We may be on the cusp of a new era in online gambling. Over the past 15 years, social casinos have steadily expanded, and now one visionary aims to elevate them to unprecedented heights.
Sam Kiki, who grew up in Las Vegas and has managed some of the largest casinos in the U.S., wants to mix entertainment with gambling. He plans to use his experience to compete with the leading online gambling companies, and he has the money to do it.
He just announced that his company (Monkey Tilt) raised $30 million to "redefine the player experience."
MonkeyTilt: A gaming & entertainment brand redefining the player experience by harnessing the power of the blockchain.
We’ve raised $50m+ total since inception, with most recent round led by @PanteraCapital along with @polychain, @PokerGO, @hack_vc, @Accomplices, @mirana, Dream… pic.twitter.com/y6f6OXqTL5
— Monkey Tilt (@MonkeyTiltPlay) November 20, 2024
Kiki thinks the gaming industry is struggling to adapt to the changing preferences of players who seek new ways to play casino games and interact. His goal is to revolutionize the traditional online gambling experience.
Latest Online Casino Revenue Figures Strong
Nobody can argue the popularity of online casino games. Just take a look at the latest revenue totals.
Total igaming revenue for October 2024 in Michigan, New Jersey, Pennsylvania, Connecticut, West Virginia, Delaware and Rhode Island added up to $688.4 million compared to $686.7 million in October 2023. In addition, every state except Pennsylvania set records for igaming revenue, with all but Michigan surpassing records set in September of this year.
Online and Social Casinos About to Blend
Online gambling used to be considered a lonely activity, with one person sitting in front of a screen hoping to win. However, as companies like FanDuel Casino, DraftKings Casino and BetMGM have become more popular, investors are beginning to focus on the growing social side of many betting platforms.
But Kiki wants to create a platform that blends traditional casino experiences with blockchain technology and cryptocurrency payments. It would offer dealer-led games like craps and roulette, a 24/7 sportsbook and support payments in multiple currencies.
The company announced in a statement that the idea is attracting both experienced players and newcomers curious about blockchain gaming, and that it will launch a new crypto trading game in the first quarter of 2025.
What is a Social Casino?
Since 2008, social casinos have gained popularity. These are free games that mimic the appearance of gambling or casino games, and they can be found on various social media platforms, or published as standalone apps.
Social casino games differ from real online gambling casinos in several key aspects, including:
- Players use virtual credits rather than actual money to play.
- These games are integrated with social media platforms.
- Unlike real gambling, outcomes are often designed for engagement rather than randomness.
The most popular ones, like WOW Vegas, High 5 and Clubs Poker, simulate video poker, slot machines and traditional casino table games.
Why People Like Social Casino Games
Experts agree that people play social casino games mainly for fun and to socialize. They enjoy the excitement and the chance to chat with other players during the game.
Another key reason players stay engaged is the competition. Leaderboards tap into their natural desire to compete and do better than others. This idea is similar to the promotional tournaments offered by online casino operators.
According to the DraftKings Casino, a casino leaderboard is a promotional offer that allows players to earn points based on their Casino gameplay to win prizes, such as Casino Credits. Social casinos, like Stake.us provide the same opportunity, and more and more people are talking about them.
Social Casinos Beginning to Dominate Conversations
According to a recent report from the digital entertainment company Clovr, the demand for social casinos is increasing.
And during the recent iDEA Growth webinar titled "Vision 2030: CEOs Chart the Future of Nationwide iGaming," the topic of sweepstakes casinos came up. GeoComply's Anna Sainsbury urged state regulators to clearly express their positions on different gaming products.
Not surprisingly, Sainsbury, along with Continent 8's Michael Tobin and Matt Olin from Arizona's San Carlos Apache Gaming Enterprise, believe that the U.S. iGaming market will grow significantly by 2030.
