In order to cater to players who want to play with Bitcoin cryptocurrency, you will need to operate a Bitcoin casino. That said, what exactly is this type of casino and how can you launch one or upgrade your existing business to offer Bitcoin payments? Top Casino Solutions has the answers you need to understand the basics of how offering this decentralized currency as a payment can be an advantage in the online gambling world.
Best iGaming software providers offering Bitcoin casino solutions
What is a Bitcoin Casino?
A Bitcoin casino is a gambling platform that permits players to make deposits and withdrawals with cryptocurrency, such as Bitcoin (BTC) and/or other cryptocurrencies like Ethereum (ETH), Litecoin (LTC), and so on. At these casinos that offer Bitcoin gambling, players can bet on real money games (e.g. slots, table games, live casino games, etc.) with BTC for the chance to win bitcoins.
There are essentially two types of Bitcoin casinos:
- A casino that accepts only Bitcoin or other crypto payments.
- A casino that includes crypto payments as well as traditional payment methods (e.g. credit cards, debit cards, eWallets, bank transfers, etc.) and currencies (e.g. EUR, GBP, USD, etc.).
Ideally, if you want to appeal to as many players as possible, the best option is to offer a variety of payment methods and currencies, and not only one type – crypto or otherwise.
What is Bitcoin?
In case you are unfamiliar with this form of currency, Bitcoin is a decentralized digital currency and peer-to-peer technology that has been in use since 2009. Its form is 100% digital, which means that there is no physical paper or coins for bitcoins as there are for traditional types of currency. Moreover, as it is decentralized, this means that there is no central bank or single administrator that oversees its operation. This level of anonymity is one of the reasons why cryptocurrencies have gained popularity over the past decade.
Users of Bitcoin use a crypto wallet to make secure and anonymous transactions to one another. These transactions are verified by network nodes through cryptography and recorded in a public distributed ledger known as Blockchain.
How do Bitcoin Casinos Work?
A crypto casino functions in a similar fashion to a traditional online casino. It uses gambling software that conducts and runs the games. It is common for most Bitcoin casinos with a large user base to run their own in-house gaming software. Smaller casinos, and those that offer other traditional payment methods, typically purchase or rent versions of software that can be customized by adding a few unique features to the games. Also, Bitcoin gambling sites have their own cryptowallet to accept BTC deposits.
Due to the fact that everything is digital when it comes to crypto technology, it is important for these casinos to establish trust with their players by being fully transparent about how their software algorithms function. Keep in mind that Bitcoin users are typically not strangers to technology, often have a good idea of how cryptocurrency functions and have certain expectations. These are player who have crypto wallets, who know how to earn Bitcoin and who frequently use this currency. Transparency and security is key to keeping these customers happy.
Additionally, it should be noted that if you intend to run a Bitcoin-only casino (no other form of payment processing), you do not require a gambling license to operate, nor do you require a merchant account. The law that governs gambling involves banks, credit cards and cash processors. Bitcoin requires none of these and it does not meet the definition of currency in any of the current gambling laws.
Advantages of A Bitcoin Casino – Why is Bitcoin Gambling so Popular?
The primary advantages of operating a Bitcoin casino is that it will attract a large number of players who appreciate the unique benefits that this cryptocurrency offers them. Among these benefits include (but are not necessarily limited to):
- Anonymity – Hands down, anonymity remains the number one reason why players like Bitcoin casinos. Users can make transactions without being tracked because bank account information is not needed. Their personal data remains confidential as it is not required to conduct transactions. Some cryptocurrency-only casinos don’t even require players to register to play, further increasing anonymity.
- Low or no transaction fees – While some casinos offer no traction fees, even those that do offer lower transaction fees compared to those associated with traditional payment methods. The simple reason is that there are no financial institutions involved. Therefore, BTC players do not have to pay higher commissions when making deposits or withdrawing their money.
- Low deposits – Players can make bets with bitcoins that are much lower than traditional minimum deposit limits. For instance, they can make a deposit that may be equal to an amount less than a dollar.
- Near instant payments – Bitcoins can be deposited and withdrawn quickly, with little to no wait time. They take significantly less time than typical payments do to process as crypto transfers are made directly.
- Global access – Bitcoin is available worldwide. Players all over the globe who use it can play at any BTC casino at any time of the day or night.
- Top privacy and security – Blockchain is highly secure and the anonymous nature of cryptocurrency gives it a natural high privacy rating.
- Win bitcoins – Players can win bitcoins when they gamble. Although this is not the same as earning bitcoins, it is another way to acquire them.
It is these benefits that can help you get a leg up over the competition, especially if you manage to not only attract a larger number of players, but also maintain their loyalty.
Advantages for the operator
In addition to why players tend to love these casinos, the advantages of running casinos with cryptocurrencies include:
- Anonymity of client data and payments
- Bitcoin is not controlled by any existing taxation system, so limitations and restrictions are not necessary
- You can offer fast transactions, deposits and withdrawals
- Offer a wide choice of games from top industry providers
- Deliver financial security without the threat of fraud
- Bitcoin is available in every country and its possible to covert it into any existing currency
- You can market promotions and loyalty programs specifically too Bitcoin players
Beware of Bitcoin’s volatility
The advantages aside, it is important that you are aware that Bitcoin and other cryptocurrencies are notoriously known for being highly volatile. The price of Bitcoin depends on a variety of factors and can change in a short period of time, easily doubling in value or dropping to near zero.
How to Open a Bitcoin Casino
Starting a Bitcoin casino is very similar to following the basic steps you would take if you were to launch a traditional gambling platform, be it on your own or with the help of a white label or turnkey solution provider. In other words, it is vital to analyze the market, devise a business plan and obtain a license.
With that said, as is also the case with launching and operating any casino online or via mobile, the software development is one of the most critical and complex parts of the process. For this reason, you need to make sure that you purchase casino software that will be fully secure and reliable. Unless you know how to build this software yourself, you should only choose trusted developers with experience in the iGaming industry, particularly those that specialize in crypto gambling and that provide integrated payment systems.
An example of what a reliable, high-quality provider of iGaming Bitcoin software may offer includes (but is not necessarily limited to):
- A reliable casino with smooth operation that is hosted on a secured sever
- Casino management and control tools
- Ready-to-use financial infrastructure that features integrated cryptocurrency systems that let users make deposits with bitcoins and other popular crypto payments
- Tracking technology and anti-hacking programs to uncover suspicious activity and fully protect casino operation
- Marketing tools for Bitcoin casino bonuses and promotions
- Loyalty programs to keep Bitcoin players engaged and interested in your casino and returning
Unless you are highly skilled and experienced with online casino software for cryptocurrency, choosing a knowledgeable company to help you incorporate Bitcoin payments into your gambling operations is a must.
Costs of Running a Bitcoin Casino
The costs of running a Bitcoin online casino depends on the software you employ, the types of products and services you would like to include, and from whom you obtain this software.
Bitcoin Casino Tips – What to Remember
Here are a few final tips that you may find of value while you consider your options as a crypto casino operator:
- Obtain the help of experienced professionals – Do not rely on just any type of casino software. Make sure that the software you use is of high-quality, is well developed and guarantees a safe and smooth operation.
- Offer a variety of payments – You can operate a casino that deals only in cryptocurrencies, however, this will restrict you to a niche market and limit the number of players you will attract to your gambling operation.
- Bitcoin is volatile – Remember, cryptocurrency is known for its high volatility. Carefully consider if the risks associated with this form of payment fits in well with your business goals.
Bitcoin Casino – Final Thoughts
Running a Bitcoin casino may make excellent business sense if you’re seeking to launch an online gambling operation that attracts a diverse range of players. That said, including BTC or any other type of cryptocurrency into your mix of payments takes the right software, security measures and protocols.
Learn more about Bitcoin casinos as well as other casino solutions and find the best software providers in TCS Reviews. Discover how the many different and top iGaming software providers in the industry can help you bring your business goals to fruition, help you incorporate Bitcoin payments into your offering and support your efforts toward success.