In the last two years, the volume of cryptocurrency trading in the iGaming industry has increased significantly. The recently released SOFTSWISS corporate report confirms the adoption of cryptocurrencies.
As a leading cryptocurrency gaming company, SOFTSWISS keeps abreast of all trends as it researches the growth of cryptocurrencies. The same information shows the comparative data for Q1 2021 and the current period based on the results of SOFTSWISS Game Aggregator and SOFTSWISS Casino Platform.
In the article below, the SOFTSWISS team has gathered the most significant facts that reflect the state of the crypto gaming market at the moment and offered the predictions for future changes.
Betting with digital currencies: expressive growth
Along with the global trend, which shows the growing popularity of cryptocurrencies, SOFTSWISS corporate report also demonstrates the continued development of cryptocurrency betting. According to statistics, the sum of digital currency bets in the first quarter of 2022 more than doubled compared to the same period last year. More precisely, it grew 116.7%.
“The steady growth of cryptocurrencies in the iGaming market allows us to say that cryptocurrency betting has become an independent, complete and extremely promising line of business. Brands that have adapted to these conditions and allowed their players to use all the benefits of cryptocurrencies have an advantage, such as wider trading opportunities and, consequently, a wider audience,” noted Andrey Starovoitov, COO of SOFTSWISS.
Betting on crypto and fiat currencies
Looking at the proportion of different currencies, the figures show that fiat currencies still occupy the leading position, having 64% of the total volume. However, the share of cryptocurrencies is steadily growing every quarter.
Compared to the same period last year, the share of cryptocurrencies in the first quarter of 2022 increased by almost 10 points: from 26.3% to 35.9%. At the same time, compared to the first quarter of 2020, the share of cryptocurrencies grew by 29%. If this dynamic continues, the share of fiat and cryptocurrencies could become equal over the next year.
Top Cryptocurrencies: Bitcoin Is Decreasing Its Share
Although Bitcoin has been the preferred cryptocurrency since it was introduced by SOFTSWISS, it has shown a decrease in its share in Q1 2022 by 10%. This is related to the growing interest in Ethereum and Litecoin, the top altcoins at the moment. Their share increased by 3.45% and 2.95%, respectively. The precise share of the top 3 cryptocurrencies in Q1 2022 is as follows:
Bitcoin (BTC) 72,80%
Ethereum (ETC) 13,45%
Litecoin (LTH) 6,45%
Andrey Starovoitov, COO of SOFTSWISS, commented on the popularity of cryptocurrencies today: “Bitcoin will still be the main cryptocurrency for deposits in the near future. However, the strong growth of other altcoins demonstrates interest in more technologically advanced coins such as Ethereum. More players will prefer to diversify their funds with other cryptocurrencies. This is a positive trend related to market development.”
Cryptocurrency betting in 2022: what to expect?
The results of the first quarter, reflected in the company’s report, allow us to conclude that cryptocurrencies will show even greater growth with changes in terms of the share of coins in the iGaming market. The diversification of cryptocurrencies used for betting will be one of the significant trends to influence the industry.
At the same time, the trend in land-based casino regulation will also characterize the development of cryptocurrency gambling in the future. “Stronger regulation of traditional casinos will definitely attract new operators into the crypto gaming niche,” explained Starovoitov.
“Over the next two years, we will see active growth in this market segment as most of the current leaders will enter the niche. As for the product itself, we can highlight what you need to launch a successful crypto project based on our experience: connected crypto processing such as Coinspaid and crypto exchange services (Moonpay, Mercuryo.io, Utorg) as well such as in-game currency conversion for a wider selection of in-game content.”
“However, new needs are already emerging. For example, using NFTs to gamify the player experience and build a community of like-minded people around online casinos,” concluded the COO of SOFTSWISS.
SOFTSWISS is a widely acclaimed iGaming specialist that provides certified software solutions to manage gambling operations. The company has an international team of over 1,000 employees and has an official presence in Malta, Belarus, Poland and Georgia.
SOFTSWISS has multiple gaming licenses, providing complete iGaming solutions. In 2013, the company was the first in the world to introduce a bitcoin-optimized online casino solution.