SOFTSWISS sees crypto bets almost triple in Q3, near half market share | Yogonet International
Crypto trends in iGaming report

SOFTSWISS sees crypto bets almost triple in Q3, near half market share

2021-11-25
Malta
Reading time 1:49 min

SOFTSWISS released Thursday a new report with statistics and insights on the development of cryptocurrencies across its Online Casino Platform, Sports Betting Platform and Game Aggregator clients. The information in the report reflects comparative data for the third quarter of 2021 and the same period in 2020, collected on an anonymous basis.

The main conclusion drawn from the data obtained for Q3 2021 is that the volume of bets placed in cryptocurrency is increasing. Compared to the same period last year, the handle almost tripled 2020’s numbers. The positive trend continues throughout 2021: the increase from Q2 2021 to Q3 2021 is 28%.

Crypto is gradually encroaching on fiat currencies. Compared to Q3 2020, the share of bets in crypto versus fiat has increased by 27.6% in the same period in 2021. The upward trend in crypto popularity is also confirmed by comparative data for Q2 and Q3 2021, when the share of crypto bets rose by 10.3 percentage points from 33% to 43.3% respectively.

Andrey Starovoitov, COO SOFTSWISS, noted in a press release: “This dynamic is most likely due to the growth and development of the number of crypto brands. While in Q3 2020, they were still newcomers to the market, they can be considered experienced players in the crypto gambling industry this year. The expansion of these brands into new markets has also played an important role in this.”

A completely different trend is seen in betting on sports. In this category, fiat currencies retain an absolute advantage. In Q3, 98.76% of bets were made in fiat currencies, compared to only 1.24% in crypto. 

Aleksander Kamenetskyi, Sportsbook Product Owner, pointed out: “This is most likely because the vast majority of the Sportsbook' clients are those companies that launched their casinos without an initial focus on cryptocurrency operation. Their main focus was on fiat. However, the trend has changed, and now cryptocurrencies are always considered an important component when launching new projects. Therefore, I am sure crypto share will only grow in the future.” 

On the overall results of this past quarter’s numbers, Andrey Starovoitov, COO at SOFTSWISS, reflected: “This strong growth is not only due to SOFTSWISS' organic development but also owes itself to increased digital consumption around the world. iGaming companies are investing more and more into marketing. This leads to an increase in the popularity of online gaming and betting among female audiences and young players over the age of 21 who actively use cryptocurrencies in their daily lives in general and for online betting in particular. This is reflected in the increasing share of crypto in iGaming”.

 

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