Highlights
Learn the differences between social sportsbooks and real money sportsbooks.
There are a fair few similarities aside from the currency that you use to place bets.
Some key facts about real money sports betting sites in the US.
Bettors might easily mistake social sportsbooks for real money sports betting sites, as they appear very similar at first glance. However, social sportsbooks only allow you to place bets using virtual currencies, unlike their RMG counterparts.
However, that isn’t the end of the story. In this guide, I’ll go deeply into the differences, as well as similarities of social sportsbooks and real money sportsbooks, so feel free to stay on board for the ride.
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What Are Social Sportsbooks?
Social sportsbooks are websites or apps that allow you place social bets on real-life sporting events such as football, basketball, horse racing, badminton, and other sports using only virtual currencies. These currencies are often called Gold Coins and Sweepstakes Coins. Although some social sportsbooks do rename them. You can use the Gold Coins to bet on sports for entertainment only, but when you place social bets with Sweepstakes Coins, your winnings can be redeemed for alternative prizes.
When you join a social sportsbook as a new bettor you will receive some virtual coins for free. You can also get more by participating in tournaments, through promotions, daily login bonuses, and referral bonuses, just to mention a few. However, you can purchase coin packages from the operator for more wagers.
There are not too many social sportsbooks available so far, but you can always
check out Rebet
to get an idea of what a social sportsbook looks like, and I’ll add that it’s also a highly recommended social sports betting brand.
What Makes a Social Sportsbook Legal?
The reason that social sportsbooks are legal in so many US states, is because they operate under US sweepstakes lawa, meaning they must meet the following conditions:
Social sportsbooks cannot allow you to place bets with real money. Instead, you’ll use virtual coins such as GC and SC.
Bettors must be allowed to participate for free without needing to make any purchases. So social sportsbooks must give you free virtual currencies to use once you create an account. You can also collect more free coins by participating in social media contests or tournaments.
⚖️ Compliance with Federal Laws
All social sportsbooks must comply with the US federal sweepstakes laws, including providing clear information about entry methods, eligibility, prize details, how to redeem Sweepstakes Coins, and other important details.
All social sportsbooks must only admit bettors of legal gaming age according to the law of any US state in which they operate. This means even social bettors must complete their KYC verification.
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What Are Real Money Betting Sites?
Of course, there are sports betting sites that you can use to wager on sports events with real money. At these sites, you'll usually need to make a deposit before you can start placing bets. These sites must have full licensing for every US state they operate in and abide by local regulations. Bettors can actually win and lose real money, depending on the outcome of their bets. Just as it is on social sportsbooks, RMG betting sites also have welcome bonuses, ongoing betting promotions and other engaging features for bettors.
Are Real Money Betting Sites Legal in the US?
The legality of real money betting sites in the US solely depends on individual state legislation. While betting sites can legally operate in some states, they are illegal in others. This state-by-state rule began in 2018 when the Supreme Court ruled against the Professional and Amateur Sports Protection Act (PASPA), giving every state the right to regulate sports betting within its own jurisdiction.
Key Things to Note About Real Money Betting Sites in the US
Here are some important factors to note concerning betting sites in the US:
- License and regulation: All betting sites operating in the US must be licensed and regulated by the state in which they operate. These regulations help protect bettors from fraudulent gambling sites and aid compliance with state gambling laws.
- Age restriction: RMG sportsbooks are mandated to only allow bettors who have reached the legal gambling age to create an account on their sites. They ensure this rule is adhered to by enforcing KYC verification before you can even make a deposit, or place any bets.
- Responsible gambling: All betting sites in the US must promote responsible gambling and provide tools such as deposit limits and self-exclusion to help bettors protect themselves.
Social Sportsbooks and Real Money Betting Sites Compared
Let’s compare social sportsbooks and betting sites in the following table:
| Feature | Social sportsbooks | Real money betting sites |
Conclusion – My Final Take on the Actual Difference Between Social Sportsbooks and Betting Sites
In conclusion, while there are significant similarities between social sportsbooks and real money sports betting sites, the two have very specific differences. Social sportsbooks allow you to place social bets on sports using virtual coins such as Gold and Sweepstakes Coins.
Meanwhile, real money betting sites require you to deposit real money funds to start betting on sports. However, these differences do not mean one is better than the other; they simply show that each is meant for different types of users, based on their location and their personal preferences.
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