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Why start a casino using BitCoins?
Table of contents
3. Quick list of advantages and disadvantages
4. What can you do with BitCoins?
5. BitCoin Software
Starting a BitCoin Casino using our products
5a. Easy management
5b. Fast payments
5c. Provably Fair
5e. How to get started - SPECIAL OFFER
6. How to attract players
BitCoin Casino Marketing
7. More about bitcoin
7a. How to obtain BitCoins?
7b. How to buy BitCoins?
7c. How to send BitCoins?
7d. How to farm BitCoins?
Being considered just a virtual-world currency and not being legally recognized as a real money currency by any state in the world, gives a lot of freedom to the usage of BitCoin and it can prove to be its biggest advantage.
Using it as a currency for your casino and accepting deposits only in BitCoins can mean that your gaming website can run without requiring a casino license (a casino license costs minimum 25,000$), since you will not be undergoing any gambling activities. In other words, you will never transaction any real money or goods if you are using BitCoin as your casino currency. The law governing gambling involves banks, cash and credit card processors. Bitcoin does not use any of those things. It also does not meet the definition of currency in any of the current laws. Same with linden dollars or gold in world of warcraft, or any other thing that has value, that's not currency.
Using BitCoins within your casino website would be like allowing people to deposit “WoW” Gold or “Second Life” Linden dollars into your casino and gamble them, which is perfectly legal. Just that BitCoin is used for more serious things. The value of BitCoins is also not regulated by any authority or by any bank. The entire network influences the price of BitCoin, as long as people are still transactioning it. So far its value fluctuated over the price of 1,000$ (see chart with the market price in USD).
Another advantage of using BitCoins, for both casino owners and players would be the extreme privacy that BitCoin gives. Since this is an untraceable currency, there’s no way for other people to know where the payment comes from. Therefore, third parties can’t access your personal and financial information. Also no credit card chargebacks or refunds are going to be any of your concerns. BitCoin transactions are unrefundable and are not the subject of any chargebacks.With BitCoin casinos, the privacy of your players is fully ensured. That is the reason why many people might prefer to exchange their money to BitCoins and play at a BitCoin casino.
Lastly, one of the most attractive benefits you can get from having a Bitcoin casino is the incredibly short waiting time for account deposits and withdrawals. The account deposits can be automated so that when a player sends money to the BitCoin address of your casino, his account will instantly be given the amount equal to the value of BitCoins sent, without you having to do anything. Withdrawals can also be automated, after approval, meaning that for each withdrawal request, you will see a pending status in the administrator panel that will require you to verify it (optional) and then click the COMPLETE button. The moment you do that, the funds will be sent to the crypto address provided by the user.
The only disadvantage to having a BitCoin casino is that some people might consider buying BitCoins a complicated thing, but they are wrong. Purchasing BitCoins is just a 2 minute job as it can be seen here: https://www.youtube.com/watch?v=eU1gcHPSZEQ.
Besides that, there is actually no disadvantage to using BitCoins.
In this article we discuss only about BitCoin usage. We can help you start an online casino using any coin you prefer. If it's NameCoin, LiteCoin, BetaCoin, NetCoin, LottoCoin, etc. then you came to the right place. Many of the information from this article applies to the other cryptocurrency coins as well. Here is a list with just a few of the cryptocurrencies that we can integrate:
BTC, LTC, ADT, ANC, BQC, CAP, CGB, DGC, DVC, DOGE, FRK, FTC, GLD, IFC, KGC, MEC, NET, NMC, NVC, PPC, QRK, RED, SXC, TRC, WDC, XPM, YAC, ZET, LTCT.
If you are still unsure about the legality of having a BitCoin casino, please read the following article, put together by a journalist from USA, who did a lot of research on this matter, including some interviews with people closer related to the subject of BitCoins and its legality: http://www.npr.org/blogs/alltechconsidered/2013/02/06/171182974/is-online-gambling-legal-if-bitcoins-not-dollars-are-at-stake
You should also read this article that tells about bitcoin legallity in casinos: http://www.bitcoingg.com/bitcoin-gambling-legal/
3. Quick list of advantages and disadvantages
- No gambling license required. The cheapest gambling license costs 25,000$ and you need a few months to get it. You will save time and money;
- Nobody from the law is ever going to stick their nose in your business because you are doing nothing illegal. Having a bitcoin casino is like offering gambling options in an online game such as World of Warcraft, where no money are involved;
- You don't have to deal with credit-card chargebacks, because bitcoin transactions are non-refundable;
- Fast and easy growing marketing, due to the low competition among cryptocoin powered casinos;
- BitCoin offers full privacy to you and to your players for every bitcoin transaction. Nobody can track a bitcoin payment!
- You will be using a currency that is being valued better and better on the exchange market with each day that passes;
- Many countries from the world, including USA, do not allow online gambling. Using BitCoins would allow you to accept players from all over the world, including those countries, since BitCoins are not recognized as a real money currency by any central authority, and gambling occurs only when real-money are wagered. Recently, BitCoin casinos have been invaded by players from USA.
- BitCoins are not subject to taxation, meaning that if you receive BitCoins you do not need to pay any corporate or income taxes. So if you want to spend your BitCoins on services or online goods that can be bought directly with BitCoins, then you will save a good amount of money. However in some states, if you exchange the BitCoins to real money, then you will have to pay income taxes and other fees, following your legal obligations.
- We can only think of one disadvantage: lack of popularity. Because not everybody knows what bitcoins are and how they can be purchased, some people might find difficulties in making a bitcoin transaction. However, the bitcoin popularity is increasing and to help your potential players, we can add an explanatory video on your website, so that they can easily view how they can buy bitcoins and use them at your casino.
4. What can you do with BitCoins?
After you receive the BitCoins from the players, you can exchange the profit of BitCoins to real money using any BitCoin exchange website such as VirWox or MtGox.
You can also exchange your BitCoins for MoneyGram or Western Union money, if no other payment options are available within your country.
Except changing them to money, you can buy cars, houses, or even food with BitCoins. Recently, many websites accepting BitCoins have been launched, mostly due to the no-tax policy that BitCoin offers.
Any of the above things can be done by your players too, which makes us say that at this moment, probably any sort of goods and services can be bought with bitcoins.
The possibilities and benefits of bitcoins are infinite.
You can also decide to keep your BitCoins and wait for their price to increase and transaction them at a later date, or use them on other BitCoin sites to purchase goods.
A video tutorial can be added to your website to help players understand how to obtain or buy BitCoins and complementary to that you can hire a support team to teach every player how to buy BitCoins.
5. BitCoin Software - Starting a BitCoin Casino using our products
With our Management Software we have included a set of important features that will allow any bitcoin casino owner to run his website without any trouble.
Our software comes with a player affiliate system, meaning that each player can register and play the games, and with the same account he can also act as an affiliate and receive a 20% share from the loss of his affiliated players. By using the "AFFILIATE CENTER", the player can generate his affiliate link and he can start reffering new players to the casino.
Among other features, we would like to mention the possibility for the casino owner to adjust the HIT FREQUENCY and PAYOUT RATE of the games. This allows the games to be configured to give big wins, but rarely or small wins, but often. Either way, the player will receive his wins over a determined period of time. A lot more features which are available if you want to start your bitcoin casino, can be seen here.
If you decide to buy the BitCoin payment add-on (500 EUR), you will be able to accept BitCoin payments at any moment and the casino credits will be given to the player automatically after the transaction is confirmed. Basically you do not need to do anything for players to start playing at your bitcoin casino. The only moment when you must take action is when players request withdrawals. You must verify each withdrawal request and then approve it with the click of a button, from the administrator panel. However if you want, this can be made totally automatic, but we do not recommend it, for security reasons.
With our bitcoin casino solution, you can offer your players a trustable and "provably fair" solution, meaning that the gameplay data of each hand played can be tested by each user from his lobby. He can see if everything was randomly shuffled like in a real casino where the dealer physically takes the package of cards and shuffles it before dealing a new game hand. If the player knows that he was treated correctly he will make a new deposit in the future and will say good words about your casino. All this is done by revealing the hashed shuffled deck before the gameplay starts and then allowing the user to verify the data after the gameplay has finished. Also, when shuffling the deck, the seed used for shuffling is created from a combination of server-side code and client-side code. This way, the seed used for shuffling the numbers from the deck cannot be manipulated by neither us or by the player.
The client seed can be set and changed from provably fair tab. To guarantee a 100% fair deck, we are using a complex algorithm based on the Fisher-Yates algorithm for actually shuffling the cards. First we are shuffling the deck using a server seed, then we hash it and send it to you and then we allow you to influence the randomness of the deck by setting a client seed for another shuffle. This reduces the chance of manipulating anything to 0%.
By using the above described method, the player will trust your casino more, because he would be able to influence two very important things:
1.He would be allowed to influence the way the deck is shuffled, by setting the custom seed from his account.
2.He will know that the deck was not manipulated, since he will receive the deck hashed and once the gameplay ends, he can unlock it and verify it.
A similar method can be implemented for the other games like the dice, roulette or slot games. More information about the provably fair concept can be found here.
Our games can be used with bitcoin casinos only as Uncopyrighted (without "Powered by CasinoWebScripts.com" logo) or with Source Codes. You can see comparison chart here between Copyrighted, Uncopyrighted and Source Codes versions.
The minimum total order value that we accept for customers wanting to open bitcoin casinos is 12,000 EUR.
How to get started - SPECIAL OFFER
To help you get started, we have prepared a special discounted casino bitcoin package, which is available for only 15,000 EUR (discounted from 27,500 EUR). You can check it here.
If you want to pick your own games, then please follow the next steps to start a BitCoin casino:
1. Go to our casino software page and "add to cart" the Casino Management Software among with the other “EXTRA FEATURES” that you would like to see in your casino.
2. The second step is to go to our casino games page or to our promotional games package page and choose the titles you want to have on your website. For BitCoin casinos we allow only Uncopyrighted games or games with Source Codes to be purchased.
If you need any help with making a decision about choosing your casino games, simply contact us and we will provide you with the best information in how to choose the best games for your target market. You can buy more casino games at any time after you will start your online casino.
3. Click the cart button on top right of the screen, SAVE your package, then contact us and mention your package ID in the message and that you want to open a BitCoin Casino. The extra fee for integrating BitCoin with your casino is only 500 EUR. To work without license you must accept deposits only in BitCoins and players can withdraw their credit only in BitCoins.
4. Our team will contact you in just a few hours to discuss the final details and answer any queries about how to start your online BitCoin casino website.
5. You will be sent a contract that will require your signature and company stamp in order to finalize the order. This is required to make everything legal, and to avoid any future problems with the software and games license.
6. After this you will receive the payment details so that you can pay for the desired products. In 24 hours after the money entered our account, you will receive the software, along with the documentation and the games.
7. Upload the files on your webserver and run the installation instructions provided within the package.
8. Your BitCoin casino website is now set up and ready to receive players!
6. How to attract players - marketing your BitCoin Casino
The key to success for any online business is represented by its marketing, so having a good strategy to start with, will play a major fact in how your profits will increase.
Which geographical locations to target?
With BitCoin popularity having increased tremendously in the past few months, the multitude of options that can be achieved with this cryptocoin became endless.
In countries where gambling is not permitted, BitCoin casinos became some of the most visited BitCoin related websites, and thus a refugee for players that could not experience online gambling before. Players from USA, Canada or the Asian continent found a source of entertainment in all BitCoin casinos, so these territories represent just a few large markets to exploit for all casino operators, including you.
This is a very important fact when considering which geographical location to target when doing marketing for your online BitCoin Casino.
Our Bitcoin Casino Solutions allows you to determine the country of each user and see which geographical location brings you the most players. Based on this, you should focus the marketing efforts into the right direction.
Attracting new players
BitCoin casino marketing should be done by covering multiple areas, and not just one. First you must convince players that come to your casino for the first time, to make a deposit. Such thing can be done by placing large visible banners with deposit bonus codes.
Having high payouts and making new visitors notice that other players experienced large wins at your casino can prove to be a crucial move. One way of doing this is to have a podium with the top winners on your BitCoin casino website.
Rewarding players with free chips or bonus freespins on Bitcoin related forums will surely attract you some new players that might just want to try out your offering.
In a small community, where competition is tight, but not very big, reputation plays a vital role. A visible "provably fair" banner, or a certificate that attests the fairness of your online casino will make players feel safe when deciding to make a deposit.
Advertisements on Bitcoin related websites should not be ignored, even if the costs for such marketing strategies might be a little over the average.
Newsletter should be used to offer new bonuses to existing players, and inform them about new games.
Press releases can be used to let everybody know about your promotions and who hit the jackpots recently.
A method that is very common for promoting any online business. Creating a Facebook page that is updated daily, having bonus codes made public via Twitter, placing videos from players that won your jackpots on Vimeo or YouTube (to convince them to do such, you can give an extra bonus to whoever wins the jackpot and records it in a video file), creating tournament events for players to join, should keep your community happy and with more desire towards gambling.
Offering new content
Offering new ways of entertainment to your players is also important. This can be done by giving them free chips, bonus freespins based on their loyalty, daily login bonuses, VIP programs and of course new games.
New games and new content will always bring back old players that might just want to try out the new graphics. So consider this an important aspect for maintaining your BitCoin casino at high rankings.
Using the administrator panel of our bitcoin casino solution, you can do all the above with no difficulties. For more advice, please check our online casino operator's guide.
7. What is BitCoin?
BitCoin is a virtual world crypto-currency, introduced in 2010, where the creation and transfer of BitCoins is based on an cryptographic protocol that is independent of any central authority.
BitCoin system uses a well-known peer-to-peer technology to operate, having all its transactions and the creation of BitCoins carried out collectively by the network of BitCoin users. Nobody owns or controls BitCoin.
While not legally recognized as a money currency in any of state of the world, the popularity of BitCoin has increased tremendously in the last few years, mostly because people can earn free BitCoins just by owning a PC and running the BitCoin software which will automatically generate them BitCoins, and after that, convert their BitCoins to real money.
How to obtain BitCoins?
You can get BitCoins by purchasing them with real money or by using your PC and the BitCoin software to farm them.
You can also trade BitCoins for real money. Right now, the BitCoin exchange rate is 1 BitCoin = $105.86999 .
How to buy BitCoins?
Step 1. Create a BitCoin wallet.
A BitCoin wallet is a website or program which you can use to store BitCoins and make transactions. VirWox, MtGox and other BitCoin exchange websites offer a free wallet upon account registration. You can read more about BitCoin wallets here.
Step 2. Locate Your BitCoin Address.
Your "BitCoin address" is a 34 - 36 character string and starts with 1. This address is all you need to receive payments.
Step 3. Buy With Cash.
You can use PayPal/Skrill/NETELLER/Bank Transfer or Credit Card to buy BitCoins from any BitCoin exchange website such as VirWox or MtGox.
Even if this method is new for some people and it might be considered complicated, purchasing BitCoins is just a 3 minute step. You can watch the following video tutorial on how to buy BitCoins with PayPal or other payment method:
How to send BitCoins?
Make sure you have enough BitCoins in your VirWox account. Then click on withdraw and then enter the BitCoin address to which you want to send the money. That is all you need to do to pay with BitCoins.
Using other websites, such as coinbase, blockchain, etc., you can send money easier using the "Send bitcoins" or "Send money" buttons. This will allow you to input the amount and the address of the receiver and send the bitcoins.
How to farm BitCoins?
Many people have become rich just by opening their PC, downloading the BitCoin software and putting their PC to solve mathematical blocks and farm them BitCoins.
You can help the community by simply running the original BitCoin client on it. The original client is more resource intensive and will take a complete day to synchronize. After that your computer will contribute to the network by checking and relaying transactions, solving mathematical blocks and generating BitCoins into your BitCoin wallet. You can download the BitCoin software from here: http://bitcoin.org/en/download
*Disclaimer: All the information related in this article was gathered from multiple public sources found on the internet, until 06 July 2014. We take no responsibility if the information provided will become outdated or inaccurate.