SOFTSWISS Shares Insights on Crypto Gaming Trends from the H1 of the Current Year

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September 20th, 2022
Back SOFTSWISS Shares Insights on Crypto Gaming Trends from the H1 of the Current Year

Do Cryptocurrencies Continue to Conquer the iGaming Industry?

It’s not a secret that cryptocurrencies have become one of the most popular payment methods in the online casino industry. People prefer this option over other banking methods as it ensures the rapid processing of deposits and withdrawals.

One of the leading brands in the sector, SOFTSWISS, has been analyzing the trends for quite some time, giving players insights into how cryptocurrencies affect the iGaming sector. In its most recent overview, the forward-thinking solutions provider takes a closer look at the most frequently selected cryptocurrencies, and also evaluates in which direction will the industry move with regard to using crypto in online casinos.

The insightful analysis is based on the results from the company’s most demanded products: the SOFTSWISS Casino Platform and the SOFTSWISS Game Aggregator.

What Are the Most Frequently Selected Cryptocurrencies?

Based on the data from the previous period, it is noticed that the interest in the iGaming industry is on the continuous rise. Compared to H1 2021, the number of total bets went up by 46.4%. Even bigger growth is spotted when data are compared to the first half of 2020, where an increase of almost 247% is spotted.

As expected, Bitcoin still remains the number one choice for deposits and withdrawals in online casinos. However, it’s not the only cryptocurrency players have opted for in the previous period.

Expressed in percentages…

…BTC was selected 71.2%, while Ethereum was the player’s choice in 14.7% of overall crypto bets. Litecoin was the preferred option in 6.15% of situations.

Crypto VS Fiat

Although the interest in virtual currencies is gradually growing, this payment option still hasn’t become dominant over fiat currencies. There’s an increase of 34.8% compared to the figures from the previous year, which shows that people are becoming more open to digital currencies.

On the other hand, when paying attention to the ratio of different currencies, there’s a minor decrease in a crypto share. However, the company believes that there are no reasons for concern, as it seems to be a short-term tendency.

Vitali Matsukevich, COO at SOFTSWISS commented as follows:

“This slight decline during the second quarter should not affect the overall trend towards an increase in the share of cryptocurrencies in the total volume of bets. We have been seeing stable growth for several years, which contributes to the further development of crypto gambling. A crypto community is growing among players.”

He also noted that the interests of consumers in using crypto payment options have the biggest impact on the growth of the whole industry. For that reason, operators that meet the needs of this community, meaning offer versatile cryptocurrencies for deposits and withdrawals, gain a competitive advantage and stand the chance to become market leaders. 

Crypto Gambling- Predictions and Expectations

The birth of new cryptocurrencies as well as eco-friendlier crypto alternatives to BTC shows that crypto is here to stay. Even though the data show a minor decrease, probably connected to the turbulences in the crypto industry on the whole, this payment option will continue to shape the iGaming sector.

It is of great importance to establish stricter regulation for crypto on the whole, and secure growth in every sector, including iGaming.

On top of that, it is predicted non-standard approach to the gamification of the playing process with novelties such as NFT and tokens will also have a significant impact on the popularization of crypto. Though NFTs are often connected to scams, there’s no doubt that they come with plenty of potential, provided that they are regulated well.

Do you think crypto has the chance to replace fiat currencies in online casinos? Feel free to share your thoughts with us in the comments section below!

Source:

“What Will Be the Next for Crypto Gaming? SOFTSWISS H1 Overview”, softswiss.com, September 8, 2022.

“one of the most popular payment methods in the online casino industry”

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