Virtual currencies have become a key part of the MMORPG (Massively Multiplayer Online Role-Playing Games) economy in recent years.
Virtual economies, also known as in-game currencies, which have no monetary value in the real world, are being used by video game development studios more than ever.
This freemium model is also an effective business model for iGaming operators and social gaming companies. It is used to attract new players and enhance the player experience.
Let’s dive straight in and take a closer look at how gambling in the risk-free mode at virtual casinos is gradually becoming a key part of the MMORPG economy.
How important are virtual economies, virtual casinos, and gambling in gaming?
Virtual economies have become an important element used in video game design. This monetization strategy is also now a clever business model used by today’s most successful gaming website operators.
Thanks to virtual currencies, operators can allow their players to buy and sell currency or other items for real money, meaning that these business owners can continue to generate revenue beyond initial game sales and initial sign-up deposits.
In some of today’s most high-end, graphically demanding triple-A video games (PEGI-18 age-restricted titles), for example, you can now enjoy playing a range of computer-generated traditional table & card games or slot machines in a virtual casino setting. It’s not gambling because players use the in-game currency.
Those coins can be used to unlock new levels, purchase new skins or loot boxes, and so much more. However, when players run out of their virtual currency, they can use various trusted online payment methods to purchase more coins, such as:
- Visa
- PayPal
- Mastercard
- Cryptocurrencies
A similar thing happens on today’s safest social gaming sites. If you want to learn more about these popular websites and find plenty of tips for using Stake US referral codes and other bonus codes, go to TheGameHaus review site.
To purchase coins and withdraw any cash prizes you win on a social casino site like Stake, you normally have to complete the Know Your Customer (KYC) account verification process, even though you are not gambling real money. The KYC process only takes a minute to do, and proves that you are at least 18.
How are social gaming sites different from regular online casinos?
Social gaming sites, also known as sweepstakes casinos or social casinos, use a similar monetization strategy with virtual currencies. For example, these sites are just like regular online casinos but without the gambling part.
They don’t allow real cash wagers.
Instead, when you sign up to a social/sweepstakes casino to play any of their computer-generated online slots, blackjack, roulette, poker or scratchies, or any of their cutting-edge live dealer games, you play with that site’s virtual currency, which cannot be withdrawn and doesn’t have any monetary value in the real world.
If you run out of this virtual currency, you have the option to purchase more in bundles or packages, usually starting from around $5. These coins can’t be topped up for free, and it’s how these businesses make their money.
However, when playing on social casino sites, you also have a separate virtual currency called Gold Coins, which can be topped up for free when you run out.
Only Sweeps Coins can be used to win real prizes, such as the latest electronic gadgets, store vouchers, brand merchandise, and even cash prizes, and the good news is that cash prizes CAN be withdrawn back onto the same payment method you used to purchase coins on that site.
If you run out of free Gold Coins on a social casino, simply contact the player support and ask them for more.
You can also get more free Gold Coins by taking part in on-site promotional offers, daily login bonuses, prize draw raffles and competitions on their social media channels/platforms, monthly newsletters and by receiving other promotional emails and SMS messages, which you can opt out of receiving at any time.
Final thoughts
Virtual casinos and the digital/virtual currency model used in today’s most popular MMORPGs and triple-A blockbuster video games, such as GTA 5, Far Cry 3, RDR2, The Witcher 3: Wild Hunt, and many others, will continue to shape the future of the online gaming sector and, more importantly, how we interact with the games we play.
Over the coming years, this effective monetization strategy will continue to evolve and help revolutionize online gaming in more ways than one.
