Cryptocurrency transactions within the iGaming industry have grown significantly over the past 2 years and will soon surpass fiat money. According to the recently published SOFTSWISS company report, the acceptance of cryptocurrencies in the iGaming space is growing very fast.
SOFTSWISS is a leader in crypto gambling. It offers certified software solutions for managing iGaming operations. SOFTSWISS holds several gaming licenses and offers iGaming solutions from a single source. In 2013, SOFTSWISS was the first company in the world to introduce a Bitcoin-optimized online casino solution.
The results of this study are based on the comparative data for Q1 2021 and Q2 2022 taken from the SOFTSWISS Game Aggregator and the SOFTSWISS Casino Platform.
Crypto Bets doubles in 1 year
Similar to the global trend of increasing popularity of cryptocurrencies, the company study by SOFTSWISS also notes the continued growth of crypto gambling.
The report revealed that total cryptocurrency-related bets more than doubled in Q1 2022 compared to Q1 2021. More specifically, they’re up 116.7%.
Andrey Starovoitov, COO at SOFTSWISS said:
“Crypto gambling has become an independent, full-fledged and extremely promising business. Brands that are adapted to these conditions have advantages such as greater application possibilities and, accordingly, a wider audience.”
Fiat currencies dominate betting stake, but crypto will soon overtake
Fiat currencies continue to dominate, accounting for 64 percent of the total volume. Cryptocurrencies, on the other hand, are slowly growing in popularity. Compared to the same period last year, crypto’s market share increased by about 10% in the first quarter of 2022, from 26.3% to 35.9%.
Cryptocurrency market share has increased by 29 percentage points since the first quarter of 2020. Looking at the current trend, cryptocurrency is likely to overtake fiat money in iGaming in the coming years.
Bitcoin Dominates iGaming, But Altcoins Gain Market Share
Despite the fact that Bitcoin has been the cryptocurrency of choice since it was launched by SOFTSWISS, its market share fell by 10% in the first quarter of 2022. This is due to the rising popularity of Ethereum and Litecoin, the two most popular cryptocurrencies. Their market share has increased by 3.45% and 2.95% respectively. In the first quarter of 2022, the exact share of the top 3 cryptocurrencies was:
- Bitcoin (BTC) 72.80%
- Ethereum (ETC) 13.45%
- Litecoin (LTC) 6.45%
Andrey Starovoitov, COO of SOFTSWISS, commented:
“Bitcoin will continue to be the leading cryptocurrency for deposits in the near future. However, the strong growth of other altcoins shows interest in more technologically advanced coins like Ethereum. More players will prefer to diversify their funds with other cryptocurrencies. This is a positive trend related to the development of the market.”
DOGE and USDT are also among the most used coins in iGaming according to the SOFTSWISS report.
Crypto Gambling 2022: What to Expect?
Andrey Starovoitov, COO at SOFTSWISS said:
“Heavier regulation of traditional casinos will also attract new operators into the crypto niche. We will see active growth in this segment as most of the current market leaders enter the niche.”
“Our experience allows us to highlight what you need to launch a successful crypto venture: crypto processing like Coinspaid, crypto exchange services and in-game currency conversion for a wider variety of game content. However, new needs are already emerging. For example using NFTs to enhance the gaming experience and build a community of like-minded people around online casinos.”
Cryptocurrencies will continue to gain importance in iGaming as the coin share changes significantly. One of the main factors that will affect the industry is the diversification of cryptocurrencies used for betting.
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