Cryptocurrency is gaining popularity, especially in the online gaming space, which has gained momentum in recent years. It has attracted a large number of players due to the security it provides and the safe haven it offers for online transactions. Several gambling and betting sites have started accepting cryptocurrencies such as Bitcoin and Ethereum.
According to published reports, the existing crypto gambling market is worth $2.5 million, and approximately 55% of Bitcoin transactions are gambling-related.
So if we talk about developing a live crypto casino, it is no exception. This is one of the first ideas that you must consider in business.
If you are wondering how to develop a live crypto casino for your business? You have found the right blog. While browsing this blog, you will get valuable information that will help you develop a live crypto casino.
We created this blog based on our experience with live casino software development to provide you with an overview so that you can make the perfect decision.
Let’s explore!
Exploring the Crypto Gambling Space: Market Statistics and Growth Factors
The cryptocurrency gambling market is growing rapidly, revolutionizing the way people try their luck by placing bets or gambling on live casino platforms. Multiple factors are driving the real-time growth of cryptocurrency casinos, including advantages such as fast transactions, security, and enhanced privacy.
Let’s see how it happens!
The market size continues to expand
In recent years, the crypto gambling market has expanded unprecedentedly, and players and businesses have expressed their interest in it in many ways due to its multiple advantages. Including crypto gambling, the global online gambling market is expected to reach $2029 billion by 1363, of which the crypto gambling market is currently worth $2.5 million. In addition, the overall iGaming market is expected to reach $2030 billion by 1500.
Cryptocurrency gambling
The use of cryptocurrencies is increasing, with crypto gamblers placing 337 bets per second. The best example is that in 2023, Bitcoin topped the list, accounting for 73.3% of the total crypto gambling transaction volume (Ethereum – 9.9%, DOGE- 3.1%).
Accept crypto payments
Cryptocurrencies are global virtual currencies that businesses accept as a new form of payment and transactions. Here, the most significant advantage is the low transaction costs. The number of cryptocurrency users reaches 4.2 million, which makes it fruitful to develop a live crypto casino for businesses.
Customer Preferences
Casino enthusiasts are rapidly turning to online casino platforms due to the convenience of experiencing the excitement of various casino games such as blackjack, roulette, slots, etc. Most online casino players prefer cryptocurrency betting because there is no worry about privacy invasion, theft of critical data, and other financial frauds.
Regulatory approval
The crypto live casino development trajectory is growing every day due to regulatory approval. Opening a crypto casino is a major benefit for casino owners. The most popular regions for crypto casino games are Europe, North America, Australia, and New Zealand.
What is Crypto Live Casino?
Crypto live casinos offer an exciting way to play with many advantages over traditional online casinos, such as low transaction fees, player privacy, fast withdrawals, fewer security risks, and more.
As the name suggests, a crypto live casino is an online gaming platform. When playing casino games, players use cryptocurrencies (virtual tokens secured using cryptography) and place bets in real time. These platforms accept cryptocurrencies for transactions and withdrawals. In other words, it is like a crypto live casino that combines the fascinating gaming experience of live dealer casino games (blackjack, roulette, baccarat, poker, etc.) with the advantages of cryptocurrency trading.
Crypto Live Casino uses blockchain technology to ensure high security, fair results and transparency. Including these, it provides a perfect real-time gaming experience where players can play games and bet crypto. Here, human dealers transparently manage the game in real time on the screen in front of the players.
How do cryptocurrency live casinos work?
For players who are good at playing traditional casino games, crypto live casinos are no different. The only difference is that they will be dealing in Bitcoin, Litecoin, and other cryptocurrencies that have a variety of advantages. However, if you want to know how live or online crypto casinos work here, it is simplified below.
Create a crypto wallet
As in step 1, you need to create a crypto wallet. It acts as a player’s personal digital wallet where players can store virtual currency in a secure environment. Later, transactions are performed from it to play live casino games.
Select game
The next step is to choose roulette, slots, poker, baccarat or any other game on the crypto live casino platform.
Place a bet
Once you enter the game, place your bets using your crypto wallet and the desired currency stored in it.
winning amount
Once you win the game, your winnings will be transferred to a virtual account within the live casino. This account will hold all your cryptocurrency winnings.
Transfer your winnings
You can transfer your winnings from your casino account to a crypto wallet. Here you can choose to transfer the virtual currency to your private bank account or use it in cryptocurrency transactions for other purposes.
Advantages of Crypto Casinos
There are multiple advantages to incorporating cryptocurrencies into live casinos, ranging from security to optimal user experience. It eliminates all the drawbacks of casinos based on fiat currencies. Therefore, launching a crypto live casino for commercial operation has the following advantages:
Safer transactions
Crypto transactions are extremely fast compared to traditional transactions. All transactions are conducted using blockchain technology, which makes it more secure than any other technology.
Confidential
In any Crypto When playing games on the live casino platform, the player’s identity remains anonymous from the beginning to the end of the entire gaming process. This eliminates the possibility of the player’s identity being compromised.
Game type
Compared with traditional casinos, live crypto casinos offer a variety of games, bringing an infinitely exciting experience.
Simple registration
The registration process at Crypto Live Casino is simple and does not require players to provide personal information. On the other hand, live Bitcoin casinos are a new trend, so businesses offer a variety of bonuses to attract their target audience.
Global influence
Cryptocurrency-based casinos are global and anyone can access them. Keep in mind that live casinos are subject to laws and compliances depending on the location. However, from a business perspective, it can help you grow your casino business globally.
Low transaction fees
Cryptocurrency has lower fees compared to traditional or fiat currency transactions. It allows players to continue to enjoy the casino gaming experience without having to accumulate funds.
Instant Payment
The withdrawal process is one of the biggest challenges faced by traditional casinos, but this is not the case with live cryptocurrency casinos. With blockchain-powered cryptocurrency casinos, withdrawals become easy and fast.
Enhanced security
Live crypto casinos offer enhanced security thanks to the decentralized nature of blockchain, which ensures a high level of security and prevents any financial fraud.
Tax incentives
In some parts of the world, cryptocurrencies are less strictly regulated than fiat currency winnings. This, in turn, provides tax benefits to players and operators.
Top 5 Cryptocurrencies for Live Casinos
Most casinos accept cryptocurrencies as a preferred payment method. So if you are planning to adopt cryptocurrencies in your next live casino software, it is no exception. There are dozens of cryptocurrencies to choose from and it is up to you to choose. But which cryptocurrencies should you include if you are looking for a live casino? Here, we have hand-picked a list for you.
Bitcoin
The best choice for live crypto casinos around the world and their players is Bitcoin. In the category of cryptocurrencies, Bitcoin ranks top in terms of providing high value.
Ethereum
If you are looking for the best alternative to Bitcoin, then Ethereum must be your first choice as it was launched to solve all the technical issues of Bitcoin. Most casinos accept it, so you can use it as well.
Tether
Tether is another top choice if you want to offer cryptocurrency-based trading and withdrawals to your live casino users. It is a stablecoin because its price remains stable. Since it is pegged to the US dollar, you can also consider it a great alternative to fiat currencies.
Litecoin
Litecoin is another alternative to Bitcoin. It is a completely decentralized, P2P currency based on supply and demand. Litecoin is not controlled by any central authority or banking institution, but is managed by individuals based on supply and demand.
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Dash is one of the popular cryptocurrencies based on Bitcoin. It is an independent currency that allows users to conduct transactions with lightning speed, low transaction fees, and maximum security.
Steps to Creating a Commercial Cryptocurrency Live Casino
There are several things you need to take care of when creating a cryptocurrency live casino. So if you have a question – How to develop a cryptocurrency live casino? Here are the steps.
market research
By taking statistics and growth factors into consideration, you are already on the right track to developing a cryptocurrency casino platform. But things are more complicated than they seem. Therefore, the first step is to conduct market and competitor research.
Identify your niche: Decide on the games (roulette, slots, poker) you want to include in your crypto live casino.
Determine your target audience: Determine the target audience and location that you want to convert into customers.
Identify your competitors: Casino gaming is highly competitive, so get to know your competitors. Research their products.
Collect market data: Collect real-time statistics and market data and analyze them to make informed decisions about your business.
Document all requirements: Document all your requirements in some format so that you can review them clearly without confusion.
Legal considerations
This is one of the most crucial steps that you must pay attention to. For online or live casino games, the use of cryptocurrencies falls under the scope of compliance and regulation in different jurisdictions. You must be aware of all regulations such as KYC regulations, anti-money laundering, etc. before entering the market with your live crypto casino software.
Obtaining a legal gaming license is a mandatory requirement for starting a crypto casino or iGaming business. For a better understanding, you can seek help from professionals. As an experienced iGaming and sports betting solutions provider, South Asia Source Network assists clients in obtaining licenses in jurisdictions such as Curacao, Anjouan, Kahnawake and Malta.
budget planning
You will develop a cryptocurrency casino for commercial use and everything depends on budget and financial planning. Budget planning may be the same as multiple types of expenses such as recruitment costs for software developers, licensing and security costs, promotions, etc. So plan your budget like how much money you can and want to spend on your project.
Choosing a business model
The ultimate goal of developing a live cryptocurrency casino is to turn it into a profitable business. Therefore, choose a business model. It will help you plan and develop strategies to earn good profits through live casino software.
House edge: This is the average gross profit the casino expects to make from each game, even if players occasionally win.
Player Fees: In this business model, the casino charges a fee on every withdrawal and transaction made by the player.
Commission Fees: Commission is a small fee taken from each player's bet, especially in live poker games.
In-game purchases: You can let users buy bonuses, virtual goods, or other features while playing your game.
VIP Plan: By spending a certain amount, players can purchase the VIP plan and experience premium casino games using the crypto casino platform.
Membership or Subscription: You can offer membership or subscription plans to your frequent customers with additional benefits like bonuses and access to multiple games for one or more payments. This will help you earn a steady income.
Affiliate Marketing: By offering your affiliates a commission for each customer they receive, you can generate revenue for your casino business and connect with more customers.
Hire software developers
One of the most important steps when developing a live cryptocurrency casino software or platform is choosing a live casino software provider. While it is up to you to choose who to hire for software development, it is recommended to choose from the top live casino software providers as they can ensure the best assistance, cost-effectiveness, quality, and add value to your software.
Design and Development
Here, the software development team will help you design and develop your software. They will develop user-friendly software that ensures the best experience in online crypto casino games, including multiple key and advanced features. Make sure your software has an attractive design and a perfect live casino environment.
Game Integration
The next step is game integration, which provides your customers with a wide range of options to enjoy live casino games using your platform. Including games such as Baccarat, Blackjack, Roulette, Poker, and Slots, you can integrate a wide range of live casino games. Here, game integration depends on your live casino software solution provider. For example, South Asia Source Code Network offers more than 50 games from more than 8000 providers, targeting more than 34 countries.
Set up payment gateway
Using software, all types of transactions will take place with cryptocurrencies, from deposits to withdrawals. Therefore, set up a proper payment gateway so that crypto transactions can proceed smoothly and quickly. It must also be able to handle multiple transactions simultaneously and be able to prevent fraudulent transactions.
Setting up security
Online gambling platforms are always a prey for cybercriminals. As a business owner, it is your responsibility to protect the integrity of your platform and your users. Therefore, do not hesitate to set up the best security measures such as SSL encryption, two-factor authentication, and other security measures to ensure that your platform is safe for all users.
Testing and Launching
Once you have completed all the steps like design, development, and integration, it is time to test your cryptocurrency live casino before launching it. Test the platform rigorously to eliminate every last bug or discrepancy in it. Once you are done, make your live casino software available to your users.
Marketing and Promotion
Almost all businesses make use of innovative marketing techniques, with digital or online marketing being at the forefront. So, keep your target audience and location in mind when promoting your platform. This will ensure that you get the best results.
Finally, remember to keep your platform updated by applying a perfect maintenance strategy. It will help you maintain compliance, ensure seamless execution, and provide your users with the best cryptocurrency live casino experience.
Key Features a Cryptocurrency Live Casino Gaming Platform Should Include
For a better gaming experience, your platform must have powerful features. So, here is a list of top features that you must include in your platform.
Backstage
Backend management features will make your job easy, from player account management to automated KYC processes and more.
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Live streaming is the soul of live casino games. It will help you live stream games with high quality and attract users to the greatest extent.
Live casino lobby
Users can view all the games, details, scores, deposits, etc. they want to know by visiting the real-time crypto casino lobby.
Game Management System
The game management system in your live crypto casino platform will help you manage all the casino games you offer.
Wallet as a Service
Integrating Wallet-as-a-Service will help your users manage deposits and withdrawals of their crypto funds efficiently.
Currency Conversion
This is one of the innovative features you can consider in your next crypto live casino software which allows users to convert their currencies to their preferred currency.
Interactive graphical user interface
User Interface plays a vital role in maximizing customer satisfaction. It makes platform access simple and keeps users engaged.
In-game settings
It allows users to control their gameplay, such as hiding chat, controlling video sound, upgrading video quality, etc.
Studio Customization
By prioritizing the choices of your target audience, you can easily customize your studio setup.
Loyalty and Rewards
Loyalty and rewards features help attract and retain customers. You can offer bonus points, bonuses, free spins, etc. based on the player's profile.
How does Nanya Source Network help develop cryptocurrency live casinos?
Nanya Source Network is one of the most trusted live casino software solution providers with 13 years of experience in the industry. We are known for providing cutting-edge live casino solutions to global casino businesses, covering
More than 34 countries.
You will be able to leverage the skills of our team of over 500 professionals with extensive industry knowledge
We have the expertise to realize your vision for a live crypto casino platform. We can offer over 50 games from over 8000 game providers, including customization where necessary. You can count on us for white label, custom, and turnkey
solution.
We have expertise in developing casino solutions using the latest technology stack and keeping up with the latest trends. Providing compliant solutions is one of our most important strengths. Also, do you need assistance with licensing for certain jurisdictions such as Kahnawake, Curacao, Anjouan, and Malta? In this case, we can do our best to help you obtain the license.
FAQ
How to open a cryptocurrency live casino?
You need to follow the following steps to open a cryptocurrency live casino
- 1. Prepare legal business documents, submit them to relevant departments and obtain a license.
- 2. Partner with a live casino software provider
- 3. Develop features and functionality
- 4. Implementing a crypto payment system
- 5. Implement security measures
- 6. Test and launch your platform for users
How to reach your target audience?
The best way to attract your target audience is to have a perfect promotion and marketing strategy. Other strategies you can adopt are offering joining bonuses, free spins, and loyalty reward programs. It will work in two ways: retaining and attracting customers.
What popular games can I include in my crypto live casino?
You can add popular games like Roulette, Slots, Live High Speed Baccarat, Live Beton Poker, Live Roulette, etc. to the crypto live casino.
How to ensure the security of crypto live casino platforms?
Security of your live casino platform is a must, therefore, you must implement strong security measures such as encryption, two-factor authentication, SSL encryption, etc. to protect the integrity of your casino and your users.