Crypto bets: x2 growth
In addition to the global trend showing the growing popularity of cryptocurrencies, the SOFTSWISS company report also shows the continuous development of crypto gambling. According to statistics, the sum of bets in digital coins more than doubled in the first quarter of 2022 compared to the same period last year. More specifically, it grew by 116.7%.
“Crypto gambling has become an independent, full-fledged and extremely promising business. Brands that are adapted to these conditions have an advantage, such as wider uses and, accordingly, a wider audience,” noted Andrey StarovoitovCOO at SOFTSWISS.
Crypto & Fiat Currencies Bet Share: Blurring the Difference
Fiat currencies still hold the leading position with 64% of the total volume. However, the share of cryptocurrencies is growing steadily. Compared to the same period last year, crypto’s share increased by almost 10 percentage points in Q1 2022: from 26.3% to 35.9%. Compared to the first quarter of 2020, the share of cryptocurrencies has grown by 29 pp. If this momentum continues, fiat and cryptocurrency shares could even out over the next year.
Top cryptocurrencies: Bitcoin decreases its share
Although Bitcoin has been the cryptocurrency of choice since its launch by SOFTSWISS, it saw its share fall by 10 percentage points in the first quarter of 2022. This is related to the growing interest in Ethereum and Litecoin, the top altcoins. Their share increased by 3.45% and 2.95% respectively. The exact share of the top 3 cryptocurrencies in Q1 2022:
- Bitcoin (BTC) 72.80%
- Ethereum (ETC) 13.45%
- Litecoin (LTH) 6.45%
Andrey StarovoitovCOO 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.”
For the full list of the most used coins, see the SOFTSWISS report.
Crypto Gambling 2022: What to Expect?
According to SOFTSWISS Q1 results, cryptocurrencies will show further growth with subsequent changes in coin share. The diversification of cryptocurrencies used for betting will be one of the significant trends that will affect the industry.
“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. We can reveal what you need to start a successful crypto project based on our experience: crypto processing like Coinspaid, crypto exchange services and in-game currency conversion for a wider range 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,” summarized Andrey StarovoitovCOO at SOFTSWISS.
About SOFTSWISS
SOFTSWISS is an international brand that offers widely recognized, 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 provider in the world to introduce a Bitcoin-optimized online casino solution.
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SOURCE SOFTSWISS
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