The gambling industry is undoubtedly one of the worlds most lucrative. From Las Vegas to Macau and everywhere in between. If you are someone who likes an occasional flutter or a professional player, this industry can be both exciting and lucrative.
The problems however, are not far from the surface. Whilst we enjoy a relaxed, even liberal attitude to betting in Australia and throughout Europe, there are many countries whose betting industries have been stifled and even prohibited completely by overbearing bureaucracy. This is where crypto and the blockchain can be hugely beneficial.
Why the Gambling Industry Needs Crypto
As we mentioned, some of the world’s largest countries have a pretty conservative stance on gambling. This includes the USA, where, aside from a small pocket of areas and activities, are pretty staunch when it comes to being against gambling. South Korea too is a nation which completely prohibits ANY form of gambling for its citizens. This goes so far as to even prosecute some Koreans after they return from gambling trips in OTHER countries.
Ultimately, this removes a huge number of potential gamblers and revenue from the industry. Crypto can and has been implementing itself as the solution. The ease with which you can transfer coins from you secure crypto wallet to a betting site, and vice versa is staggering.
The speed of transactions, removal of costly intermediaries and full transparency of the networks are only a few reasons why these two sectors go hand in hand so well.
Why Crypto Needs Gambling
This is another simple and logical set of reasons. At the end of the day, the more people who are exposed to, and using cryptocurrency in their daily lives, the bigger the entire sector will become. What better way to introduce new users and spread crypto fever than harnessing an industry and hobby which millions of people love, and allowing them to carry it out in a safe and cost-effective environment.
This is one of the biggest questions which many potential investors will have when investing in ICOs. This is especially true if you are investing a large amount or the sum which you are investing is of significant importance to your own balance sheet.
The time at which an ICO projects token becomes tradable will depend on a number of variables and at the end of the day, it is really up to the company when that will happen. Here is a list of the variables which will impact the timeframe for which a token becomes tradable.
ICO Completion and Audit
Generally speaking, the ICO itself will have to conclude for trading of the token to begin. Following the conclusion of the ICO, most respectable projects will conduct a thorough audit. This will likely take at least 30 days. In truth, if a company is not auditing its ICO after completion then you probably don’t want to be invested in it at all. After completion of the audit, the tokens will usually be distributed to the respective wallets of investors and trading can commence.
This is the absolute most vital point which must be satisfied in order for an ICO token to begin trading. The project team must have an agreement in place to list their token on specific exchanges. This is not as easy as it sounds. Listing on an exchange is expensive. Getting listed on major exchanges can cost huge amounts and this is not always something which projects are prepared for.
There will also be the question of other criteria which a token should fulfil to get listed on an exchange. This verification process can be in-depth and take time. Ultimately, the decision whether to list a coin for trading will be at the discretion of the exchange itself.
The current market conditions are a hugely variable factor which can always have a serious impact on the trading schedule of a coin. The project may have planned in good faith to have its coin available for trading at a certain time but market conditions with regard to both liquidity and possibly legislation can be unpredictable and change fast.
The launch of a coin for trading is reliant on many variable parts and the best conclusion is to say that the timing is always subject to change. In those cases where your coin has not launched as soon as expected, your best solution is to just wait it out and trust in your initial investment feelings.
How long is a piece of string? – ICOs have become outrageously popular as a means of funding in recent times. More and more are opening up on a daily basis. Most project teams see an ICO as the perfect way to fund their new venture. The cost of launching an ICO depends on some key factors, but everything is within your powers of control.
First things first, presuming you have a fantastic concept, or something pre-existing and you wish to set the wheels in motion for an ICO. At this point, you will need to begin establishing a team around you. These include a site designer to design and launch your landing page, a programmer with expert knowledge of the blockchain to code the actual token and parameters of the sale, a legal advisor who can keep you aware of the changing landscapes and ensure you stay compliant, and finally a technical writer who can put together a killer whitepaper.
Ideally, doing some of these things yourself (skillfully) will be a great money saver.
The dominant consideration once your token is “ready for launch” is marketing. Marketing an ICO is one of the most competitive areas a project could enter at his moment. You need to get your ICO listed on some of the major rating agencies, they are very costly depending on the level of promotion. Then there is general advertising which is becoming more and more difficult.
Then you have your organic articles and social community management on forums like Bitcointalk, Telegram groups and other media channels.
This is why we are seeing a huge rise in the cost of marketing a project. In fact, it is not uncommon to see up to 15% of an ICO budget allocated to marketing in some form or another.
So your ICO has successfully launched. It is starting to generate investment. You need to have your team include a blockchain security expert even before this point to ensure your safety measures are watertight. Launching an ICO makes you a red rag to a hacker.
Don’t forget that post launch, you need to keep promoting hard and selling through any means possible. Again this means keeping the marketing team very busy.
Once your ICO has closed, you are not done yet. The process will then need to be extensively auditing and reported.
Ultimately, an ICO launch can cost anywhere from $50,000-$150,000, a lot of which is dependent upon how much you market the project. This ballpark figure is one which continues to rise.