Are Social Bets the Next Big Breakthrough in the Gambling Industry?

Could social betting be the next phase in the growing convergence between online gambling and social networks? The answer is yes, it could, if the latest news from the private investment community is any indication of this reality. Social betting receives funding. BuddyBet, a Czech Republic-based online gambling company founded in August of last year (2012), has received $3 million in funding from private investors this week to promote its social betting website. Their service is different from what is commonly practiced by online sportsbooks, as it allows players to bet against each other instead of solely against the house.

BuddyBet's website offers three distinct betting options: user-to-user bets, open regular market bets, and external bets, where users can challenge friends, family, and colleagues through their Facebook pages or other social networks. Users have the opportunity to compete for "BuddyBucks," the currency used on BuddyBet, or simply enjoy the thrill of betting against their friends. On BuddyBet's platform, individuals can engage in friendly rivalry, test their betting skills, and experience the excitement of wagering in various ways.

The imminent "Boom" of the Industry is approaching.

According to a recent study conducted by the leading research company, SuperData, social gambling in all its forms has laid the groundwork for social gambling to become the next big phase in online betting. In their report, they provided information that the profit from real-money online social casino games will reach a new peak, estimated to be around $2.4 billion in the year 2015. This study highlights the growing popularity and potential of social gambling, indicating a significant shift in the online betting landscape. With such impressive figures, it is clear that social gambling is poised to make a substantial impact in the coming years. The rise of social media and the increasing accessibility of online gaming platforms have created the perfect environment for social gambling to thrive. As more and more players seek a social and interactive gambling experience, the market for social gambling is expected to expand rapidly. As a result, online betting operators are investing heavily in social gambling platforms to cater to this growing demand. This trend is not limited to casinos alone. Various other forms of online gambling, such as poker and sports betting, are also embracing the social gambling trend. The ability to compete against friends, engage in multiplayer games, and participate in virtual communities has proven to be a significant draw for players. This shift towards social gambling is not only driven by the desire for entertainment but also by the potential for financial gains. Real-money social casino games offer players the opportunity to win actual cash prizes, adding an extra layer of excitement to the experience. As the popularity of social gambling continues to rise, it is expected that the industry will witness significant advancements in technology and innovation. This will further enhance the social gambling experience, making it more immersive and engaging for players. With its combination of social interaction, entertainment, and the chance to win real money, social gambling is poised to become the next big thing in the online betting world. The future looks promising for social gambling, and it will be fascinating to see how it evolves and shapes the online gambling landscape in the years to come.

According to SuperData, online gambling regular players almost double the number of players who play for free in online gambling games on social networks. This statistic does not even take into account the previously non-existent social betting and the fact that only now several states in the US are beginning to focus their attention on the online gambling field. The rise of online gambling enthusiasts is undeniable, and it is clear that the landscape is rapidly changing. With more states exploring the potential of online betting, the industry is set to experience significant growth in the coming years.

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