How to Start a Cryptocurrency iGaming Platform: The Ultimate Guide

Major analytics platforms are declaring cryptocurrency as the future of the online casino industry. In the past decade, blockchain technology has witnessed major growth in terms of advancement and popularity. As a result, cryptocurrency has become a household name. While some are considering it as digital money,  people with high-risk appetites are considering it as an asset due to its volatile nature. During this time it has also crept its way into the world of iGaming and has gained maximum popularity. This is because of the features that come hand in hand with the Cryptocurrency iGaming platform viz., lower transaction fees, instant payouts, simplified entry, and anonymity. The decentralised nature of the Crypto iGaming Platform brings an altogether different level of privacy hence adding another level of security to these transactions.

Starting the best crypto iGaming platform requires ample expertise to execute the launch and market the product. If you are determined to explore this niche category, we bring you a little blueprint. This will help you decide your next steps as you pursue your goals of starting your Cryptocurrency iGaming platform.

About the Cryptocurrency iGaming Platforms

As the name suggests, Cryptocurrency iGaming Platforms are online wagering platforms that allow cryptocurrency as a method of payment. These platforms are equipped with the framework to harbor blockchain technologies. New-age wagerers are impressed by the use of blockchain technology for its decentralized nature, providing them with convenience, transparency, and security compared to fiat currency casinos. No matter if you are playing Offline or Online casino games, these three are the basic requirements.

Selecting the Right Cryptocurrencies for the Crypto iGaming Platform

Currency	Pros	Cons
Ethereum (ETH)	Swifter transactions compared to Bitcoin.Supports smart contracts.*Assessing acceptability, and reputation it is considered stable.	Not suitable for newbies.Extremely volatile.
Bitcoin  (BTC)	Reputable.Newbie-friendly.Most widely accepted cryptocurrency.*Assessing acceptability, and reputation it is considered stable.	Transaction time can face lags.The transaction fee is higher.
Bitcoin Cash (BCH)	Low transaction fee.The chances of scalability are high.	Volatility is high compared to Bitcoin.Not accepted everywhere. *high volatility can yield maximum unexpected benefits.
Litecoin (LTC)	The transaction fee is comparatively lower.Faster than some of the most reputable counterparts.	Not accepted everywhere. *high volatility can yield maximum unexpected benefits.
Dogecoin (DOGE)	Low transaction fees.	Very highly volatile. *high volatility can yield maximum unexpected benefits.
Ripple (XRP)	Settlement transactions are fast with low fees.	Centralized power.
Binance coin (BNB)	Utility token is known for being versatile.	Limited usability.
Monero  (XMR)	Maximum privacy, completely untraceable.	Centralized power.
Tether (USDT)	More stable compared to competitors.	Abides regulations.

Requirements to start a Crypto iGaming Platform

List of requirements to fulfill if you want to develop the best crypto iGaming platform in the market.

1. A valid license issued by a regulatory body for legally operating. It is a token of trust and reliability that shows the platform is abiding by all the laws and regulations.
2. Robust software is necessary for all the necessary functions of a Cryptocurrency iGaming platform.
3. Payment gateways allow cryptocurrency transactions to take place smoothly.
4. A well-designed platform with top-notch user interaction tools to provide a responsive and intuitive experience.
5. Creating a diverse portfolio of games— grabbing players’ attention is essential whether it is Offline or online casino games.
6. An agile customer support team to assist players in any issue resolution. 
7. Advanced marketing and SEO techniques for efficient band brand building and prominent digital presence.
8. Legal Advisors to assist in abiding by the crypto laws.
9. Third-party analytics tools for performance tracking and better decision-making.
10. Security tools for player behavior mapping and tracking loyalty bonus abuse, for maintaining fairness in games and attaining payment security. 
11. Backup and data recovery tools to ensure there is no potential threat of data loss.
12. Reliable hosts and servers for reduced to negligible downtime preventing loss.

And, last but not least,

13. Security protocols for safeguarding any transaction taking place at the website.

Steps to build a Cryptocurrency iGaming platform

Setting up a Cryptocurrency iGaming platform requires rigorous planning, research, and execution. Moreover, seeking legal advice is another major part of a risk-free business setup which is essential for withstanding industry adversities in the long run.

1. Start with doing market research and ideation. Identify your strengths and what the industry has more space for—that is what the branding identity should be around to grab the most traffic.
2. Have a business model ready and discover your revenue streams.
3. Seek advice and strategically plan your entry into the market being assisted by legal professionals.
4. Invest in the platform with adequate advanced tools to efficiently allow the functions to happen smoothly. Take the help of turnkey solution providers or white-label software providers like Piegaming if required to streamline the entire process of launch without your team having to build the platform from scratch.
5. Choose the right software that happens to act like the cornerstone for your Crypto iGaming Platform. The turnkey providers or the white-label software providers come with their expertise to help you throughout this process.
6. Now comes to interesting part. The front-end design ideation. 
7. Deciding upon the cryptocurrencies that the platform will avail.
8. Implementing Payment service gateways for cryptocurrencies.
9. Further implementing encryption Technology to provide the utmost security measures.
10. Integrating smart contracts into your best crypto iGaming platform will ensure fairness, automated payouts, and other functions that decrease the necessity to deploy manual efforts.
11. Staying vigilant about the emerging trends of the crypto industry and keeping the platform well-updated to remain relevant in the highly competitive environment.
12. Seek expertise from well-known marketers to ensure platform visibility and successful advertisement tactics.

Conclusion

The execution can perceived as simple as adding digital currencies as a method of payment but the process is more complex than that. This was just an idea about the game plan. Detailed API integration has to be a major part of the process. A deep understanding of the ecosystem of digital currencies is essential for making sure they comply with certain jurisdictions. The key solution lies in selecting the right currencies for your Crypto iGaming Platform to yield the most profit from it.