How to Build a Crypto Casino: Development Guide
The COVID-19 pandemic and lockdowns, which resulted in the closure of casinos and brick-and-mortar betting stores, proved to be the tipping point for online gambling. The demand for digitalization provided tremendous opportunities for the growth of this industry. Therefore along with the current situation and the growing interest in cryptocurrencies, the question of how to develop a crypto casino is gaining more and more popularity. In this article, we’ll share with you our experience in crypto development and give you an overview of the steps you need to go through when setting up a crypto casino.
Benefits of using blockchain in gambling
Global Market Insights Inc.’s report on the online gambling market suggests that the market value of online gambling will continue to grow, exceeding $160 billion by 2026. According to the report, the online gambling market has risen lately thanks to smartphone and IoT adoption, improvements in internet infrastructure, and the introduction of blockchain and cryptocurrencies.
However, online casinos still have to face concerns such as money laundering prevention, gambling addiction, and users from countries where gambling is illegal. In addition, they also face regulating, taxation, and complying with local and international laws. However, let’s confess that these problems arise because most online casinos are centralized, and the majority of the issues mentioned above can be eliminated thanks to decentralization.
What is an online crypto casino?
Before you find out how to develop a crypto casino, you need to know what a crypto casino actually is and how it works. This will help you create all the necessary business environments for casino development.
So, the gambling sites that accept cryptocurrencies fall into three common categories:
- crypto casinos (blackjack, slots, video poker, craps, baccarat, and table games)
- crypto poker (specialized poker rooms for crypto gamblers)
- crypto betting (politics, financial, and sports betting)
In general, a crypto casino is an online blockchain-based gambling platform that offers an opportunity to make deposits and withdrawals in various cryptocurrencies and use traditional payment systems for fiat money transactions. Another distinguishing feature of crypto casinos is the use of smart contracts to block bets while playing games or processing payments. This makes the process automated and reliable.
Advantages of the online crypto casino
The primary advantage of operating a crypto casino is that it attracts many players who appreciate the unique benefits of cryptocurrency. These advantages include but are not necessarily limited to the following:
- Privacy — The client data and payments remain confidential as players can make transactions without being tracked because bank account information is not needed. Some cryptocurrency-only casinos don’t even require players to register to play, further increasing anonymity.
- Low or no transaction fees — Some casinos offer no transaction fees but those that do offer lower fees than those associated with traditional payment methods. The fact is that there are no financial institutions involved, so there is no need to pay higher commissions for making deposits or withdrawing money.
