experience to your users.
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Top Features to Include in a Crypto Live Casino Games Platform
As you have gone through the crypto gambling guide on how to start a crypto casino business, you must be thinking about launching your business anytime soon. However, have you ever wondered whether, with the rising competition, you can stand out with your crypto games casino? Well, you can do so by integrating the best crypto live casino features, offering engaging and safe gambling experiences to your players.
For a better gaming experience, your platform must have robust features. So, here is the list of top features you must include in your platform.
Back Office
The back office admin features will make your work easy, from player account management to automating the KYC process and others.
Live Streaming
Live streaming is the soul of live casino games. It will help you to stream the live gameplay in high quality and engage your users the best.
Live Casino Lobby
Users can view all the games, details, scores, deposits, and more they want to know by accessing the live crypto casino lobby.
Game Management System
The games management system in your live crypto casino platform will help you manage all the casino games you offer.
Wallet as a Service
Integrated wallet as a service will help your users efficiently manage their crypto funds for deposit and withdrawal.
Currency Conversion
It is one of the innovative features you can consider for your next crypto live casino software that allows users to convert their currency into their preferred currency.
Interactive GUI
The user interface plays a vital role in achieving maximum customer satisfaction. It makes access to the platform easy and keeps users engaged.
In-Game Settings
This Live casino crypto platform feature allows users to control their gameplay, such as hiding chat, controlling video sound, upgrading video quality, and more.
Studio Customization
By prioritizing your target audience's choices, you can easily customize your studio setup and crypto live casino games.
Loyalty & Rewards
The loyalty & rewards features help in attracting and retaining customers. You can offer rewards points, bonuses, free spins, and more based on the players' profiles.
Live Crypto Casino Games Are Trending and Now is the Time to Tap In.
How GammaStack Can Help in Developing a Crypto Live Casino?
GammaStack is one of the most trusted live casino software solution providers and has 14+ years of presence in the industry. We are known to provide cutting-edge live casino solutions to the casino business around the globe, covering 45+ countries.
With over 500 professionals on our team who have extensive industry knowledge, you will be able to utilize their skill set and expertise to bring your vision of a live crypto casino platform to life. We can provide 8000+ games from 50+ game providers, including the necessary customizations. You can rely on us for white-label, custom, and turnkey solutions.
We have the expertise to develop casino solutions using the latest tech stack and following the trends. Providing compliance-ready solutions is one of our most significant advantages. Additionally, do you need licensing assistance for some jurisdictions like Kahnawake, Curacao, Anjouan, and Malta? In that case, we can assist you at the best level to obtain the license.
Want to Launch Crypto Live Casino Business?
Sources
- https://coinmarketcap.com/community/articles/651571e2f093cf57b814d819/
- https://techreport.com/statistics/crypto/crypto-gambling-market-statistics/
- https://www.statista.com/outlook/amo/online-gambling/worldwide
Frequently Asked Questions
You need to follow the steps below to start a crypto-live casino
- 1. Prepare legal business documents and submit and obtain the license from the authority.
- 2. Partner with live casino software provider
- 3. Develop features and functionalities
- 4. Implement crypto payment systems
- 5. Implement security measures
- 6. Test and launch your live crypto games casino platform for the users
The best way to reach a target audience is to make a perfect promotion and marketing strategy. The other tactics you can apply are offering joining bonuses, free spins, and loyalty rewards programs. It will work in two ways: retention and attracting customers.
You can include popular games like Roulette, Slot, Speed Baccarat Live, Live Beton Poker, Roulette Live, and more in your crypto live casino business.
Security for a live casino platform is a must, so here, you must include robust security measures like encryption, two-factor authentication, SSL encryption, and more to protect your casino’s and user’s integrity.
