Virtual currency is the backbone of social casino games. It allows players to experience casino games without having to spend real-life funds. Come along as we break down how virtual currency works in social casinos and its impact on the industry.
What Is Virtual Currency in Social Casinos?
Virtual currency refers to the credits or coins you use to play casino games at social casinos. The casino dictates how players receive the virtual currency, what they can and can’t do with it, and its value.
How Does Virtual Currency in Social Casinos Work?
Two main types of virtual currencies exist in social casinos: Gold Coins (GC) and Sweepstakes Coins (SC). The former are the standard virtual currency used at traditional social casinos. They have no monetary value and can’t be redeemed for real rewards. Gold Coins are used to play casino games solely for fun.
With the rise of sweepstakes casinos (find the top-rated sites at social casinos), a new virtual currency dubbed Sweepstakes Coins emerged. This type of virtual currency is also used to play casino games but can be redeemed for real rewards.
Another key difference between Gold Coins and Sweepstakes Coins is that the former can be purchased while the latter can’t. You can only get SC via bonuses or as a gift when you buy GC.
Can Virtual Currency Be Redeemed for Real Rewards?
At standard social casinos, you can’t redeem virtual currency (Gold Coins) for real rewards. The virtual currency has no monetary value, and players are not able to withdraw or trade with it. Gold Coins are strictly for social use. However, everything changed a little over ten years ago when sweepstakes casinos burst onto the scene.
Sweepstakes casinos are a form of social casino that allows you to redeem virtual currency for real rewards. These casinos take advantage of specific legislation in the US, enabling them to offer real rewards on games of chance as long as players can enter for free. This is why Sweepstakes Coins are always free.
To redeem your SC for a tangible reward, you must complete the playthrough requirement, usually 1x. For example, if you wish to redeem 100 SC, you must first play with at least 100 SC. This is similar to rollover requirements at a traditional online casino. Then, you just hit the Redeem button and fill out your payment details. The typical redemption rate is 1 SC to $1.
Social casinos wouldn’t exist without virtual currency. Thanks to the ingenuity of sweepstakes casinos, you can now turn your virtual currency into real rewards!
