Anticipated Nationwide Launch of Sweepstakes Casino by PLAYSTUDIOS before New Year
In the ever-evolving landscape of online gaming, PLAYSTUDIOS, a NASDAQ-listed company, is making waves with its new sweepstakes casino platform. Currently in open beta across seven U.S. states, the platform is demonstrating strong player engagement, retention, and monetization[1][2][3][5].
The company, led by CEO Andrew Pascal, is taking a measured and rigorous approach to scaling, ensuring the product meets expectations and aligns with advertising goals before the full national launch[1][2]. This shift towards sweepstakes casino gaming reflects a growing trend in the social casino world[6].
Despite the promising start, the regulatory environment remains a consideration. States like New York and California are increasing scrutiny on sweepstakes casinos[1][3].
In the recent quarter, PLAYSTUDIOS reported a drop in net revenue of 18.3% year-over-year to $59.3 million[4]. However, the direct-to-consumer segment saw a significant growth of 107% in in-app purchases, reaching $6.7 million[4]. Advertising income declined by 30.5% to $11.1 million, while virtual currency revenue fell by 14.6% to $48.2 million[4].
Despite these figures, PLAYSTUDIOS is maintaining its adjusted EBITDA guidance of $45 million to $55 million for the year[4]. The company is also optimistic about its full-year revenue guidance, which remains at $250 million to $270 million[7].
One of PLAYSTUDIOS' popular social casino titles, myVEGAS Slots, continues to draw players[8]. The company also plans to launch Tetris Block Party later this year[9].
In an exciting turn of events, PLAYSTUDIOS is set to host the myVIP World Tournament of Slots from October 22 to 26, featuring a $1 million prize pool[10].
Two-thirds of respondents in a recent American Gaming Association survey said they play primarily to win money, highlighting the competitive nature of sweepstakes casinos[11]. With sweepstakes casinos becoming a major force in the U.S. gaming market, letting users purchase virtual currency to win real cash prizes, PLAYSTUDIOS' move into this sector could prove to be a strategic one[11].
As PLAYSTUDIOS prepares to take its new sweepstakes platform national before the end of 2025, it will undoubtedly continue to shape the future of online gaming in the United States.
- As PLAYSTUDIOS prepares to scale its sweepstakes casino platform nationwide, it will likely attract more interest from the finance sector, eager to invest in technologies that reshape the online gaming landscape.
- With sports events being a major catalyst for player engagement in social casino games, it's anticipated that PLAYSTUstudios' upcoming Tetris Block Party will leverage this connection, aiming to boost user retention and monetization in its sweepstakes casinos.
