Social casinos, or sweepstake casinos, are similar to regular online casinos. However, wagers do not involve real money. Instead, players use virtual currency to play games at social casino sites. Doing this allows them to play the same games that can be found at traditional online casinos, including slot and table games.
Rewards available at US sweepstakes casinos include prizes and cash. The availability of these rewards has helped to increase the popularity of social casinos in recent years, as has the quality of the available games. This rise in popularity is not restricted to the US; it’s global. Looking at global figures shows you this is the case. In 2021, the value of the worldwide social casino market was $6,464 million.
Global market is expected to continue growing, including an expanding US market
The growth of social casinos internationally is expected to continue, with an anticipated global value of $11,870.09 in 2031. According to Cognitive Market Research, the US market is expected to follow the same path, especially as the North American region accounts for more than 40% of the global market.
The US market has experienced a compound annual growth rate (CAGR) of approximately 15% in recent years. Nothing suggests that the growth in social casinos will cease as we progress through 2024 and beyond. However, it’s possible the CAGR will not be as high as people have returned to their normal activities in these post-pandemic years.
Reasons for the ongoing popularity of social casinos in the US
Several reasons have combined to create the robust social casino landscape in the US. The most important of these reasons are,
- A situation where social casinos are legal in all states except Washington means that most Americans have access to social casino content. This is very different from the traditional online casino situation, where only seven states have legal gambling of this type.
- There is less risk when playing with virtual currency, and there is still an opportunity to win cash and other prizes
- People can access social casinos using various devices, such as smartphones, tablets, and desktop computers. This makes using these sites easy and convenient.
- Gameplay at social casinos is engaging. It includes popular content such as slots, poker, blackjack, and roulette.
Predictions for the growth of social casinos beyond 2024
The future for the social casino market in the US appears to be positive. These casinos allow people nationwide to play popular casino games, even in states where online casinos are illegal. Washington state is the only exception to this.
There are some risks to the growth of social casinos, including the issue we mentioned earlier, whereby as people return to their normal routines following the pandemic, they may spend less time playing online casino games.
A further risk is that traditional online casinos could be legalized in more states. If this happens, players may choose to visit these traditional sites instead.
Despite these risks, predictions for future growth in the social casino market are positive. This is especially the case for areas of the US where regulation of traditional online casinos does not happen, and social casinos allow people who do not have access to regular iGaming to play casino games.