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Utopia Games Raises KRW 12 Billion for Global Launch of Blockchain Social Casino

2023-12-01 2 min read

Utopia Games Raises KRW 12 Billion for Global Launch of Blockchain Social Casino

Reading Time: 2 minutes

Utopia Games, the startup behind the development of a blockchain-based ‘open-type online social casino,’ has secured a substantial ₩12 billion investment from SU Holdings. With this funding, their plan is to kick off global launches, starting in Southeast Asia by the end of this year. 

Their platform, Vegastopia, enables users to effortlessly establish and run their own casinos and hold’em clubs within the metaverse, without incurring any development costs.

Notably, unlike other platforms, entrants can autonomously manage games through unique point generation, attracting significant interest from various companies seeking entry into the online social casino market. The global social casino market has seen remarkable growth, reaching ₩64 trillion during the COVID-19 pandemic. As the momentum in online casinos continues, reports suggest that over 3,600 offline casinos operating in more than 130 countries, along with numerous hold’em pubs, are actively exploring partnerships with social casinos.

Users of Vegastopia, offering hold’em and casino games, experience an online environment closely resembling actual gaming venues, complete with highly immersive 3D avatars enabling features like bluffing. Moreover, users can engage with players worldwide in the metaverse, leveraging digital personalization for comprehensive entertainment such as performances, squid games, treasure hunts, speed lotteries, and game observation.

The company underscores the incorporation of blockchain technology to prevent forgery and alteration of cards, ensuring real-time mutual verification for online gambling and addressing reliability concerns. 

Park Jun-young, CEO of Utopia Games, shed light on the launch, stating, “It’s a reality that offline casinos, eager for revenue diversification, are taking bold steps into the online market.” He added, “However, the development and marketing costs for online casinos are substantial, and success is uncertain. To tackle this, Vegastopia was developed.”

Furthermore, he mentioned, “The blockchain-based open social casino platform is a global first in Vegastopia. It digitally brings complex cultural spaces like Las Vegas and Macao to life online in 3D, designed to empower anyone to run their own hold’em clubs and casinos. As a result, there has been a significant uptick in inquiries from global hold’em pubs looking to operate independent hold’em clubs.”

[Korean Game Startup News]

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