<p>The main considerations are going to be:</p>

<ol>
<li>taxation records to keep out of trouble further down the road</li>
<li>DIY-hosted wallet will require a top-notch security team/protocol. The hot wallet will be targeted if word gets out you've asked on here for example then opened a casino because that makes an easy mark to hit.</li>
<li>Knowledge of the Bitcoin protocol and vulnerabilities that could be exploited (ie txn malleability would only be an issue if your code had a bug allowing this, see #4</li>
<li>Correct auditing of customer balances</li>
<li>proof of fairness and deposits for the losing gamblers demanding their money back</li>
</ol>

<p>I'm of the opinion you'd want professional security, wallet hosting and networking architecture design for a casino. It's a complicated venture. I do know <a href="http://Bitcasino.io" rel="nofollow">Bitcasino.io</a> offer some type of "franchise" but what the cost is I couldn't tell you.</p>

CC BY-SA 3.0
2014-10-10T23:30:56.637Z
2014-10-10T23:30:56.637Z
Wizard Of Ozzie
<p>Another topic to cover is <strong>traceability</strong>. If you manage your own hot/cold wallets, you are very much targetted as a service. Instead, using a third party system (payment layer) will shadow your activity (at less this third party sells your data).</p>

CC BY-SA 4.0
2019-12-18T12:24:28.697Z
2019-12-18T12:24:28.697Z
AntMor
<p>It is not as complicated as you may think. Let's assume for the moment you have a casino. You either make the platform your self, and outsource the games. Now you are ready to accept bitcoin deposits. Here are the main items you have to take into consideration.</p>

<ul>
<li>You can have your own wallet hosted on your server. If you do, you will save a small commission by not using a third party. You have to have excellent security, and manage your funds accordingly. (Have a cold wallet). Players can withdraw and deposit funds on the wallet.</li>
<li>You can use a third party like coinpayments.com which take a .5% commission. The good thing about that is that you do not have to worry about security, because they are doing it. More importantly, you can accept other forms of cryptocurrencies like Monero, Bitcoin casino, Ripple, etc.. </li>
<li>You save about 20% using crypto currencies instead of fiat (CC, Neteller, Skrill etc). The down side is that the amount of players who use bitcoin is much lower. Many do not even know what bitcoin is at the moment.</li>
</ul>

<p>Our team has solved these issues with our site: <a href="http://www.betbit.com" rel="nofollow noreferrer">www.betbit.com</a>  There will be more exciting developments I am sure. I think the next stage are casinos have the wagers on the blockchain. That would be the ultimate transparency.</p>

CC BY-SA 4.0
2018-07-27T03:06:48.273Z
2018-07-27T03:06:48.273Z
Adrian Carli
<p>Let's say I wanted to start an online casino that accepts Bitcoins.</p>

<p>Would it make sense to manage my own Bitcoin wallet for this site? Or would it make sense to just use a third-party service that manages the wallet for me?</p>

<p>What other considerations are there?</p>

<wallet><merchants>
Should a casino manage its own Bitcoin wallet?
Chad Johnson
# Should a casino manage its own Bitcoin wallet?

(Asked by: username_0 on 2014-10-10)

Let's say I wanted to start an online casino that accepts Bitcoins.

Would it make sense to manage my own Bitcoin wallet for this site? Or would it make sense to just use a third-party service that manages the wallet for me?

What other considerations are there?

**Tags:** wallet, merchants


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## 3 answers

### Answer by username_1 on 2014-10-10. Score: 2

The main considerations are going to be:

1. taxation records to keep out of trouble further down the road
2. DIY-hosted wallet will require a top-notch security team/protocol. The hot wallet will be targeted if word gets out you've asked on here for example then opened a casino because that makes an easy mark to hit.
3. Knowledge of the Bitcoin protocol and vulnerabilities that could be exploited (ie txn malleability would only be an issue if your code had a bug allowing this, see #4
4. Correct auditing of customer balances
5. proof of fairness and deposits for the losing gamblers demanding their money back

I'm of the opinion you'd want professional security, wallet hosting and networking architecture design for a casino. It's a complicated venture. I do know [Bitcasino.io](http://Bitcasino.io) offer some type of "franchise" but what the cost is I couldn't tell you.


---

### Answer by username_2 on 2019-12-18. Score: 0

Another topic to cover is **traceability**. If you manage your own hot/cold wallets, you are very much targetted as a service. Instead, using a third party system (payment layer) will shadow your activity (at less this third party sells your data).


---

### Answer by username_3 on 2018-07-27. Score: 0

It is not as complicated as you may think. Let's assume for the moment you have a casino. You either make the platform your self, and outsource the games. Now you are ready to accept bitcoin deposits. Here are the main items you have to take into consideration.

* You can have your own wallet hosted on your server. If you do, you will save a small commission by not using a third party. You have to have excellent security, and manage your funds accordingly. (Have a cold wallet). Players can withdraw and deposit funds on the wallet.
* You can use a third party like coinpayments.com which take a .5% commission. The good thing about that is that you do not have to worry about security, because they are doing it. More importantly, you can accept other forms of cryptocurrencies like Monero, Bitcoin casino, Ripple, etc..
* You save about 20% using crypto currencies instead of fiat (CC, Neteller, Skrill etc). The down side is that the amount of players who use bitcoin is much lower. Many do not even know what bitcoin is at the moment.

Our team has solved these issues with our site: [www.betbit.com](http://www.betbit.com) There will be more exciting developments I am sure. I think the next stage are casinos have the wagers on the blockchain. That would be the ultimate transparency.


---

