LuckyStreak Sweepstakes-ready
From payment providers to the largest game studios, the gaming industry is sitting up and paying attention to the sweepstakes industry, particularly in the United States. LuckyStreak's Commercial
Director, Rory Kimber, sets out the size of the market opportunity and the innovations that have been implemented into the product portfolio to ensure the provider is sweepstakes-ready.
What is the sweepstakes casino model?
Sweepstakes casinos share some similarities with real money online casinos: players play all the traditional casino game types like slots, table games, keno and poker using the in-game currency: virtual coins. Te distinction is that sweepstakes casinos do not involve cash wagers and are not considered fully-fledged gambling operations, even though they host many of the same games you would find at a real money casino.
Sweepstakes casinos utilise a dual currency system, the major distinction. Commercially, the models can be quite different as well, and now we’ve truly got our understanding of these nailed, we’ve been able to be flexible and accommodating as usual, which I think is one of our
strengths.Games also require some changes to the UI, as there are certain terms and words that can’t be included if they’re to fall into this category. Once all these things are satisfied, we’re able to help many sweepstakes operators enjoy our products!
What's the size of the global market opportunity?
Various studies have painted a picture of a huge genre of gaming, worth €7bn in 2021 and expected to grow to $12bn by 2031, with an estimated 85m daily players worldwide of which 60 per cent are in the United States. However, interest and activity in Europe, Australia, Canada and Asia are also growing. Everyone seems to have a different answer to this question, but it’s undeniably large.
Our expertise in this area has taken years to build up, and I can definitely say that it’s not an unregulated market. I think people just confuse ‘it’s new and different’ with ‘unregulated’. In terms of the existing compliance hurdle, it’s not easy. I think we were discovering things as we went a little, but we got there with some hard work and some good advice from the partners we’ve ended up working with. As for the specifics, people will have to do their own research for that!
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From a regulatory perspective, how are the compliance challenges different from iGaming?
What sets sweepstakes casinos apart from traditional online casinos is the unique legal framework. Taking the US, the largest market, as the case in point, sweepstakes casinos are considered differently to real money casinos there. Tese key differences or principles enable them to operate legally in the majority of U.S. states.
To further comply with US Federal Trade Commission regulations, sweepstakes casino operators are required to offer an Alternate Method of Entry (AMOE) that does not require any purchase. Tis allows players to join in sweepstakes games without spending money, and can include mail-in entry, and online form, social media sharing.
Zeroing in on the North American market, the talk of this year’s G2E was the competitive and lucrative social games scene in the US. How significant is the existing compliance hurdle? Is the notion that this is an unregulated market and there are no rules a fallacy?
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