There are many ways in which the gambling industry is changing all the time, and this includes brand-new business models.
In recent years, we’ve seen some serious evolutionary steps in the way casinos work. In fact, if you look at the last 20 years, the casino industry is virtually unrecognizable. We have gone from an age of needing to visit casinos in person to being able to access them from anywhere. At the turn of the century, it would have been very hard to imagine all the technical innovations we have seen.
iPhones have changed the game, allowing people to play casino games on mobile devices wherever they are. Also, technologies such as cryptocurrencies have made a huge impact on the way people gamble. These offer a faster way to transfer money and ensure that players have some level of anonymity and security when they are playing.
Crypto casinos have cropped up a lot in recent years. Now, in addition to cryptocurrency casinos, there are variations that provide shared profits, as you can find via this link: https://dappgambl.com/casinos/shared-profits-casinos/
In this guide, we will explore shared profit casinos and what they are, as well as the social impact that they have.
What Is a Shared Profit Casino?
A few different shared profit casinos have been launched in recent years, usually taking advantage of blockchain technology. They may provide users with a way to collect a form of token or native coin that is issued by the site.
These tend to be issued in one of two ways. The player can earn the coin by continuing to play the games at the casino, usually getting a percentage reward of their native coin. Alternatively, they may provide their users with the chance to buy these tokens.
The idea is that the more tokens you hold, the higher the dividend will be that you are entitled to at the end of the financial period.
This business model is one that can help both the customer and the company in question. The company will only have to pay out dividends if they make a profit, so the risk to them providing this to their customers is minimal.
A lot of people are already using casinos regularly without receiving any incentive in the form of a profit share. They may get bonuses, but this is not the same as a feeling of involvement through holding a stake in the company.
What Are the Social Impacts?
The benefits for a casino are clear, as this is a way to encourage people to support the business and it continues to provide another source of funding for them via a coin they may issue themselves.
However, there is a wider social reasoning behind this sort of loyalty program. Below, we dive into some of the impacts on people and the communities playing the games.
A Feeling of Involvement
It is always nice to feel as if you are involved. Though the stake itself may be small, it is a chance for you to feel more involved with the casino. It builds loyalty both ways, as you are more likely to gamble through this casino and they are likely to provide you with a financial reward or incentive. If the casino does really well, this could be significant.
Casinos offering this option are attempting to build in ways for other people to be involved in the site and their business.
The Chance for the Casino to Give Back
When you gamble with a casino, you are trying to win the games, but ultimately you are still supporting that casino.
If a casino makes money from you, then there is a chance for them to also give back, especially if they are achieving success thanks to the support of their customers. It makes sense that in a shared profit model, the most loyal customers and those who have spent the most with the casino get the highest rewards.
A Sense of Community
There are likely to be plenty of other people who are doing the same thing that you are, and the casinos offering profit shares are often those that will run specific events and even provide newsletters for the players to provide communication updates and to ensure they feel that they are part of something bigger. Those who hold the coin or tokens for the site might also receive exclusive rewards, for instance.
Casino bonuses are common, but getting a share of the profits via a form of dividends is rare, and can help to garner this sense of community.
Things to Be Aware Of
There are numerous things that you should be aware of when you are entering into an agreement with one of these organizations and putting your own money in.
For one thing, the coins and tokens that entitle people to revenue are usually issued solely by the casino in question, and they may not have any intrinsic value, so they won’t be traded on the top crypto exchanges such as Coinbase.
There is also a chance that the casino might change the way they approach things in the future, so be sure to read the terms and conditions before you agree to get involved.
Finding a Shared Profit Casino
What are some of the criteria for finding a shared profit casino? Fortunately, there are lists and reviews that can help you determine which sites are the best to get involved with. Some factors to consider include:
- Game selection: Even though we’re talking about shared profits, you’ll still want to make your choice based on the kinds of games you enjoy playing. If you’re a poker player and the site in question doesn’t provide you with any way to play poker, then what is the point? The selection of games needs to suit you.
- Trustworthiness: Do everything in your power to verify that the site has a good reputation for looking after its customers and is totally trustworthy. There are third-party platforms such as Trustpilot that help people review the experiences others have had.
- The generosity of the shared profit program: This can be hard to work out beforehand, but ultimately you will want to find a casino that offers a fair profit share program.
- Support and usability: The site should also be easy to use, safe, and secure. If you get stuck, you’ll want to know that there is somebody that you can talk to through a live chat platform or through email, as this can ease your concerns or clear up anything you aren’t sure of.
Shared profit casinos may be a relatively new concept, but they are growing in popularity. There are many different sites out there that are now offering this as a way to reward their customers. If you’re already using a casino, then it may make sense to switch to one with better rewards.
Plus, if you’ve already embraced blockchain and Bitcoin, this could be even more of a reason to get involved with some of the shared profit casino brands out there, which may even issue their own coin to their customers.