White Label Crypto Casino – The Next Generation of iGaming?
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. It removes the thousands of hours of development work, engineering resources, lawyer fees, and compliance roadblocks that go into creating a crypto casino from scratch.
Ok, so what is a white label crypto casino?
As the name suggests, a white label crypto casino, or cryptocurrency casino, is very much like 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 digital assets. White label crypto casino software providers can let operators accept wagers in cryptocurrencies and fiat currencies, or cryptocurrencies alone.
The features that white label crypto casino suppliers will provide for your iGaming operation include a powerful back office, secure payment gateways, PAM system, analytics, bonus systems, affiliate management, email marketing, and more.
How does a white label crypto casino work?
There are a few different ways that crypto casinos work. Crypto casinos can work by either using crypto as a payment rail, like most crypto casinos do today, or through on-chain wagering by executing smart contracts when bets are placed. Many operators don’t know the difference between the two, and that’s why we wrote an article titled The Differences Between On-Chain Wagering and Crypto as a Payment Rail. If you want to start a crypto casino that’s built for the future, we highly recommend reading that article to understand how the two differ so you can decide on the you want your crypto casino to operate. The main thing that you need to know is that Lion Gaming’s Fer0x Engine allows players to place wagers on-chain through smart contracts.
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. For more information on the core tenants of blockchain, read our article titled The 3 Pillars of Blockchain. These three pillars give 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.
If you want a deeper dive on blockchain technology, check out this article by IBM.
Do bettors want to wager in cryptocurrency?
Yes. And the data available supports the fact that bettors want to wager in crypto.
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. There has also been a report that was released this year which shows that the share of bets that were placed in cryptocurrencies on online casinos jumped from 23% in January 2021 to over 40% in December of the same year.
Those are some eye-popping numbers.
And with the rise of alternative cryptocurrencies, or alt coins for short, operators can expect that the demand of global betting audiences who want to place wagers in cryptocurrency will continue to grow.
What should you look for to start a white label crypto casino?
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 are 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 in the process as you start a crypto casino.
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 1,000 cryptocurrencies and tokens. We can practically guarantee you the capacity to accept wagers in virtually any cryptocurrency you want.
As mentioned previously, on-chain wagering is the future of iGaming. THis type of playing experience is what the next-generation of players will expect from operators. Many white label crypto casino providers don’t have the ability to execute wagers through smart contracts. If that is something that you want your players to utilize, Lion Gaming’s solutions powered by the Fer0x Engine is your best bet.
Interested in learning more about the technology behind our white label crypto casino software? Contact us with your inquiry or email us at [email protected] and we’ll get back to you within 24 hours.