To say that the modern-day online casino industry is excelling is more than a gross understatement. Just in 2022 alone, the iGaming industry grossed over $65 billion. Even though the iGaming industry has been around since the mid-90s, it didn’t really hit its stride until the ten-plus years.
With iGaming fever at an all-time high, the door remains wide open for social casinos to continue to take the industry to impressive heights. Discover the art and the magic around social casinos and their undeniable impact on online gambling.
Features of Social Casinos
What is a Social Casino, and How are They Different From Others?
On many levels social casinos operate and look just like their traditional real money couterparts and even cryptocasinos. For the most part, you can play all the latest slot games and some tabletop games. However, social casinos don’t operate directly for profit. Instead, they promote a unique virtual coin system for playing games. They also heavily promote and encourage community gaming.
Benefits of Social Casinos
- Great availability: Unlike their real money online casinos that are only available in seven states and cryptocasinos that are usually available offshore, social casinos are greatly available. Most are available in over 40 American states, making them highly desirable.
- Can play for free: Social casinos through gold coins allow their members to play free casino games. With the great abundance of gold coins, players can seemingly play for free until they get enough.
- Community play: Many social casinos heavily promote community gaming. Enjoy your favorite games while chatting and building bonds with other members.
Disadvantages of Social Casinos
- Can’t win real money: As dynamic as playing for free is, sometimes you want to cash out. While social casinos bring many things to the table, unfortunately, you can’t win monster poker tournaments or multi-million dollar jackpots.
- Limited games: While the new sweepstakes casinos are making up incredible ground with the game selection, many of them still have medium or smaller-sized game libraries compared to real money sites.
- Limited apps: With many social casinos, the topic of casino apps is still hit or miss. Many of the new sweepstakes casinos are working to remedy them by having at least one app. However, many established social casinos still don’t have at least one app.
- Limited table games: The older social casinos usually launched with next to no table games and no live dealer games. The newer sites are changing that. Even those that launch without a live dealer section, usually add one months down the road.
Even with some of these disadvantages, they are not necessarily enough to sway you away from playing at social casinos. Also, while they might have some of these issues, most adapt over time to correct them and enhance the social iGaming experience.
The Technological Aspect of Social Casinos
Use of Gold and Sweepstakes Coins
Because social casinos can’t directly accept cash bets, they use a variation of gold and sweepstakes coins. As we already mentioned, the gold coins are used by members to play their favorite casino games for free, including the live dealer ones if available.
The sweepstakes coins are how members gamble for cash prizes. The most common are digital gift cards that can be used at a variety of retailers and restaurants. Also, most social casinos support converting sweepstakes coins into direct cash.
Challenges of Social Casino Regulation
Don’t worry. Most of the heavily promoted social casinos are legit and brand-worthy. However, unlike their real money counterparts, most don’t have official licenses from top gaming agencies like the Michigan Gaming Control Board.
Speaking of Michigan, some social casinos have left those markets due to some disputes.
Key Differences Between Fiat Casinos and Social Casino Platforms
Social casinos don’t accept direct cash bets. Also, some might not have a live chat available, or it becomes unlocked after purchasing gold coins. All social casinos support a no-deposit bonus, while only a handful of fiat casinos support them. Also, social casinos heavily promote social media, including bonuses, as a way to provide customer support.
Regulations
Even though most social casinos don’t have official licenses like fiat casinos, they still are regulated and audited. Organizations like eCOGRA heavily regulate and audit social casinos. Also, reputable social iGaming support reputable game developers like Evolution, NetEnt, and Pragmatic Play. The advantage of using these sites is that they are certified random number generators.
Conclusion
Social Casinos continue to come online at a phenomenal rate. They also pioneer innovative bonuses like the daily bonus wheel and login feature. They also promote anonymity among the players. Often, new members can sign up via social media or register through email without entering their first and last names. For the redemption process, social casinos support the top KYC measures by submitting photo identification and other documents for redeeming sweeps coins into gift cards or cash.
By Gregory O'NeillGreg is a modern-day explorer with an insatiable love for travel. His passion for adventure has led him to far-flung corners of the world, where he immerses himself in diverse cultures and experiences. Greg's zest for life is epitomized by a continuous pursuit of new horizons and captivating journeys.
