You have many options. It's up to you to test them out to see which ones suit you best.
1) Use the standard HTML5 video tags. The controls allow you to customize the player. You can even put your videos in AutoMP4 (the video will play automatically when the post is opened).
2) This mod :
https://vbmods.rocks/forum/vbulletin...2972#post22972
3) Use any HTML5 + CSS3 + jquery video script as found on CodeCanyon but it's more complicated.
You're going to need a lot of bandwidth unless you're limiting access to usergroups. I prefer to go through Youtube to save bandwidth.
(It's nice. What is this mod?)