Tips on How to Use Online Bitcoin Casinos
According to research, online bitcoin casinos occupy a significant part of the gambling market. In 2010 in the United Kingdom, for example, the online gambling share in the gaming market amounted to 15.8% of £ 11 billion in gross winnings and was in third place after The National Lottery and betting agencies, while the share of casinos terrestrial was only 7.5%. The situation in the United Kingdom, the leader in the European gambling market, reflects the general trend: the land segment lags behind the online one. Instead of competing with online gaming, many land-based casinos go online and try to combine two strands in a successful business. it is really easier to enter the online market by having a casino that has already made a name for itself in the terrestrial world. Among other advantages there are: a large base of players already formed, various marketing channels, sometimes a ready-made legal database and finally the reputation of a well-established market operator. Therefore an established terrestrial operator that explores the possibilities of the Internet has an excellent chance of being successful compared to a start-up. Not everything, however, is as easy as it seems. Experience in terrestrial business does not guarantee success in online business. Two markets are very different from one another, so to ensure an effective entry into the online gaming market, the following factors must be considered:
1. Make sure you are ready in the legal sense Before starting an online casino, you need to make sure that the gaming license used in the terrestrial activity is also valid for online activities. Not all countries and jurisdictions offer the same licenses for offline and online gambling, so it is best to consult a lawyer to make sure you are absolutely ready.
2. Remember that financial planning is different for two sectors An online casino’s financial operation is different from that of land-based casinos. The net profit of a land-based casino is calculated as Total Collection minus Total Withdrawal. This means that a casino’s profit is comprised of all the money players spend to buy chips at the start of the day less total winnings that players take from the cashier at the end of the day, that’s all. The mechanism is more complex with online casinos. A player can have money in his casino account, but this amount does not belong to the casino automatically. It may take some time before the player spends his money to make a bet, before he loses or wins or decides to withdraw them. There are two parameters that indicate the profit of an online casino: GGR (Gross Gaming Revenue) = Total stakes – total winnings, also called Hold. NGR (Net Gaming Revenue, or Net Revenue) = Total Bets – Total Winnings – Promotions – Chargebacks – Payment Processing Fees. Payment processors and banks impose fees for processing electronic payments between casinos and players. The percentage depends on the type of transaction (deposit or withdrawal), means of payment (type of debit / credit card, prepaid card, e-wallet, etc.), transaction currency, amount transferred, etc. Chargebacks are requested when the player claims that he has not deposited the money in an online casino and requests to remove the charge from his extracted account. “Promotions” means a bonus granting policy used by almost all online casinos to attract players. Usually this includes welcome bonuses without a deposit or first deposit bonuses that you can withdraw only after you have made a minimum of bets with a minimum of money. You need to have a deep understanding of the bonus policy to properly calculate a casino’s expenses and profits. An online casino’s financial operation is heavily influenced by affiliate programs, commissions paid for the use of third-party software and other game providers, etc. None of this exists in land-based casinos so their financial operation and statistical data are simpler in a sense.