iGaming expert and software solutions provider SOFTSWISS reported in a new analysis covering the first half of 2022 that crypto expansion continues at a steady pace in the online gaming industry. The company monitored changes in crypto to provide the sector with a forecast for further developments, and stated that "a crypto community is growing among players."
The data presented in the company’s report reflects the state of crypto in H1 2022, compared to the same period last year. It is based on the results of SOFTSWISS’ most demanded products: its Casino Platform and the Game Aggregator.
The general iGaming market continues to surge, with the sum of all bets -fiat and crypto- showing a 46.4% rise compared to the first half of 2021. Compared to the same period in 2020, the number increased by almost 247%. According to SOFTSWISS, this confirms that interest in iGaming "is steadily increasing year by year."
When it comes to currency, holding 34.8% of the total bets volume in H1 2022, digital coins continue to capture a significant share of all bets made. Crypto betting has increased by 5% compared to a year ago.
However, analyzing the ratio of different currencies in the first two quarters of 2022, crypto has lost 2.37% in its share. It seems to be a short-term tendency, despite overall growth, the company claims. "Being sensitive to hi-tech trends, online gambling is experiencing a new stage, one where a crypto community of players and operators is forming," SOFTSWISS noted.
Vitali Matsukevich, COO at SOFTSWISS, explained that the slight decline during the second quarter “should not affect the overall trends 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. The interest of the audience now largely influences the growth of the whole industry. Operators that meet the needs of this community gain a competitive advantage and become market leaders," Matsukevich added.
Bitcoin still remains the most popular digital currency in the iGaming industry, representing 71,2% in H1 2022. However, there is an apparent trend in the growth of Ethereum, with its 7% rise during H1 2022 - now the latter holds almost 15% of the share. The top three ranking is closed by Litecoin, which saw growth of 2.15% to 6.15%.
Despite the decline in crypto bets in the second quarter of 2022, the overall picture demonstrates that cryptocurrencies are still penetrating deeper into the iGaming industry, as well as other areas of entertainment.
Nevertheless, the regulation of the markets worldwide and the diversification of cryptocurrencies will likely have a significant impact on the development of iGaming in the upcoming years.
“Stricter regulation of crypto operations, of course, will have an impact on the development speed of this business area”, Matsukevich added. “However, the huge potential of crypto projects and, accordingly, interest from leading industry representatives will play a decisive role."
“We will see further growth in this niche combined with a new non-standard approach to the gamification of the playing process with novelties such as NFT and tokens," the COO concluded.