How to Start a Crypto Casino
iGaming, like so many other industries, is undergoing a transformation at the hands of cryptocurrencies and the blockchain. Digital currencies are gaining massive popularity around the world, prompting more and more bettors to favour crypto over fiat currencies. However, if you’re looking to start a crypto casino or crypto sportsbook, your platform will have to do more than just accept crypto as a payment method. The best crypto casinos have the ability to accept thousands of tokens and currencies, in addition to featuring innovative web3 capabilities.
In today’s post, we’ll break down what constitutes a crypto casino and what the landscape is like in the industry. We’ll also run through the necessary steps you’ll need to take to start a crypto casino and make it successful.
Understanding the crypto casino landscape
Before we dive into how to start a crypto casino, it’s important to first understand the online casino landscape. The global iGaming market is worth an estimated USD 70.64 billion in 2023, which is a number that is expected to jump to USD 153.57 billion by 2030. Needless to say, the market isn’t slowing down anytime soon. The rise of cryptocurrencies and blockchain technology are partly responsible for this growth. The decentralized nature of crypto gives players added security and transparency while protecting their personal data. On the other hand, the blockchain offers industry leading safety standards through innovations like Lion Gaming’s on-chain wagering solutions. Wagers carried out on the blockchain via smart contracts are recorded on immutable ledgers, serving as a digital receipt for both operators and players.
These increased levels of security, safety and transparency have given online gambling a boost, helping to remove stigmatization and reach a broader audience. At Lion Gaming, we believe the future of iGaming lies in cryptocurrencies and blockchain technology. Our solutions are reflective of that, and are engineered with that philosophy in mind.
What steps do I need to take to start a crypto casino?
Here, we’ll lay down a broad-strokes outline of required steps for operators to start a crypto casino.
First and foremost, operators need to conduct some serious market research. Identifying your target market and audience should be priority one, as that will determine what kind of platform you’re going to offer. Is there a hole in the market, or a niche you can carve out? Who are your competitors, and how are you going to be different? Which countries are you looking to target, and how can you tailor your platform to address their needs? These are all questions you’ll need to ask as you conduct your research.
2. Understand the legal and regulatory requirements
It’s essential to consult legal experts with experience in the iGaming field. Complying with the legal and regulatory framework in iGaming is hugely important. Failure to do so can result in a suspension or closure of your business, in addition to potential legal action. This rings especially true if you’re looking to start a crypto casino. Their decentralized nature can make the legal process even more complicated, so working with a professional is absolutely the way to go.
3. Develop a business plan
Starting any business requires a solid business plan. For an online casino, this should encompass your casino’s vision and goals, in addition to financial projections. Furthermore, it should take marketing and fundraising efforts into account as well. This business plan should also outline how you’re going to use the world of crypto to your advantage; are there any web3 integrations you’re planning to use? How will crypto and the blockchain enhance your business?
4. Choose a software provider
This next step is arguably the most important one you’ll take as you start a crypto casino. Evaluating iGaming software providers and selecting one to launch your business is a critical decision, and learning how to evaluate them is a great place to start. In short, you need to ensure they’re the right fit for your platform. Does the software provider offer a powerful crypto solution that can elevate your business with innovative features? Do they have the right catalogue of games and customization options?
Ideally, the partnership you make with a software provider will be a long term one. They will grow and adapt along with your business, offering scalability and consistent updates to their platform and engine.
5. Marketing and promotion
In order to attract new players as you start a crypto casino, you’ll need a solid marketing strategy. This strategy should include a mix of SEO, email marketing, social media marketing, content marketing and more.
If you’re unsure about where to start your marketing efforts, we’ve got you covered. Lion Gaming has released The Ultimate iGaming Operator Marketing Playbook, a comprehensive marketing guide built to help your business succeed. Download your free copy today!
6. Security and fair play
Prioritizing the safety and fairness of your casino is always a good idea. A good way to accomplish this is to work with a software provider with safety and security measures built in. For example, Lion Gaming has an on-chain wagering solution, built to execute wagers completely on the blockchain. Furthermore, Lion Gaming features Provably Fair games to ensure results are verifiable without the need for a third party.
Building a reliable, comprehensive customer support system is another critical component needed to start a crypto casino. Make sure you’re able to address player inquiries and concerns quickly. Having a comprehensive, well thought out strategy for customer support is a good way to do this.
Now that your crypto casino is set up and ready to go, it’s time to launch! Monitor your operations, gather player data and feedback, and be prepared to make some changes along the way. Continued growth and success will depend on your ability to innovate, adapt, and most importantly provide an exceptional gaming experience.
Starting a crypto casino can be a hugely rewarding venture for entrepreneurs. iGaming is a rapidly expanding and exciting industry, and it’s easy to see the impact crypto and the blockchain are having. We hope this guide provides you with a framework to get started, and arms you with the knowledge to start a crypto casino.
If you’re serious about making waves in the crypto gaming space, contact Lion Gaming today. Our team has decades of combined experience in iGaming, and has a specialized understanding of crypto and the blockchain. Let us be your trusted partner as you start you very own crypto casino!