Social Gambling Definition

4/9/2022by admin

What Is Social Gambling
Social Gambling Definition

Gambling addiction is the uncontrollable urge to gamble and to keep indulging in this act, even with full knowledge of the negative toll it takes on one’s social, psychological, and financial circumstances. Approaches to the social/economic costs of gambling – The definition of social cost provided by Markandya and Pearce (1989) is the foundation of cost-of-illness studies that have been adapted to gambling and some economic studies – The new Canadian SEIG (2008) is hoping to be the new standard for cost-benefit studies – at least in Canada.

Gambling is an interesting psychological phenomenon, and there has been extensive research on how psychological processes affect gambling behavior. Here are five interesting gambling phenomena.
Definition of social impacts or social costs among gambling jurisdictions in Australia and New Zealand.1 While social impacts or social costs and benefits are referred to in the legislation or operation guidelines of most gambling authorities, there are no clear definitions given.

Some confuse the term social gambling, with simply gamblingin a “social” environment, such as at a friend’s house, in a bar, or a livecasino. But, what social gambling actually refers to is social media.

You can pretty much use social media for anything these days.Companies use it to market their businesses and products, individuals use tobuy and sell unwanted items, get up to speed with news and trends, upload andsave all of their pictures and memories in one place, and of course, interactwith friends, family and followers.

So when it comes to gambling, how does social media platforms such as Facebook, Twitter and Instagram fit in exactly? It’s a good question, but an easy one to answer! Although most social media applications are free, casinos and gaming operators are fully aware that they cannot charge people to play their games, so what do they do as an alternative? Offer incentives and bonuses such as free spins, additional chips, and other rewards in a bid to entice players to come away from the networking site and land on their own platform instead. That way, they have full freedom and jurisdiction as to what gets advertised and presented to the player when they first see the landing or homepage.

But, that’s not the only sales and marketing methods casinosand establishments use. Many also create their own applications which can bequickly downloaded and installed onto a mobile, tablet or Smart device. Thismeans that people aren’t required to wager any real money, but it’s a great wayto get gamblers and social media users, used to the services and productsavailable, so that they might be more inclined to try out other games.

Not only does this enhance brand awareness and credibility,it’s also considered a very clever marketing strategy.

Differences between social gambling and traditional gambling

There are various differences between gambling as we know it, and “original” gambling as it were. Firstly, traditional gambling involves a person visiting a land-based casino or an online casino to place bets, whereas social gambling generally tends to include multiple people. With traditional gambling, players are also required to place bets using real money, but in social gambling this is not the case and players can use virtual chips instead.

What many people fall into the trap with, is the fact thatmany of these online organizations and games providers do not meet the legalrequirements associated with online games, but the definition of “legal” alsobears a lot of uncertainty and gray areas. But, you’ll always find that theseproviders have their own tactics for enticing players to choose them over onlinecasinos. Although you’ll find both online and offline casinos offeringincentive and rewards schemes, social gaming providers also give handouts too.In a bid to get players to spend REAL money.

The pros and cons of social gambling online

Not only is social gambling a fun and entertaining way to play gamesonline, whilst you interact with friends and like-minded players,partaking in such games, also allows people to get familiar with real-moneygambling games in both online and offline casinos, giving them better chancesat winning in a real-life scenarios. It also allows people to share and shoutabout their results and experiences with their followers afterwards. Many providerseven give you the possibility to create your own avatar, which makes the wholeexperience a lot more personable and unique.

But, like anything, there is usually a downside to playingsocial casino-themed games. Because the game providers do not hold an officialoperating license, players aren’t able to place any real money bets or winmoney from these games. Another disadvantage is the fact that people can stilleasily become addicted to this form of entertainment, and while many of themare multi-player games, such games like slots for example, are games you canonly play on an individual basis – both of these points actually make the actof playing social games time-consuming, and rather “anti-social.”

What does the future look like for social gambling?

Everyone knows that social media has become one of thebiggest marketing funnels in today’s modern world. Though businesses have topay for the exposure of their products and services, in hindsight – social mediawill always have far greater reach than what these smaller onlineestablishments can even hope to achieve. Even if these platforms are where thereal money is at.

That being said, gambling operators are always looking forways in which they can fully integrate themselves into social media, to boostthe player count and reaching new demographics and audiences. As incentives andrewards schemes seem to be the best way of doing that, many have been promptedto rethink their marketing strategies and offer more virtual goods in thingslike “Facebook currency” in order to unlock additional features and games.

It is likely that as social media-based games advance, theskills of the players will as well. This is a trend currently following thesame principles as Esports betting, daily fantasy sports, and other skilledgaming which appeals to a large proportion of the millennial population today.Live dealers in casino games are also likely to become more popular as thegrowth of social gaming continues.

At current, all dealers in online games are automated, but ifa human were to act as the dealer or croupier instead – this would probably makefor a much more realistic experience and be more in line with the “social”aspects of social gaming.

Infinite possibilities

Social gambling could also evolve to the point where virtualreality takes over. Imagine sitting on the surface of mars playing a round ofJacks or Better with Elton John. Would be pretty cool right? VR allows us to beplaced in environments with people we could only dream of being in or meeting –so what this could do in terms of the overall casino experience is unthinkable!VR has certainly made a breakthrough since it first emerged on the market a fewyears back, so it is only natural that this form of gaming makes its way ontoFacebook and online casinos. People are likely to pay for the full Las-Vegasexperience without actually having to travel to Nevada and spend a shed-load ofmoney, making this very much a possibility.

Advertising costs could come down also. This is very much aproblem for many start-up businesses looking to broaden their reach online atthe moment. As the costs-per-install go up drastically, finding users willingto part with any kind of money is proving to be more challenging in anever-evolving free-play market. It is believed that this will change ascompany’s find new ways to target different audiences using alternative socialchannels and means to advertise their products.

The Asian market is also reporting to be expanding in thelast 2 years. As governing officials and the boards lower restrictions on whoand how long you can gamble for, more and more people are stepping intobrick-and-mortar casinos throughout places such Vietnam, Cambodia, entailingthat it’s only a matter of time before they become permitted to gamble inonline casinos and through social media.

The inhabitants of Wall Street are heard to be taking a keeninterest in social gaming too. Investors see it as a market which can be morevaluable by drawing attention to free-to-play games and non-gambling socialcasino games. There also seems to be a niche market for scientific andstrategy-based games such as Blackjack, even though most of these will never beas popular as traditional slot-machines.

Interesting facts about social games

#1 – Surprisingly more popular than online casinos – We were also quite surprised to find this one out! The number of players in social casinos, actually exceeds the number of visitors in online casinos by 20 times. Social gamblers tend to spend a lot of time on slot machines, and as we mentioned, they also like to brag about it! This feature alone, makes it a more enticing platform than an online casino.

#2 –Facebook is the biggest culprit – This one should come as less of a surprise,considering it is the most mainstream and popular social networking site inexistence. That’s why 60% of social gambling is done directly through Facebookas opposed to other platforms like Twitter or Instagram.

#3 – Asiais the largest social gaming market – Despite their restrictions onall forms of gambling, Asia’s gaming revenues increased from 2.33b in 2016 to2.5b in 2017. With Macau already leading as the world’s gambling capital –social gaming could well follow in the future.