Over the past 2 years, crypto turnover within the iGaming industry has significantly increased. The recently released SOFTSWISS corporate report confirms the growing adoption of cryptocurrencies.
Being the leading company in crypto gambling, SOFTSWISS shares the comparative data for the 1st quarter of 2021 and 2022 based on the results of the SOFTSWISS Game Aggregator and the SOFTSWISS Casino Platform.
Crypto Bets: x2 Growth
Along with the global trend showing the growing popularity of cryptocurrencies, the SOFTSWISS сorporate report also demonstrates the continuous development of crypto gambling. According to the statistics, the sum of bets in digital coins in Q1 2022 more than doubled compared to the same period last year. More precisely, it has grown by 116,7%.
“Crypto gambling has become an independent, full-fledged, and extremely promising line of business. Brands adapted to these conditions have an advantage such as wider opportunities for operation and, accordingly, a wider audience,” noted Andrey Starovoitov, COO at SOFTSWISS.
Crypto & Fiat Currencies Bet Share: Blurring the Difference
Fiat currencies still hold the leading position, having 64% of the total volume. However, the share of cryptocurrencies is steadily growing. Compared with the same period last year, the share of crypto in Q1 2022 increased by almost 10 p.p: from 26.3% to 35.9%. In comparison to the first quarter of 2020, the share of cryptocurrencies has grown by 29 p.p. If such dynamics continue, the share of fiat and cryptocurrencies may become equal over the course of the next year.
Top Cryptocurrencies: Bitcoin is Decreasing its Share
Even though Bitcoin has been the preferable cryptocurrency since it was introduced by SOFTSWISS, it showed a decrease in its share in Q1 2022 by 10 percentage points. This is related to the growing interest in Ethereum and Litecoin, the top altcoins. Their share has increased by 3.45% and 2.95% respectively. The precise share of the top 3 cryptocurrencies in Q1 2022:
- Bitcoin (BTC) 72.80%
- Ethereum (ETC) 13.45%
- Litecoin (LTH) 6.45%
Andrey Starovoitov, COO at SOFTSWISS, commented: “Bitcoin will still be the leading cryptocurrency for deposits in the near future. However, the strong growth of other altcoins demonstrates the interest in more advanced coins in terms of technology such as Ethereum. More players will prefer to diversify their funds with other cryptocurrencies. This is a positive trend related to the development of the market.”
The full list of the most used coins is reflected in the SOFTSWISS report.
Crypto Gambling 2022: What to Expect?
According to SOFTSWISS Q1 results, cryptocurrencies will be showing further growth with subsequent changes in terms of coin share. Diversification of cryptocurrencies used for betting will be one of the significant trends to influence the industry.
“The stronger regulation of traditional casinos will also attract new operators to the crypto niche. We’ll see active growth in this segment as most current leaders will join the niche. We can highlight what you need to launch a successful crypto project based on our experience: crypto processing such as Coinspaid, crypto exchange services, and the in-game currency conversion for a wider selection of game content. However, new needs are already emerging. For instance, using NFTs to gamify the player experience and build a community of like-minded people around online casinos,” summarized Andrey Starovoitov, COO at SOFTSWISS.
SOFTSWISS is an international brand supplying widely acclaimed, certified software solutions for managing iGaming operations. SOFTSWISS holds several gaming licences, providing one-stop-shop iGaming solutions. In 2013 SOFTSWISS was the first in the world to introduce a bitcoin-optimised online casino solution.