Updated: Sep 26, 2022
SOFTSWISS presented a new research on crypto turnover in the iGaming business on Thursday. The analysis compares the outcomes of the SOFTSWISS Game Aggregator and the SOFTSWISS Casino Platform for the first quarters of 2021 and 2022. The SOFTSWISS team compiled the most pertinent data demonstrating the current rapid expansion of the crypto gaming business and provided projections for the segment's future development.
Along with the worldwide trend indicating the rising popularity of cryptocurrencies, the company's study indicates that crypto gaming continued to increase. According to the figures, the amount wagered on digital currencies in the first quarter of 2022 increased by 116.7% compared to the same time the previous year.
Andrey Starovoitov, COO at SOFTSWISS, stated: “Stable growth of cryptocurrencies in the iGaming market allows us to say that crypto gambling has become an independent, full-fledged and extremely promising line of business. Those brands that have adapted to these conditions and allowed their players to use all the benefits of cryptocurrencies have an advantage such as wider opportunities for operation and, accordingly, a wider audience”.
The organisation has also found that fiat currencies continue to dominate the market, accounting for 64 percent of overall volume. Comparing the first quarter of 2022 to the same period the previous year, SOFTSWISS found that the proportion of cryptocurrencies climbed by over 10 percentage points, from 26.3% to 35.9%. Compared to 2020, the proportion has increased by 29 percent; if this trend continues, the proportion of fiat and cryptocurrencies may become equal during the course of the next year, according to the iGaming specialist.
Bitcoin's proportion among the most popular cryptocurrencies has been declining despite being the most popular since SOFTSWISS released it. The fall of 10 percentage points to 72.80 percent in the first quarter of 2022 was ascribed to the rising popularity of Ethereum and Litecoin. Their respective shares have climbed by 3.45 percent and 2.95 percent to 13.45 percent and 6.45 percent, respectively.
“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”, Starovoitov explained.
SOFTSWISS has concluded, based on this data, that cryptocurrencies will continue to rise in tandem with changes in coin share within the iGaming business. The business predicts that the diversification of cryptocurrencies in gaming activities will be one of the most influential developments in the industry.
“At the same time, the trend in the regulation of the traditional casino will also characterize the development of crypto gambling in the future”, the company assured.
“The stronger regulation of traditional casinos will definitely attract new operators to the crypto gambling niche. In the next couple of years, we will see active growth in this market segment as most current leaders will join the niche," Starovoitov added.
"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 as 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 the online casinos,” Starovoitov concluded.
By fLEXI tEAM