iGaming expert and software provider SOFTSWISS has shared insights on the state of crypto gambling, providing detailed analytics for 2021 and forecasts for the current year. The report also tracks trends and tendencies for the segment, with an increase in the number of bets in cryptocurrencies confirming their growing popularity.
The data provided is a part of the company’s report on the state of cryptocurrencies in 2021, and presents the results of the company’s Game Aggregator and the Casino Platform. SOFTSWISS describes itself as the iGaming industry leader in crypto gambling, and was the first to introduce a crypto-optimized solution for online casino platforms in 2013.
“The increase in the number of bets in cryptocurrencies throughout the year confirms the global trend that the position of cryptocurrencies has strengthened and that they are increasingly more popular among online casinos users,” the report summarizes the state of crypto in 2021.
Compared to January 2021, when the share of bets made in crypto was at 23%, December of the same year shows that number almost doubled to 40.1%. At the same time, the volume of bets in cryptocurrencies over the same period increased by more than 2 times, namely by 259.21%, further reports SOFTSWISS in its overview.
“Cryptocurrencies have long been not just a trend in the gambling industry, but an obvious stage in its evolution,” commented Andrey Starovoitov, COO at SOFTSWISS. “With significant benefits related to transaction speed, as well as wide market boundaries, the use of cryptocurrencies opens up significant opportunities for both players and operators.”
According to the executive, these features are leading to crypto’s constant growth within the iGaming ecosystem. “Those industry representatives who won’t develop their business in this direction in the near future risk losing a competitive advantage in the “battle” for users,” he added. “Our statistics clearly demonstrate this.”
Despite the fact that fiat currencies are still the most preferred option for betting, crypto is “gradually but steadily growing” in its share, according to the iGaming expert. Over the year, the percentage of bets in fiat currencies decreased by 23.6%, from 88.2% in 2020 to 64.6% in 2021. Meanwhile, cryptocurrencies showed a growth of 20.1%.
“Cryptocurrencies have long ceased to be an attribute of IT geeks. This is a global phenomenon and its impact on the global economy cannot be denied,” further explained Starovoitov. “The iGaming market is adapting to a new reality in which cryptocurrencies will become as important (if not more important) than fiat in the next couple of years.”
😱 You already know that Bitcoin and Ethereum are the top picks among crypto gamers, but other altcoins are seriously fighting for 3rd place in popularity.— SOFTSWISS (@softswiss) February 21, 2022
What do you think is the third crypto after BTC and ETH among SOFTSWISS clients? Check the answer: https://t.co/J3YwuMECgb pic.twitter.com/ItwKBJwPUy
The COO lists convenience, speed, and usability as the main advantages of cryptocurrencies, and explains SOFTSWISS took all these factors into account when creating “an entire ecosystem for its clients” which, in part, “is made possible by the cryptoprocessing solution by CoinsPaid.”
The company has also shared insights on top cryptocurrencies within its platforms. Bitcoin still occupies a leading position by a huge margin among altcoins: 80.11% of all crypto bets are made using BTC.
The popular cryptocurrency is followed by Ethereum, which currently has a 9.88% share of all bets made using crypto. Litecoin takes third place for top crypto, with a 4.52% share. However, trends point out that small but gradual changes are happening within the segment.
At the same time, the share of Bitcoin by the end of 2021 decreased compared to the beginning of the year: from 83% in Q1 to 72.32% in Q4. “This is related to the growing interest of users in such a cryptocurrency as Ethereum,” SOFTSWISS claims, with the crypto increasing its share from 9% in Q1 to 14.12% in Q4 of 2021.
Meanwhile, in terms of crypto providers for the iGaming market, SOFTSWISS lists BGaming as the top company. According to its statistics, BGaming players most often used cryptocurrencies in games and ensured the share of bets in crypto at the level of 21.10% of the total.
The list of providers actively working with crypto, based on the share of all crypto bets in 2021, finds Platipus at a second spot, with a 13.53% share, and Evolution third, with a close 13.47% share. The top five is completed by Booming (10.76%) and Betsoft (7.08%).
📣We are pleased to announce that the SOFTSWISS Online Casino Platform expanded the list of supported cryptocurrencies with a new altcoin - NEO.— SOFTSWISS (@softswiss) February 17, 2022
📰Read the details in the article: https://t.co/odu5nP59oi pic.twitter.com/K5zftRnaTn
“Cryptocurrency allows casino and dice site operators to work with a young audience. In this regard, the SOFTSWISS Crypto Solution will become an indispensable tool that adapts classical operating models to modern requests,” stated Starovoitov.
“We have every reason to believe that the share of cryptocurrencies will continue to grow this year and, accordingly, will open up even more opportunities for iGaming representatives,” explains the executive. “In turn, we have experience, innovation and expertise to help both newbies and experienced players in the market to make the most of these opportunities.”
Interested parties in finding out more information about crypto-oriented games, providers within the framework of operating crypto casinos, and statistics on cryptocurrencies in the context of GGR, can find more in the full report. SOFTSWISS shares statistics and reviews on the development of cryptocurrencies in the iGaming industry on a regular basis.