Aug 06

What it Takes to Start Your Own Online Casino Business

What it Takes to Start Your Own Online Casino Business

If you’ve spent any time gambling in an online casino, you may have noticed a few things. For one, the games are extremely entertaining. There are hundreds to choose from, with rules and themes to appeal to anyone and everyone. With so many online casinos vying for your membership, there’s clearly some healthy competition in the industry. Perhaps most important of all, you’ve recognized that the house has a distinct advantage in every game.

If casino games are designed to win more money for the house than they pay out to players, wouldn’t it make sense to play on the side of the house? And what better way to do that than to own the house? With that in mind, we’re going to take a look at how to start and online casino. It’s not easy, and it’s certainly not cheap, but if you’ve got the means and the drive, it may very well be worth your time and effort.

What it Takes to Start Your Own Online Casino

While the concept above – the casino always wins, so I’ll just open my own casino – is a common theory, it’s not necessarily a realistic one, which is why most people don’t do it. The truth is, there’s a lot that goes into opening an online gambling site; much more than most people realize. It’s a lengthy, step-by-step process, and an expensive one at that. The very first thing you’ll need to do is…

Register and Host Your Online Casino Domain

The first step is to choose a domain name. It should be something quick and catchy, and directly to the point. The shorter the name, the more likely people are to remember it. Betfair, LeoVegas, PokerStars – they all meet this easy-marketing requirement.

Once you choose your domain name, you need to register it with a domain registering service. Then you have to pay a server to host it.

Even if you don’t intend to launch your casino for a year or two, registering the domain should come first. Search engines take into account the longevity of a domain when indexing. Simply put, a website created two years ago ranks better than one launched two weeks ago.

Apply for an Online Gambling License

This is going to be the most expensive step, by far. Your operation must be licensed to garner any respect from the iGaming community. Where you obtain your license from will directly impact the cost and reputability of the operation.

Some jurisdictions, like Costa Rica, Panama, Belize, pretty much anywhere in Central America, offer very little in the way of regulation. You pay a smaller fee, but sacrifice the respect of strict player protections. Obtaining a license from the Malta Gaming Authority carries much more respect, as you’ll have to comply with their high standards. But, you’ll also pay a lot more for that license.

Also consider which countries you want to accept players from. Black markets, including much of the US, require lax regulation, but could get you into trouble down the line. To accept players from the UK, the world’s most productive iGaming market, you’ll need a UK license, which comes with the strictest standards, and highest price tag. A Maltese license will grant you access to most legal markets, including Canada.

Every license comes with fees. Expect them to be in the five-figure range. Then there’s financial reporting and taxes to be considered. Think very carefully about which way you want to go here, and do your research.

Employ One or More Casino Software Suppliers

Every online casino needs an assortment of games to offer their players. There are dozens of highly respected content studios to choose from. You may wish to go with a single platform with a large portfolio of games. Or, you could employ a collection of software brands to offer more diversity. Just keep in mind, you’ll pay a separate fee for each casino suite you integrate. Then there’s always the option of going beyond csaino games and into the field of poker, bingo, sports betting, etc.

Another thing to consider is just how involved you want the software supplier to be. There are generally three options.

  1. Casino Games Only: Employ the casino suite only, granting you a license to supply its games.
  2. Games + System Platform: This option comes with the casino suite license, plus a back-end platform that administers and manages player account services.
  3. The Whole casino Package: If you take the full package, you’ll get the casino suite license, the player account system, plus integration of security features, software certification, and a dedicated customer support / tech support team.

The more you want, the more you’ll pay for it, but the less you’ll be responsible for managing in the long run. Choose a full package from a major content supplier like eCOGRA-certified Microgaming, and you can rest assured everything that needs to get done, will get done.

Payment Processing – Choose Your Banking Methods

As any avid online casino gamer knows, the security and availability of payment methods is paramount to attracting new player sign-ups. Today, iGamers expect a wide selection of banking options for deposits and withdrawals.

Some players are very picky, and will only use eChecks, or Paypal, or Instant Banking methods like Interac or Citadel. Others are esteemed supporters of the cryptocurrency movement. If you want to cater to these types, you have to supply a long list of trusted payments to hit all niche players. And of course, credit and debit cards (Visa, Mastercard, etc.) are a must.

Once again, consider your options, do your research, and know your intended customers.

Catering to the Mobile Generation

Ten years ago, the mobile casino movement was hardly a quiver. Today, it’s rushing ahead like a locomotive. You don’t have to build a mobile app for your casino, but you could miss out on an entire generation of would-be customers if you don’t.

Now You Must Build It…

With all these steps out of the way, it’s time to put all the pieces together. You may want to hire a web design team for the website, as well as a mobile app developer. That’s more money going into your project. And once you get the casino up and running, you’ll need to factor in software and licensing renewal fees, plus additional costs like marketing and employee salaries.

As I said, this will be an expensive venture. There are cheaper routes, but as the old adage goes, “You get what you pay for”. Like any successful business, the more you’re willing to invest into a quality product, the more you’re likely to get out of it.

If learning how to start your own online casino business was enough to make your head spin, maybe it’s not the right choice for you. Maybe playing those online slots and table games, despite their slight disadvantage to the player, weren’t so bad after all?

written by Grameister777 \\ tags: , , , , , , , ,

Jul 29

CWS launches original casino games with cryptocurrency gambling theme.

Casino Web Scripts creator of original casino games with a crytpocurrency gambling themes

CasinoWebScripts (CWS) isn’t what I would call a prominent name in the iGaming industry. It hasn’t gained the universal recognition of major players like Microgaming, NetEnt or Playtech. But for the last nine years, the company has been developing innovative digital gaming content, optionally available as a complete package – a turnkey backend solution that can have a brand new online casino up and running in 24 hours.

CWS is unlike many of its competitors because its primary focus lies within a niche market, as a cryptocurrency gambling solution. Over those nine years, the group has built an impressive portfolio of nearly 200 games. This month, their lab published three new titles, two of which revolve around the same company-centric cryptocurrency theme.

Three Original Casino Games from CWS

Originality was the key for CWS when developing its latest games. Two of them, Crypto Persian Prince and Crypto Dice O Meter, both feature digital currency as their thematic model. The third, Rock Paper Scissors, is a tile game with a progressive payout for consecutive winning picks. Let’s take a closer look.

Crypto Dice O Meter

Crypto Dice O Meter Original Casino Games by CWS

This is a simple game wherein 5 dice are rolled. The minimum and maximum sum of all dice ranges from 5 to 30. The player will use a sliding scale to wager on a range of up to 16 numbers. For example, you could bet on 9 to 24, and if the result of the dice falls anywhere in that range, you would win a very small amount of money – 10% of your total bet. Or, you can make the scale smaller, choosing as few as just 1 number for a huge payout if correct.

To make it a little easier to choose your range, the game will show you your probability of winning based on your selection. For instance, choosing just 1 number has a very low 2.63% chance of winning, while betting on 15-20 (6 numbers) has a 55.7% chance.

Crypto Persian Prince – Tiles Adventure

Crypto Persian Prince Tiles Adventure by CasinoWebScripts

Another simple game in which the player makes a bet, then selects one of three tiles on a 10-high ladder diagram. Each rung of tiles includes two golden lamps and one bearded villain.

Choosing a lamp awards the prize shown on the current row of tiles, while picking a villain steals your bet and all current winnings.

The payouts for climbing the prize ladder are progressive. The first win pays 1.4 for 1. So if you bet $1, the first win awards your $1 bet back, plus $0.40. You can either collect the winnings, or choose a tile from the second rung, worth 2.2 for 1 ($2.20 on a $1 bet). The prizes grow exponentially larger, up to 55 for 1 on a 10-win streak.

Rock Paper Scissors Tiles

This game was a bit confusing at first, but once you get going, it makes more sense. My advice – play in Demo until you get the hang of it.

Rock Paper Scissors Casino Game by CWS

In the middle is your betting diagram. Tap on a tile to the right – rock, paper or scissors – then choose your bet size at the bottom and press start. You’ll need to pick one of three tiles at the bottom of the prize ladder.

If the tile is beaten by your original selection (i.e. rock beats scissors), you win. You can collect your winnings or continue by selecting a tile from the next rung. If the chosen tile beats your selection, you lose. If it’s a tie, nothing happens, and the game continues.

By climbing the ladder and winning consecutive bets, rather than collecting, you can win progressively larger amounts of money. Don’t get too greedy though, or you could lose it all!

written by Grameister777 \\ tags: , , , ,

Feb 05

Are jurisdiction-free sports betting sites the future of online bookies?

Jurisdiction-Free Sports Betting Sites the Future of Online Bookies?Every year, we ask the same question. What’s the next big thing in iGaming technology? What does the future hold for this exponentially growing industry? The answer this year is mundanely similar to previous years. More virtual reality and blockchain technologies to come…

But wait – there’s another item on the agenda, and it could blow the lid right off two decades worth of regulatory structuring. Now, there’s talk of jurisdiction-free online betting. Technology is finally advanced enough that, via satellite and the enigmatic “Cloud”, bookmakers will no longer need to base their operations upon terrestrial ground.

It’s being hailed by some as the best thing since sliced bread, giving bookies more freedom and punters better deals. No laws, no wagering restrictions, no taxes, no costly overhead. What could possibly go wrong?

Jurisdiction-Free Sports Betting Sites – How it Would Work

If a ship were to set sail for the open waters, it would no longer be subject to land-based laws. Even if betting on sports were illegal in the jurisdiction in which the vessel was previously harbored, once that ship sails into the open ocean, such laws no longer apply. Passengers aboard could legally place all the bets they wish, collecting winnings without a care, or drowning the sorrow of their losses in whatever beverage they deem appropriate.

The exact same rules—or lack thereof—apply to “The Cloud”. The Cloud does not exist on terrestrial land. It does not even exist in the air above us. It’s an impalpable, intangible, unsubstantial thing. It exists, and yet it has no location. Therefore it cannot be regulated by any jurisdiction on the planet.

With today’s technology, it is no longer necessary to house any website operation on a physical, land-based server. It is possible to upload all amenities of an online sports betting website onto this enigmatic cloud, bouncing information and monetary bets and payments off satellites.

A website that resides wholly within the Cloud would be obligated to no terrestrial authority. It would be bound by no betting restrictions or limitations. It would be required to pay no taxes or licensing fees.

The benefits for players could be enormous. Their privacy could be 100% maintained. They would get the best deals, the best odds, the greatest promotions, because all of the operator’s savings could be passed on to the customers, creating a surreal gambling vertical in which no traditionally licensed and regulated online sportsbook, and certainly no land-based bookie, could possibly hope to compete.

Betting On the Cloud – Pure Genius or Devil’s Playground?

It all sounds so wonderful, but let’s consider the consequences for a moment. Think back about two decades ago when the internet first played host to online casinos, poker sites and sportsbooks. There were no terrestrial regulations to cover internet gambling. It was a free for all! Some websites were on the up and up, and some weren’t. Unfortunately, those that weren’t had no one to answer to, creating a dangerous game of trial and error for players.

Wouldn’t a lawless cloud-based gambling market be just as dangerous? Only the most reputable names in the iGaming industry could be trusted, and even then, there’s nothing to stop them from going rogue or spending players’ accounts. If jurisdiction-free sports betting sites are the future, who’s to keep the Cloud from becoming the Devil’s playground?

written by Grameister777 \\ tags: , , , , , , , ,

Oct 16

Malta developing framework for cryptocurrency online casinos.

Malta develops Sandbox Framework for Cryptocurrency Online CasinosMalta is one of the premier regulatory bodies for the online gambling industry, second only to the UK in terms of strictness. However, they’re jumping out ahead of their jurisdictional neighbors this month with the launch of a Sandbox Framework aimed at setting up regulatory guidelines for digital currency online casino licenses.

The Malta Gaming Authority (MGA) published details for the Sandbox Framework in early October. The goal is to create regulations “for the acceptance of Virtual Financial Assets and Virtual Tokens and the use of Innovative Technology Arrangements (ITAs) within the gaming industry.”

Maltese Framework for Cryptocurrency Online Casinos

According to the press release, Malta’s new framework will be delivered in two phases. The first will begin in January 2019, when the MGA will begin accepting applications for the use of Distributed Ledger Technology (DLT) for remote gambling payments. DLTs include Virtual Financial Assets (VFAs) and Virtual Tokens (VTs); all of which fall under the broader category of cryptocurrencies like Bitcoin, Ethereum and Litecoin.

The second phase will see the MGA accepting applications for the use of ITAs as technical equipment for remote gaming licensees. A time frame for phase two has not yet been decided, but will coincide with future developments to be launched by the Malta Digital Innovation Authority (MDIA).

MGA Framework to Address Risks of Digital Currencies

In its initial report, the MGA notes various risks associated with the utilization of cryptocurrencies. The regulator is taking a “prudent approach” to the situation in hopes of addressing and eliminating those risks. Their goal is to ensure proper safeguards are in position to:

  1. Protect players

  2. Prevent crime, money laundering, and/or the funding of terrorist activities

  3. Protect Malta’s reputation as a premier and upright regulator of online gambling

Heathcliff Farrugia, CEO of the Malta Gaming Authority, comments:

By consolidating perspectives of fellow stakeholders, the gaming industry, financial services operators and key experts in these type of technologies, the MGA is issuing this sandbox regulatory framework for VFA adoption and the leveraging of innovative technology arrangements, such as DLT, within the gaming sector.

I would like to take the opportunity to thank all stakeholders who helped us reach this important juncture. Innovation is at the forefront of our strategy, coupled with a regulatory ethos which is designed to ensure a gaming ecosystem that enables economic development and innovation but most importantly building the necessary safeguards to prevent societal and criminal risks.”

Preparing for the Future of Malta iGaming

Farrugia told attendees of the Delta Summit that his vision for MGA is to “be at the forefront of gaming regulation while embracing innovation”. The use of digital currencies at online casinos is an area of rapid growth, prompting the jurisdiction to initiate a Sandbox Framework that will allow such technology to exist in a “controlled regulatory environment”.

He notes that the framework is a “live document”, thus open to feedback and potential updating as technology and corresponding regulations develop. The MGA is predicting the framework to run for 12 full months, ending October 2019. However, an extension may be granted as the situation revolving around DLTs, VFAs, ITAs and cryptocurrency online casino payments continuously evolves.

written by Grameister777 \\ tags: , , , , , , , , ,

Dec 15

Bank of Canada Governor calls buying Bitcoin gambling, then turns around to admit central bank is exploring developing its own digital currency.

Gov Stephen Poloz says Buying Bitcoin is GamblingDon’t you just love it when political big wigs contradict themselves while paving the way for their own agendas? It makes for great headlines, that’s for sure. But it does nothing to help the progress of the people. Someone should mention that to Bank of Canada‘s governor, Stephen Poloz.

In preparation for today’s live interview with Peter Armstrong on CBC‘s On The Money, Poloz commented on major issues facing the country.

He spoke of the housing market and household debt, and rising costs that will likely become a long term issue. He mentioned the need for more “on-the-job training programs” to help young people fill an expanding gap in employment.

Poloz also commented on cyber security risks for the financial system’s infrastructure. He called internet banking methods “a public good, every bit as a important to the health of Canada’s economy as our roads, bridges and airports.” However, he fears that the billions of dollars transacted by Canadian’s each year online are not free of risk.

He said that our connectivity online results in an undeniable vulnerability. Mostly, his fears stem from the fact that “a problem in one institution may spread to others and be amplified.” Thus it would only take a single “successful cyber attack” to “become a successful attack on many.”

Over the years, government-level cyber security – such as the security measures implemented by all members of the central bank – has been effective. But according to Poloz, everyone who shops or pays bills over the internet, or uses things like online gambling sites, could eventually be at risk.

And speaking of gambling, Poloz also said…

Buying Bitcoin is Gambling

Poloz says Investing in Bitcoin closer to gambling

In his closing comments, the BoC governor spoke of the growing popularity of the crypto-currency known as Bitcoin, and other digital currencies like it. He expressed concern over the rising interest in digital currency investment, and the mystery behind their alleged value.

“What their true value is may be anyone’s guess,” Poloz quipped. “Perhaps the most one can says is that buying these things means buying risk, which makes it closer to gambling than investing.”

Poloz made it clear that he doesn’t approve of investing in Bitcoin or other crypto-currencies. Yet in the same breathe, he acknowledged the central bank’s potential need to develop a digital currency of its own.

He believes the rising propensity for electronic transactions could be the catalyst for a new demand in electronic cash. And if that’s the case, the central bank could see this as a viable argument for producing its own version. It’s not only a possibility, but something the Bank of Canada is already investigating.

“Bank staff are exploring the circumstances under which it might be appropriate for the central bank to issue its own digital currency for retail transactions,” admitted Poloz.

So, what he’s saying is…

Buying Bitcoin and investing in existing digital currencies is nothing more than gambling. We shouldn’t do that, since the risk element is higher than traditional investment opportunities. But we should support the central bank’s potential need to create a digital currency of its own. Okay. Got it, Poloz. Thanks for the heads up!

written by Grameister777 \\ tags: , , ,

Mar 06

The digital age is here. None would debate that. Today, there’s even more evidence to support the fact as Bitcoin, the popular digital online casino currency, has proved it’s worth its weight in gold. On Thursday, the digital currency’s value made history as it surpassed the value of an ounce of gold.

Bitcoin Online Casino CurrencyBy Friday, financial media outlets were shouting the news from the virtual rooftops. When trading closed Thursday, BBC News reported that Bitcoin had closed out at USD $1,268, while an ounce of gold finished the day at USD $1,233.

Many are questioning the positive nature of the news, however. Some analyst believe the rising value of the popular online casino currency is attributed to an influx of demand in China. Authorities in that region have previously issued warnings that Bitcoin is frequently used to funnel money out of the country.

On the bright side – for Bitcoin investors – the crypto-currency is gaining a lot more merit.

Bitcoin has received questionable ratings since it was first established in 2009. Many challenged whether Bitcoin would even last.

In November 2014, its value spiked to more than $979, up over $800 in just two months time, but quickly fell back down to around $420. Its fluctuation has been volatile ever since, dropping into the low $200’s and eventually rising once more to its current value of USD $1,277, as of Monday morning.

Anonymity a Pro for Users, not Authorities

By far the most controversial issue surrounding Bitcoin has been the anonymity it provides users. While that factor has been a boon for many who use it, including many players of Bitcoin online casinos, it’s been a bane for law enforcement agencies world wide, who’ve had a terrible time tracking cases of money laundering.

Earlier this year, authorities in China initiated a swift crackdown against Bitcoin trading. The effect was noticeable by mid January, when Bitcoin’s value suddenly dropped over $150, but the currency has clearly recovered, rising steadily, and to new heights ever, since.

Bitcoin Surge Doesn’t Mean Much

Not everyone thinks Bitcoin’s rise above gold is all that remarkable. Fran Strajnar is the CEO and co-founder of Brave New Coin, an analytical research firm that studies relative financials. According to Strajnar, gold’s phenomenally higher market cap is much more important.

“The gold supply is 180,000 tonnes of ‘above ground’ gold, valued at $7 trillion,” he told CNBC in an email. “The bitcoin market value is $20 billion, so gold vs bitcoin is psychological more than anything.”

Strajnar conceptualized that, “The comparison is perhaps a positive signal that bitcoin is being commoditized. But bitcoin is not a commodity, while gold has been a commodity for thousands of years.”

Adrian Ash, Head of Research for Bullion Vault, agreed that Bitcoin overtaking gold “doesn’t… mean much” in today’s market.

“Price is just a number, and overtaking one ounce of gold doesn’t in itself mean much,” Ash told CNBC. “More important is that bitcoin is making new highs. That signals both a growing appetite for alternative assets and also that crypto currency is finding new, perhaps unwary, buyers.”

written by Grameister777 \\ tags: ,