What are the benefits of a social casino?
Understanding the benefits of a social casinos starts with understanding casino player psychology. From a business perspective, social casinos contribute to the igaming ecosystem by providing a no-risk style of gaming to introduce new players to the game that otherwise might be turned off due to the pressure of wagering real money or lack of trust with online security.
The free-to-play nature of social casinos are a great way to onboard and engage players to a new or existing brand in the modern ways of the internet where customers prefer to spend at their discretion and convenience. Unlike other forms of marketing, businesses are able to use social casinos to interact with their existing and new users and monetize them for healthy profits without the pain of regulated, real money gaming.
While real money casino play is illegal on mobile platforms such as iOS and Android/Kindle, Facebook etc., social casino is fully legal and compliant on these channels where there is a huge amount of traffic. Players monetize and buy in-app purchases with a market of over a trillion dollars and users are used to this purchasing model due to other mobile app user experience design that also sell virtual currency and goods.
The benefits of having a social casino are very high for established gaming providers with some top 3 being:
1) New revenue stream from existing traffic / customers
2) Power of networks – marketing extension & growing user lists & partnerships
3) Data and business – understand the market for future strategy and growth
How do you social casinos make money?
Besides the basics of selling virtual currency for casino entertainment, making money in social casinos, like other free-to-play games is an art beyond in-app purchases. In social casino you can purchase chips for play but never cash out which is profitable in itself, there is huge value in having a self sustaining marketing extension where product features; live operations; data and player behavior drive other business initiatives and goals. IE. Real money casino foot traffic to land-based casinos at a fraction of the cost.
What does a basic social casino plan look like?
First you need a secure a reliable casino platform with the right product features that align to business goals. Then you need an experienced marketing and live operations team that understands the space and the nuances of running a successful product line. Social casino is a live and dynamic venture where done right can be extremely lucrative for the business owner and enjoyable to the end-user. Keeping in mind that the market is extremely saturated, product differentiation and operation experience is core and should not be overlooked.
Industry data statistics also shows us that social casino continues to be an annually growing market where users are not only engaging more, they are converting to paying players as late as 2 years after being exposed to a brand. This shows us the importance of user touchpoints and communication and how it positively affects lifetime value of players via social casino. Anyone in gaming should see the value and the importance of the social casino space as it evolves along side technology simply by seeing how consistently social casino is in the top grossing apps on all platforms year after year. There is strong market demand for the aging population towards casino entertainment from the comfort of their home. There is also a strong need to engage younger generations / millennials.
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