Hey all!
I am an avid student of business, and a long-time bitcoin holder. One thing I have noticed on this forum and in the bitcoin community more broadly is the presence of many "Bitcoin Casinos." (I'm including all crypto here; not just bitcoin.) Many, though not all, seem to be provably fair.
I'm curious to know -- how good of a business are these casinos? I'd really love to hear from folks who have actually run or experimented with such sites!
Here are some initial thoughts and questions that strike me:
* It seems that there are a number of these businesses; how does one get a competitive advantage over others?
* It seems like switching costs for the user are pretty low. Combining this with the above makes me wonder how challenging they are together.
* Are there network effects with these businesses? In other words, does it matter how many other people are playing at the casino I am playing at? (If I'm playing against the house.)
* At what volume does it actually make sense to run one of these? (I'm sure this is a context-dependent answer - would love to hear perspectives!)
* I see a number of scripts available for sale. Does anyone in the business actual buy these, or do people just do their own custom development?
Thanks in advance for insights and opinions!
Managing an online casino is hard work but with all legal and financial issues resolved in a timely manner, quality software chosen and a strong marketing strategy in place, it can be successful. The demand for online casinos will increase specialists even predict 40% growth of this market segment in the nearest year. Following all the steps described above will help a newly made online casino to develop sustainably and outweigh the competition. Good luck!