Despite being a virtual currency and the gaming mechanisms being different from standard casinos, 80% of players still spend money on the platform by purchasing packages of their virtual currency.
Typically called Sweeps Coins or Gold Coins, they themselves are virtual, but unless it’s through bonuses and offers, players still have to buy into them for the potential return of prizes if they win a game.
There’s no cash prize involved (although there sometimes is), sweepstakes casinos have exploded. Statistics show a 89% growth between 2019 and 2022, reaching a value of $3.1 billion. And the latest data shows the potential for online platforms to generate $4.6 billion in gross revenue by 2025.
It’s a massive market with growing potential, but how can we define the virtual currency they use?
Read on to find out.
What Is Sweepstakes Casinos’ Virtual Currency?
Sweepstakes casinos use an entirely different method of monetization and gameplay from standard casinos.
There are two different types of virtual currency:
Gold Coins (Play Money)
Gold coins are a non-redeemable currency simply made to allow players to game for fun. They might be called Gold Coins, Coins, Tokens, etc. It doesn’t matter what they’re called; they have no cash value, and players can’t exchange them for prizes.
Essentially, they’re unlimited play credits. Casinos award endless Gold Coins when new players sign up and through daily bonuses, so that players can spin slots or play games for entertainment as long as they want. Players can usually also purchase additional Gold Coins in various packages (this is one way the companies make money).
Because players can’t cash out Gold Coin, using them is not considered gambling,
Sweeps Coins (Sweepstakes Entries)
Sweeps Coins are the “premium currency” that players can redeem for prizes if they win. Often called Sweeps Coins or Sweepstakes Coins, some platforms brand them differently. For example, Lucky Dollars, Sweeps Cash, etc.
But the function is the same. Sweeps Coins can’t be directly bought. Players will get them for free as a bonus whenever they purchase Gold Coins, or use free methods such as promotions, giveaways, “Alternative Means of Entry” like mailing in a request.
And if players win, they win more Sweeps Coins. These coins accumulate in their account and can later be redeemed for real prizes (cash in the form of gift cards or others). Neither coin technically represents real money until you go through redemption.
How Can You Use Virtual Currency?
Using sweepstakes casinos is easy. We’d argue they’re easier than standard casinos because you don’t need to worry about depositing money or cashing out. Still, it helps to know the strategy behind managing Gold and Sweeps Coins to maximize the experience.
Gold Coins
When playing with gold coins, you will use Gold Coins whenever you want to play purely for fun or practice. Gold Coins are abundant and free, meaning players start with thousands and get daily freebies. They can be used to:
- Try out new games or strategies risk-free.
- Enjoy extended play sessions when your Sweeps Coin balance is low.
- Participate in social games or leaderboards that are Gold Coin-based.
Tip: If you run low on Gold Coins, wait for the daily bonus or join platform activities.
Wagering with Sweeps Coins
Players switch to your Sweeps Coins balance when you want a chance to win real prizes. Using Sweeps Coins feels like betting real money in a normal online casino: you choose your bet amount in Sweeps Coins, play the game, and either lose the coins wagered or win more back. They still aren’t money until you cash out.
Functionally, you should treat them as you would a casino chip.
Use your Sweeps Coins to:
- Play your favorite slots or table games with real stakes (in a manner of speaking).
- Enter tournaments or competitions that reward more Sweeps Coins or other prizes.
- Accumulate enough Sweeps Coins through wins to reach a redemption threshold for gift cards and sometimes cash.
The best sweepstakes casinos let players toggle between Gold and Sweeps modes with a simple click or tap on the interface.
We’d always recommend using the free coin opportunities generously. Log in daily to get daily Sweeps Coin bonuses (even if small) and participate in any social media contests or giveaways.
Turning Virtual Currency Into Prizes
The virtual currency only becomes a prize if you win a game. But, as you can imagine, there are always terms and conditions to meet before you can turn a win into a prize.
Meet the Playthrough Requirement
Most sweepstakes casinos ask that any Sweeps Coins you plan to redeem must be wagered at least once. That means if you won those coins by playing, you’ve already met this. The rule mainly prevents someone from getting free Sweeps Coins from a promotion or purchase bonus and cashing out without playing.
Reach the Minimum Redemption Threshold
Sweepstakes casinos set minimum prize redemption amounts. For cash redemption, a common minimum is 100 Sweeps Coins for $100 cash outs. Some sites might allow less, such as 50 75 Sweeps Coins, but $100 is an industry standard for a first cash-out.
For gift cards, minimums are usually lower – sometimes $50 or even $10 in Sweeps Coins value.
Start a Redemption Request
Most sites clearly show the redemption section. With a cash payout, you’ll typically select a method such as bank, PayPal, or ACH transfer. Enter the amount of SC you want to redeem and your details for payment.
Sweepstakes casinos feel more fun. There’s not as much pressure to win and you don’t need a bankroll to keep playing. And considering you do get something in return if you win, rather than always more virtual currency, the gaming model is appealing to more and more players.
