To calculate the max profit you can risk without getting broke ("risk of ruin"), generally the kelly criterion is being used. Truthfully I personally do not know the real details of this complex theory/formula :> But generally "0.5 - 1 times house edge is being used". So if your bankroll is 10 available coins and your house edge is 1%, you can risk 0.05 - 0.1 max profit per bet. If a player is lucky and you have 9 coins left, this should change to 0.045 - 0.09. You can use 0.5x or 1x depending on what you are comfortable with.
Is 10 btc bankroll enough? Well it depends if you think players are fine with a 0.05 - 0.1 max profit (based on 1% edge.)
Is 10 btc bankroll enough? Well it depends if you think players are fine with a 0.05 - 0.1 max profit (based on 1% edge.)
Well, so I guess I'll need at least 100 BTC to get it started. And how do I figure my house edge out? Thank you.
Of course u need a kind if license, so people would know that u are legit!
Certification by a 3rd party you mean?
Your bankroll should be high, but that depends on what your bankroll is, if you have only 10 btc, you would have to make the max profit of your casino something around 0.1 to be safe, so it depends on your bankroll. If you want other tips, have a faucet for your site, do a few giveaways and people will come to your site
Faucets and giveaways bring people to your site but they are not the people that are going to make the site a profitable site. You are right about the bankroll you will have to know what your own bankroll is to then know what to keep the casino max profit at so you can always pay your winners.
I am really not sure if you need a license because the legally grey area, I would go with no with bitcoin casino's you don't need a license but 100% you will in future so would probably be best to start with one imo and be different to all the others
I have a tip and that is you need to be able to fund a big advertising push once your site is live and working with nice deposit bonuses to attract the right players.
Thank you very much for the reply sir. Casino licenses in countries like Panama cost $60k/year AFAIK. In countries like US and all, its way more than that.
No problem at all
I have just remembered I have a friend who is based in Vegas and he is not running from there for the reasons you state. I will skype him this morning and I will pm you with his location and hope that helps. OOooo that license is expensive no wonder it is normally conveniently looked past lol Thanks again! Your friend runs an online casino?