Online gambling has been an industry predominantly untouched by recession and external events. It continues to thrive and has done so since online casinos were introduced via the spread of the internet. If you consider that the modern world is a lot more entrepreneurial, it begs the question if an online gambling business can be the perfect startup. We’re here to explain what those business models would look like – and why blockchain technology may be making them more appealing.
Two Paths to An Online Casino:
When you play games and slots at any online casino, it will be a service which can be in general, of two different types. For those interested in starting a casino, the difference is important.
You can start an iGaming casino that ultimately has better yields but has complex licensing laws to overcome and requires the actual owners to manage all aspects of the business. These casinos ultimately have total control of their destiny and arguably become more successful in the long term; the likes of trusted brands such as Royal Vegas Canada being a classic example.
The other option is to become an affiliate of a casino already in operation or a white label solution. The costs of entry are very much lower, and the yields may not be as lucrative. However, instead of having to manage all aspects of the business, it is usually the case that you would only need to focus on the marketing of the service.
Blockchain: An emerging third option?
In both options above you are choosing what type of foundations to lay your online casinos. In recent years, a new type of foundation has also proved popular with those wanting to start an online casino – and that is the blockchain.
The blockchain is now being utilized to operate online casinos and it is doing it with excellent potential. The same principles such as security and anonymity are making the blockchain a perfect fit with the business model of online gambling.
Such developments have given rise to the idea of crypto casinos. Many online casinos already accept crypto payments, but these can be swapped for fiat currencies when it comes to gambling. Crypto casinos build on this by providing a gambling environment where wagers and winnings are made with cryptocurrency.
That’s not all either. These crypto casinos are offering games that are working from the blockchain. Games of chance such as Bitcoin Dice allow players to not only play in a safe way, but the game also is able to prove that the result was determined fairly before any wager was placed.
What Else You Need?
If you plan on creating your own online gambling site, with or without the help of the blockchain, you may also need to acquire:
Software providers – crucial for determining the performance of your casino and the gaming experiences that members can have.
- Gaming content – the general rule of thumb is to be diverse to engage a bigger market
- Gaming licenses – this is an absolute must
- Source payment handlers – this is for your safety, their safety and your brand’s protection. Integrating crypto options will be a wise and forward-thinking move
Also do not try on skimp on the development of your site, SEO and marketing your new startup.