Social betting is gaining momentum
Over recent months companies have been discovering that people are just as eager to spend money gambling on Facebook games for virtual cash as they are in real online casinos. Of course here the companies have one major advantage, the house always wins.
A few months ago the company Playtika (developers of ‘Slotomania’) was bought by Caesars Entertainment Corporation for $80 million. More recently German company Crowdpark has announced that it has raised $6 million to develop social betting games. Their view of social gaming allows players to bet against each other on anything ranging from developments in the business world to sports to entertainment.
Crowdpark has been funded by European investors Target Partners and Earlybird Venture Capital. Ingo Hinterding is co-founder and chief product officer and he believes that the company has invented an entirely new genre of Facebook game. He predicts that the company will also expand into the area of casino games and also launch their products on other platforms.
Another company to watch is the Seattle based DoubleDown Casino which has been doing well with slots, video poker, blackjack and roulette. Recently they launched a new application called ‘Photo Booth Friends’. It is a slot game where the symbols on the reels can be customised with photos of your friends.
According to the number of active monthly users, DoubleDown has managed to overtake popular games such as Zynga’s ‘Mafia Wars’. Last July Sean Ryan the director of game partnerhsips at Facebook said that the casino category is largely untapped but that there are a few “unbelievable monsters” out there. Ryan named DoubleDown as one of these unbelievable monsters and apparently the game is now generating as much as $140,000 a day in revenue.