Virtual Gaming Worlds is an online social gaming company that has grown in recent years to become one of the biggest in the business. You may have played at an online casino owned by VGW Holdings Limited and never even known you were using one of their websites. However, there is a difference between regular online casinos and those operated by VGW and will come to that in more detail below.
What is VGW?
VGW is an unlisted public company owned by Laurence Escalante. The Australian is the founder of the company and VGW is a social gaming business that has taken off on a massive scale. In their own words, ‘VGW Holdings Ltd is a technology company dedicated to creating immersive experiences for our customers using our in-house software and technology.’
The company create social casino games, meaning they can be played without having to use real money. That means it is possible to offer the games to people online who live in regions of the world, such as several US states, where real money online gambling is prohibited.
VGW own over 30 different online social casinos that are powered using their games, with LuckyLand Slots and Chumba Casino being just two examples. At the sweepstakes casinos powered by VGW, it is possible to play for fun using gold coins and these are free but you can also play with sweeps coins and these can be redeemed for cash prizes.
The Impact of VGW
The impact of VGW on the online social gaming landscape has been enormous. The social casino games have opened a new form of online social gaming to people who could not access the casino games they wanted to play due to regulations.
The innovative design of the games means not only is it possible to play them for free using gold coins but it is also possible to play and win cash prizes using sweeps coins. That means Laurence Escalante and VGW have provided an avenue for people to play online casino games and win real money in regions of the world where online gambling is banned.
The fact it is possible to play and win real money along with friends in the same social gaming setting without the need to for the casino to hold a gambling license is groundbreaking.
Escalante worked with United States lawyers to find a way around US laws banning gambling on the internet. As the sweeps coins are effectively a trade promotion for the sale of virtual gold coins, it makes the games legal in the United States under the US contests and sweepstakes law.
It will be interesting to see if any states decide to bring in new legislation to combat the rise of social casinos but there is no denying they have changed the face of the online social gaming landscape on a large scale.
The Future of VGW
Having introduced a new form of online social casino gaming, it will be interesting to see what the future holds for VGW and Escalante. The company made a pre-tax profit of $249 million in the six months ended December 31st, 2022, and have recently announced a partnership with Ferrari.
Technology, innovation, and teamwork are the three common values shared by the two companies, along with an aim to entertain. The VGW brand name will now feature on the Ferrari Formula One car as part of the deal.
The pre-tax profit of $249 million was down by 19% but this has been explained in part by the boost received during the pandemic. As things have got back to normal in society, there are other ways for people to spend their time, which was always to be expected for all online industries.
The VGW business model is successful and continues to make a good profit. Frequently developing and adding new social casino games will be key to the stable progress of the company.
