In a previous article titled, The Cost of Starting a White Label Sportsbook, we wrote about the benefits of white label sportsbooks and casinos as well as the costs associated with them. In case you don’t want to go back to read the article we’ll summarize it briefly.
A white label crypto casino or sportsbook is a betting technology solution designed to provide iGaming operators with a fully functional online sportsbook and casino complete with unique branding, payment solutions, technical support, and risk-management for a fraction of the cost it would take to develop your own.
Ok, so what is a white label crypto casino?
As the name suggests, a white label crypto casino, or cryptocurrency casino, is akin to a regular white label sportsbook or white label casino except it gives iGaming operators the added benefit of accepting wagers in cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dogecoin, and thousands of other cryptocurrencies. White label crypto casino providers can let operators accept wagers in cryptocurrencies and fiat currencies, or cryptocurrencies alone.
How do crypto casinos work?
The functionality that allows players to place bets in a cryptocurrency like Bitcoin is enabled by blockchain technology.
Without getting too technical, blockchain technology is simply a secure way to make transactions peer-to-peer, also known as P2P. The aspects of blockchain that make it secure and disruptive are that it’s decentralized, transparent, and unable to be modified. This gives users of the blockchain – in the case of white label crypto casinos it would be their players – assurance and security that all transactions such as bets and payouts are entirely transparent and verifiable on the blockchain.
For more on blockchain technology, check out this comprehensive breakdown by IBM.
Do bettors want to wager in cryptocurrency?
Yes. And increasingly so.
Since 2014, there has been more than $4.5 Billion USD gambled in Bitcoin across cryptocurrency gambling sites around the world. Not only that, but statistics across 60 crypto-based gambling operators show that around 337 bets per second are placed in Bitcoin.
Those are some eye-popping numbers.
And with the rise of alternative cryptocurrencies, or alt coins for short, we can only expect the demand of global betting audiences who want to place wagers in various cryptocurrencies to grow.
What should operators who want to start a crypto casino or sportsbook look for?
First and foremost, potential iGaming operators who are thinking of starting their own white label crypto casino or crypto sportsbook should work with technology providers and partners who have demonstrated expertise in the space. Reputable and trustworthy providers like Lion Gaming should be able to navigate the complexities around crypto and gambling regulations in your jurisdiction. They’ll work with you as a partner to help guide you through the nuances involved in starting a white label crypto iGaming operation.
Secondly, you should make sure that the technology provider you choose to work with has the ability to accept bets in the cryptocurrencies your bettors want to use. Some providers only accept bets in a few of the most popular cryptocurrencies, but the technology we’ve developed at Lion Gaming allows operators to accept wagers in over 200,000 cryptocurrencies. We can practically guarantee you the capacity to accept wagers in virtually any cryptocurrency you want.
Interested in learning more about white label crypto casino solutions from Lion Gaming? Contact us with your inquiry or email us at [email protected] and we’ll get back to you within 24 hours.