Online Gambling

[Anonymous No.1475112]

I was just looking at some stuff the other day and realized just how much money casinos tend to make. The odds are always in their favor. The payouts never equal the money made especially at card tables where even if one guy wins the rest don't.

Now, I'm not thinking about starting a casino since you need a huge amount of startup capital for that. Rather, a simple website where you can bet in pennies on cardgames and the like. I've seen it before not claiming originality here. There's lots of sites but real gamblers like to spend real money, plus with pennies even casuals wouldn't feel totally out of the loop.

Thing is, it would need to be an app as well. Most gaming is being done on phone these days. The big questions are the legalities of running a gambling site in a particular state and how best to handle the transfer of such tiny dollar amounts constantly.

I also have a plan for making a very appealing site UI and angle for the app/site. Buying code isn't off the table, but obviously I'd prefer to build my own look (which is possible since I have art experience, and several friends with design degrees and coding experience.)

Any anons ever put money into a gambling site or gambling establishment? What does being the house look like as a business proposition? It's sort of like gambling yourself...but with a loaded deck and dice.

[Anonymous No.1476065]

>>1475112
>Any anons ever put money into a gambling site
Sure. I'm guessing you could talk to the hedgies who run RobinHood. They could tell you the view from the other side.

[Anonymous No.1476306]

>>1475112
Cryptos is my gambling.

[Anonymous No.1476330]

>>1475112
>ever put money into a gambling site or gambling establishment?

I actually have a bitcoin based online casino. I paid a russian software company around $15k for development and integration. From start to finish it took around 6 months until I was actually operating. We have all the latest slot games and live casino with real dealers, which are integrated with different games providers. I started with a total budget of around $50k for advertising and payouts and everything.

I have only been operating around a month now, but it has been one headache after another so far and I still have a lot to learn about this industry.

The reason I was only able to do a bitcoin casino is because I am a US citizen and I would need to get incorporation and licensing in another country like Curacao to accept credit cards and the start up costs would have been much higher. Even if you are incorporated overseas and have a gaming license, they are very very strict about not accepting US players. If you are caught accepting US players then the fines are huge.

If you are actually serious about starting your own gambling site, I recommend knowing what you are getting involved in, and I would only recommend accepting crypto otherwise you need a gaming license and incorporation overseas, which is difficult and expensive.

[Anonymous No.1476343]

>>1476330
2 questions

are you turning a profit?

is there an inbuilt house advantage?

[Anonymous No.1476372]

>>1476343

1. No, not yet, I am getting a steady stream of new players and some regulars but they are mostly playing with small amounts. I had to stop advertising recently until we fix some problems with bonus wagering not applying to all the games, and the deposits taking too long to credit to their account.

2. Yes, it is possible to change the settings for the slot games such as setting the RTP (return to player) at a certain % such as 96%. For the live table games (BJ, roulette, etc) the only house advantage is the one built into the rules of the game and of course I have no control over this.

[Anonymous No.1477036]

>>1476330
I thought about doing a bitcoin based online casino but the thought of ending up in a US federal prison dissuaded me. How do you not worry about that?

[Anonymous No.1477040]

>>1476330
Don't get robbed by these Russians, OP. If you are not an advanced BTC user who well understands every principle of its design, they will steal your coins with ease.

[Anonymous No.1477140]

>>1477036
>How do you not worry about that?

Actually, I did my research before I dove into this. Gambling with Bitcoin is actually in a legal grey area.

The law that makes online gambling illegal in the US is the "SAFE Port Act". If you look into the details of the law regarding online gambling, it technically legal federally in the US and the only thing that is illegal is using the banking system to fund online gambling. So accepting credit cards, bank deposits, etc, on a US based gambling site would be illegal, but Bitcoin doesn't fall into this area.

Also, the US government has ruled that Bitcoin is considered a commodity and not a currency, so they can't have it both ways.

[Anonymous No.1477151]

>>1477040
>Don't get robbed by these Russians,

They are getting a percentage of my revenues, so it isn't in their best interests to rob me. Also, all deposits and withdrawals go to my personal btc wallet. Of course, it is connected to their software through API so they could withdraw funds from it if they wanted to, but like I said, it would be very stupid for them to do this as it would not be in their long term interests.

If you want to start an online casino there are 3 main companies that can provide the software development to integrate the games, all of them are run by Russians. I have no idea why that is, but Russians are very deep in the online gambling industry.

[Anonymous No.1477161]

>>1475112
Wtf do you mean about card games? If you mean poker then in cash anything slightly less than 100% of all players can profit from it, and if you mean tournament then generaly the payout structure isnt winner takes all. Don't even bother with poker though, not worth the effort.

[Anonymous No.1477314]

I actually turned 600 into 1500 in 10 days about 4h per day.

I cashed it. Casino lost.

[Anonymous No.1478602]

>>1477314
casino doesn't care don't worry, either rake or -ev, either way they win.