According to Exploding Topics, more than 560 million people around the world own cryptocurrency. This is approximately 112 times more than in the previous decade. For casinos, cryptocurrency is extremely profitable because players do not have to go through KYC and transactions are untraceable. Furthermore, players are increasingly interested in cryptocurrency because they believe it is “easy money.” However, you should not rush to open a crypto casino and expect to repeat your success. To begin, determine which markets make the most sense for launching a brand. We supplemented the material with comments from an expert who is currently launching his own cryptocurrency casino with his team.
Audience Analytics Based on Existing Platforms
Yahoo Finance reveals that the possession of cryptocurrency is higher in Asia Pacific, South America, and African nations compared to the European, North American, and Australian nations which are prolonging their aversion to cryptocurrency. It can be connected as an additional payment type or as a sole one. If you are a stakeholder of a casino, monitor the analytics not only by the country distribution of cryptocurrency but also the current projects’ targeted audience. The outcomes might be astonishing and at the moment, you are losing extra earnings because your casino is not accepting cryptocurrency games.
Questions for the Expert
It’s ok, but how much will it cost to set up a payment system and how long will it take? We reached out to an expert who is launching a crypto project right now and asked:
How long and costly is it to launch a payment system? How long does the technical part take and what non-obvious nuances will a product that opens a cryptocasino encounter? What kind of team and budget is needed to set up and maintain the technical part of a crypto product?
Right now, there are many solutions in the market to launch a product in the shortest possible time. On average, on the market, it’s about two months from launch to going into live production. In terms of team personalities, as well as budget, you should always start from your expectations of the project’s payback, to what figures, and most importantly, when you should aim for. Sometimes, with these calculations, it is more profitable to take a white-label solution than to keep a development staff. On the contrary, you need to keep high conversion and retention figures on large volumes and you can’t do without flexible development.
We understand that you are opening up to work with cryptocurrency, but do you plan to connect to fiat?
We are always based on our unit economy, so as soon as there are numbers on the horizon that we are not satisfied with in terms of conversion to first/repeat deposit, it will be a signal to connect fiat deposit and withdrawal methods.
How long and costly is it to connect cryptocurrency to an existing casino that runs on fiat? For example, there is a casino that only runs on fiat, but the product wants to make it possible to bet directly from a cryptocurrency wallet.
Conclusion
If you have been thinking about your own crypto casino for a long time and have been waiting for the right sign to make up your mind, consider this material to be the sign. Also, find out what crash game betting is by clicking on the link.