Bitcoin’s relative anonymity, speed, and irreversible transactions come invaluable in the iGaming sector, where players can use it to fund their online casino accounts and withdraw winnings in a matter of minutes. Let’s start by explaining what Bitcoin and the bitcoin casino are. Bitcoin (BC for short) is an electronic payment system that emerged in 2008, the developer is still unknown. (Even though it was published by someone named Satoshi Nakamoto, it is considered to be a nickname.). Bitcoin online casinos are just like any other virtual casinos except they accept and process deposits, play and withdrawals in this leading digital currency. They too are licensed and regulated, loaded with a big choice of high-paying casino games, offer generous bonuses and around the clock customer support.

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Online Casino Market journalist talked with Ivan about how to open bitcoin casino and the prospects for evolvement of this direction.

Ivan, please tell us, what bitcoin is, and how does it relate to a casino?

Bitcoin is a decentralized currency that is independent of banks and any other external regulators. The transaction history is publicly available, that is, the algorithm of bitcoin and all actions associated with it are open. Transaction history in the bitcoin system is called 'blockchain'.

Bitcoin is connected to casinos very closely. You can even say that bitcoin is one of the progress engines in this area. A casino is now actively promoting the idea of bitcoin wallets in the masses demonstrating the potential of cryptocurrency. Thus, the first major deal of 126 thousand BTC ($11 million at the exchange rate of that time) took place in the area of gambling. This way, to create bitcoin casino means to get good income, pretty good in fact.

Is there a bitcoin casino software?

Of course there is! Many of the large providers have taken up this idea a few years ago and started writing bitcoin casino script. Some have their own bitcoin casino platform. Microgaming, Amatic, Playtech have been long offering customers the implementation of games to bitcoin establishments. One of these games brought a casino $11 million of income in 2014.

Okay, but it's not a net income. Some of that money were paid to the bank?

Now we've moved on to the most interesting part, which could interest the gambling business owners. You don't share with the bank! There are no commissions in a bitcoin casino. As I have said, bitcoin is independent of the external regulators. Let us make some estimations. Suppose the annual turnover of your casino is $1 million. 2-5% of the commission should be transferred to the payment service, which is about 200 to 500 thousand dollars, and an operator transfers that money to a bank or an electronic wallet. Isn’t it too much?

Are the payment terms the same as with any bitcoin operation?

Here you only benefit. Yes, cashout happens instantaneously. In an online casino in which you pay in national or international currency, payments can drag on for weeks. If there are no questions about the customer, and the system works correctly, cashout is performed during the day, at best.

If it's so simple, it turns out a bitcoin casino is a con paradise?

I totally disagree. Many operators face the fact that the revenue on the system does not converge with the revenue in the financial statement. Instead of $100 thousand, an operator gets only 70 thousand dollars after taxation. Where did those $30 000 go to?

There's a pattern: a casino customer loses a large amount in a game to be charged to a player's account. A client calls the bank and says he has lost the bank card. The amount can be returned to a new account. Of course, it doesn't work with all banking systems, but I've often seen this kind of fraud. This is not the way it’s going to be with a bitcoin casino. If the money comes back, it's only after all the details are clarified. A casino meets its clients halfway: if the blame for losing money is not on a player, an establishment will reimburse everything.

So you're saying bitcoin casinos are safe? What do the regulators think about that?

First of, blockchain is indeed transparent, but anonymous. Even the President of the United States can spin the reels for leisure and not be afraid to divulge his little secret. Speaking of a bank account, there's a risk of information leaking. To create bitcoin casino presupposes to integrate the Provably Fair Technology security system. It provides all levels of protection. A player can personally verify any transaction.

Regulators are still ambiguous about the phenomenon of a bitcoin casino. Malta requests that the possibility of bets and cashouts in bitcoin is eliminated. But the Isle of Man's jurisdiction officially stated that it endorsed a bitcoin casino. So if you want to open bitcoin casino, I recommend buying the Isle of Man license. Also, the Provably Fair Technology icon will be placed at your place, which will boost the trust of the players.

What should affiliates do? Affiliative network is the main advertising channel for a casino after all.

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Large partner programs have a long-established payment option in bitcoin. Moreover, you can pay your affiliates every day, not once a month, because you get faster with estimations, pay out the winnings more quickly, and, therefore, you can pay webmaster for a client even after a game. What advertiser do you think is of greater appreciation? The one who pays once a month, or the one who can make payments on a daily basis? I think it's a rhetorical question.

How do I get to the market and can I launch a bitcoin casino without investing?

Me and the guys from Softswiss started a bitcoin casino for the customer in 10 days. This is the period from the moment we got the client’s application to the first profit of that bitcoin casino platform. Bitcoin casino software development does not take us long, since we have worked on the casino platform enough already. Unfortunately, investments are essential, it's not going to work out, but all financial inputs are fast to pay back.

Who are bitcoin casino customers?

They are solvent, secured people who love the trill of gamble. Programmers, economists, bitcoin businessmen, for example. There aren’t many of such players, let's consider it a premium segment. They do not bet 2-3 dollars to play, but a few thousand. For the most part, these users are highrollers and play large. The maximum bid at the bitcoin casino, which I know, is 700 BTC. Should I remind you that 1 BTC is currently more than $ 1000?

Even usual online casinos would be happy to make such money. By the way, is it possible to integrate bitcoin into the casino system?

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Yes, this option is available. It's just another payment gateway. But keep in mind that payments will also be made in bitcoin. A place to exchange bitcoins or satoshis remains to the choice of a player. By the way, such cashout will spare you the extra commissions.

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Bitcoin is the real way for a gambling establishment to earn fair money without interference from banking structures and authorities. There are no barriers or limits between the casino and the player.

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I believe that the bitcoin-casino era will come by 2020, radically changing the gambling.