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Social casinos, which can be found on Facebook and other social networks, are a fast growing industry

The online and social casino gaming industry is set to be worth a staggering $2.7 billion a year as companies begin to look to take advantage of players opting to play online rather than at land-based casinos.

A report recently suggested how companies such as developer Black Tie Ventures could be set to generate over $150 million in revenues by targeting players with online and social casino products such as their female-orientated Pink Martini Casino launch.

The bingo industry saw a huge increase in female players online over recent years and it is now believed that as online bingo sites integrate casino games into their products female players are now being targeted by online casino developers.

Playstudios is another firm that is looking to make multi-million pound profits over the coming years. Their initial release of MyVegas did not have the desired impact when it was released as a social product on Facebook a couple of years ago. However, the firm took the innovative step of adding rewards and “comp” points to its free play software and this was a move that attracted players and helped the company raise $20 million in funding.

On the flip side, there is the ongoing controversy that is the planned construction of a casino resort by Caesars Entertainment in the Philippines. Caesars were initially told the project would cost $1 billion but the Philippines government has told Caesars this past week that it must invest $1.5 billion into the project. This has left many analysts wondering whether the cost of building the land-based resort is worth it when the online and social gaming industry is experiencing such a boom and requires a fraction of the cost to launch new products.

There is then also the spectre of Revel Casino that is hanging over the gambling industry. A land-based project that cost $2.4 billion, suffered persistent delays in its construction and failed to generate a profit during its two year existence before eventually being made bankrupt and closing its doors earlier this year.

The online and social casino gaming industry is on the rise and gaming companies are fast becoming aware of the profits that can be made. Governments across the globe are also catching on to how financially beneficial online and social casino gaming can be with laws in a number of countries becoming relaxed to legalise gaming. As the online and social casino gaming industry grows, the online slots industry is sitting back and licking its lips as it prepares to play an integral role in the continued boom of this evolving industry.

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