According to statistics, by 2023 virtual gambling will bring business owners an income in the amount of 82 billion dollars. The gambling industry is one of the fastest growing economic markets, but the current legislation can no longer cope with the full-scale monitoring of the industry, and users still show distrust of gambling websites.
Blockchain technology can become a universal solution to many problems. Operators are increasingly using it for their own business purposes. Therefore, it is time to think about how to open a blockchain casino and have time to occupy a niche in the world arena of excitement.
2WinPower experts have collected comprehensive information about the reasons for the popularity of bitcoin, the features of cryptocurrency casinos and the advantages of using blockchain technology. We hope this article will help you make the right choice.
So, blockchain casino — what is it and how does it work? A gambling website is a unique platform made with the help of decentralization technology. This is a radically new approach to the capturing and storage of electronic information. Simply put, the blockchain is a chain of information blocks that store data about transactions made.
The main feature of the technology is the absence of the control centre in combination with the immutability of the information entered (none of the participants in the gameplay can change the built-in information, while it is in the public domain and can be viewed by each visitor).
Internet business based on the blockchain is absolutely transparent work with detailed information about all types of monetary transactions available to any user.
You can start your own business on cryptocurrency basis in three ways:
According to the analytical service Bitcoin Strip, by 2023 every fifth gambling platform will use bitcoin as a reference currency for the bet formation and prize payments.
At the moment, the market situation is as follows:
Cryptocurrency: gambling market statistics in 2019
Bitcoin exchange rate
1 BTC = 8087,88 dollar
Blockchain casino turnover
1,286 billion dollars
Total number of bets received in bitcoin
9,7 billion bets
The total amount of bets placed
Average deposit amount
Number of received bets per second
The rapid increase in the popularity of decentralized gambling establishments is associated with the following factors:
The main factors in favour of launching a decentralized online business:
As an example, we can consider the casino “Bitkong”. This is a unique service consisting of one game made using the principle of “red/black”. According to statistics, the turnover of the website amounted to more than 190 million dollars. At the same time, the owner of the resource does not pay commission fees to either providers or the platform itself.
In contrast to traditional casinos, gambling business based on the blockchain cannot be legalized, since the information blocks of the website simply do not have central control and are available to everyone at any time.
The technology itself is the key to absolute transparency of all financial processes and gaming mechanics used in the game.
The owner of a decentralized entertainment application can provide his services anywhere in the world without the need to obtain prior permission and work in accordance with the current regulations of a particular state.
The technology allows using not only the traditional mechanics like “lot-game” but also creating complex multiplayer games, as well as a lot of other collectable proposals.
This is a great way to attract attention and express your own uniqueness. On the website, you can use both a set of identical elements (ERC-20) and exclusive formats (ERC-721), giving the accounting units a non-standard form and appearance.
When considering how to open a casino with cryptocurrency, pay attention to the following features and unique aspects of decentralized technology:
It is a unique environment for the creation of exclusive start-ups and applications of the decentralized type — it is a computer algorithm that allows conducting contracts inside the blocks in the blockchain. Moreover, the source code of the platform currency consists of only five lines.
Information blocks themselves can be the entertainments for money. For example, gamblers send currency to a special address within a limited time. The winning will go to the one whose translation is in the middle or at the end of the list, and the player receives the total fund.
Blockchain casino owners can introduce their own currency, using it as bonuses and incentives. Money can be spent exclusively in the game, that allows retaining users on the website as long as possible.
It has been claimed by the developers of the Ethereum platform, any operator who has at least minimal technical training can cope with such tools and create his own project. Nevertheless, we recommend consulting with specialized professionals.
2WinPower team is ready to answer any questions and offer the best ways to start a business. We will tell you how to choose a blockchain casino and popular games, how to select the design of the entertainment platform, as well as to configure the most simple and easy navigation.
Do not miss your chance and become the owner of a promising and profitable blockchain casino from 2WinPower today!
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