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“Operators demand access to new markets and new player bases”: Exclusive crypto gambling interview with Glen Bullen from DAOGroup.

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Exclusive crypto gambling interview with Glen Bullen from DAOGroup.
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While this year may have been a turbulent time for some, we caught up with Glen Bullen, CCO of DAOGroup to talk through the launch of DAOWallet, its cryptocurrency-fiat payments partner, as well as the opportunity to use crypto payments as a key way to engage new players.

What is it that DAOWallet can offer partners and end users that other payment service providers cannot?

DAOWallet may be new to market, but our team has incorporated many crypto payment learnings into the product to make it a slick, client-driven solution for operators looking to engage new demographics and markets.

In essence, DAOWallet offers a simple, clean solution for partners wanting to integrate crypto payments into their casino brands. We do all the heavy lifting and compliance work at our end, so operators can work hands-off on the payments side and focus on driving acquisition to a new audience of crypto users.

Perhaps DAOWallet’s biggest innovation is its ability to track fund provenance, both to mitigate AML risks, but also to improve VIP management. Any player who deposits crypto via DAOWallet will have their pseudo-anonymous source of funds tracked, ensuring both VIP and AML managers alike will know if this is a player prime for big stakes play, or alternatively whether they’ve been associated with red flag transactions in the past.

How can those with little crypto knowledge use DAOWallet to join the crypto gambling revolution?

The key purpose of DAOWallet is to allow deposits and withdrawals to and from a players crypto account to be as simple and seamless as possible. With that, we feel we offer a solution that requires only a minimum of crypto knowledge.

However, the wallet’s role is not necessarily to entice new players to crypto – though it can – but instead to deliver a functionable, painless means to support the millions out there who already hold and use crypto; and, most importantly, want to gamble with it at the best casinos around.

Do you see DAOWallet appealing to a certain demographic or region?

Without pigeon-holing an ever-expanding crypto base, industry research shows the main European demographic as being between 25 and 45 years of age and with above-average disposable income. This audience sees digital assets as more than a speculative asset, and want to find functional day-to-day uses for them, with gaming arguably the most tangible use case for them at this moment.

Saying that, DAOWallet easily supports varied requirements across any global market, such as Latin America, where concerns regarding banking infrastructure warrant the use of alternatives to fiat; or Africa, where barriers to credit card uptake mean many are keen to explore alternative online payment methods.

No matter the geography or demographic, our igaming clients can be confident DAOWallet will be covering all KYC and AML procedures in the backend on sign-up, ensuring a clean transition to the casino, which receives only whitelisted players. This is a major benefit of our solution over others on the market.

How do you see the current state of the payments sector in the gambling industry?

We hear so often that gambling as an industry is an early adopter for new technology. All the while however, there’s untold examples of cautious decision-making and sluggish, suspicious adoption of tech that could have major benefits to the whole ecosystem.

There is no doubt that the payments sector is impacted by this paradox, and the utilisation of crypto is a key example. Operators demand access to new markets and new player bases, and there is a crypto market hiding in plain sight, waiting to be serviced. They must take advantage of this opportunity, or they will fall back against their more forward-thinking competitors.

Do you see wider crypto adoption as attainable right now, or do other industry movements need to happen to facilitate wider crypto payments?

Yes, it is attainable, but various ways of thinking need to be reset for crypto adoption to reach its potential. It’s likely not a gambling industry-specific mentality, but too many look back at setbacks in the space and cling onto them as proof that crypto doesn’t have its place in today’s world.

This is naïve when you consider the various success stories that crypto has in engaging those who cannot access credit cards, those who may not trust the status quo and those who just want to be a little more progressive. I would like those doubters to take a deep breath and revisit what crypto adoption can do for the gambling industry.

As a deposit method, using the likes of bitcoin and Ether is a no-brainer for supporting bigger audiences in more markets. Those operators who don’t embrace it soon will likely find they have lost this lucrative audience and will struggle to win them back.

We have seen DAOWallet recently sign a major partnership with MoneyMatrix. Do you have any other partnerships on the horizon that you could hint at?

MoneyMatrix was a major deal for us and shows the strength of partner that we are looking at. In terms of what is coming next, we’re optimistic about various, progressed conversations with further platforms and a number of tier one operators in a variety of regions. Without naming names, there is a desire amongst potential partners to complement their existing payment partners to attract a new kind of customer, and that’s what we’re here for.

We’re well set to make some big announcements in Q4 in terms of new clients and operators, so keep an eye out for that.

What product improvements can we expect from DAOWallet in the coming months?

Our most recent launch was stablecoin integration, and this will go live with partners to great effect very soon. Not only are we opening more crypto avenues (Tether/TrueUSD) for those looking outside of the bitcoin and Ether hegemony, but it also makes our platform more adaptable to local banking regulation.

Significantly, this was driven by client feedback and demand, and we delivered it back to those same partners quickly and successfully, further proving our credentials as a customer-first partner. We know the size of the crypto gambling space and we want to help fiat-based operators leverage it for their own growth, and it’s through these collaborative projects that we can best do this.

Bitcoin

Navigating Bitcoin’s Impact: SOFTSWISS’ iGaming Industry Overview

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In March 2024, Bitcoin soared to a historical high, nearing 70,000 euro per coin. How does this impact the iGaming market? Being a tech company with over 15 years of experience and an innovator in crypto iGaming software development, SOFTSWISS shares anticipations in its quarterly crypto analysis.

Over 220 brands powered by the company engaged in crypto transactions during the first quarter of 2024, which is 12% higher than the previous quarter. SOFTSWISS experts analyse the data gathered from crypto-friendly brands by employing extrapolation, comparative, and correlative analysis.

 

iGaming Market Overview: Unveiling Anticipated Growth

The size of the global online gambling and sports betting industry is expected to rise significantly and exceed 170 billion euro by 2032, according to Statista. Based on SOFTSWISS data, the iGaming market has demonstrated a stable pattern of growth year after year.

In absolute terms in euro, the Total Bet Sum grew by 5.8% in the first quarter of the year compared to the last quarter of 2023. Analysing the year-on-year increase, comparing Q1’24 with Q1’23, the growth is more impressive, showcasing a 47.2% boost.

Simultaneously, the Total Bet Count, both fiat and crypto, displayed a slightly larger gain in the first quarter of 2024 compared to the previous quarter, surpassing 6.1%. The indicator’s year-on-year boost is much more notable, revealing a 57.2% increase.

The popularity of iGaming in recent years has been fuelled by its global reach and accessibility due to constant technological advancements. On one hand, the quality of internet connectivity continues to rise, while on the other, new payment methods are emerging, simplifying payment procedures.

The in-depth quarterly analysis, ongoing since the beginning of 2022, reveals that fiat bets are undergoing more substantial growth compared to crypto bets. In Q1’24, the Fiat Bet Sum increased by 6.9% compared to Q4’23, while the rise of Crypto Bet Sum was at 2.4%.

 

The more active growth of fiat bets led to a slight decrease in the share of crypto. In the first quarter of 2024, the crypto share in the Total Bets Sum settled at 24.4%, decreasing by 0.8 percentage points (p.p) compared to the last quarter of 2023.

 

What is the State of Crypto in iGaming?

Analysing crypto bets, it is crucial to highlight that almost 93% of them are facilitated through the in-game currency conversion tool, which is gaining traction. This mechanism allows operators to engage players with cryptocurrency assets in games initially tailored for fiat only. Operators that adopt such options are gaining more competitive advantages in the market.

While the Q1’2024 Crypto Bet Sum shows a moderate 2.4% growth compared to the previous quarter, the year-on-year analysis demonstrates a 20.8% increase. The Crypto Bet Count remained unchanged in Q1’24 compared to the previous quarter’s indicator. Simultaneously, the metric increased by 21.3% year-on-year. The figures speak volumes, showcasing a consistent interest among players in crypto gaming.

“The lack of a substantial increase in the number of crypto bets during Q1’24 can be partly attributed to the significant rise of the Bitcoin exchange rate during this period, leading players to be more cautious with their crypto bets.  This trend mirrors the situation in the first quarter of the previous year when the Bitcoin exchange rate surged following a decline at the end of 2022,” comments Vitali Matsukevich, Chief Operating Officer at SOFTSWISS.

 

What Distinguishes the Average Crypto Bet?

The average crypto bet increased to 1.71 euro in the first quarter of the year from 1.66 euro in the last quarter of 2023. This growth correlates with a significant strengthening of the Bitcoin rate during the first quarter of 2024.

The average fiat bet remained steady at around 0.81 euro in Q1’24 and Q4’23. The average total bet stayed constant since the second half of the previous year and is equal to 0.93 euro.

 

Notably, the average crypto bet is double that of fiat. This indicates that digital currencies are preferred by higher-income players.


Why Did Bitcoin’s Share Drop?

The Top Five most operated digital coins in iGaming have remained stable during the last two years with minor changes in ranking order. The top still includes Bitcoin, Ethereum, Litecoin, Dogecoin, and Tether.

 

In Q1 2024, Bitcoin experienced a significant decline of 9.4 p.p. compared to Q4 2023. This could be attributed to the bolstering Bitcoin exchange rate and players exercising a more cautious approach towards it.

In contrast, the shares of other digital coins have increased. Ethereum and Litecoin showed growth of 4.0 p.p. and 3.8 p.p., respectively, during the same period. Simultaneously, Dogecoin rose to fourth place in the ranking, leaving Tether behind.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarises: “The benefits of employing digital currencies, such as fast transactions and anonymity, still attract many players. Embracing cryptocurrencies in iGaming can boost operator profits despite their volatile nature.

As the Bitcoin rate is expected to strengthen after the Bitcoin Halving, the average crypto bet and projected gains may see a notable impact. During such promising times, it is crucial to have reliable and experienced partners to navigate the path to success.”

 

About SOFTSWISS

SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform, and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.

 

 

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Cryptocurrency

CryptoSlots Celebrates 6th Birthday with VIP Bonuses and New Games

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In honour of its 6th Birthday, this month, CryptoSlots, a trailblazer in crypto gaming, is marking the occasion with the introduction of new games, generous bonuses for all players, and complimentary tokens for the thrilling $1 million Jackpot Trigger game, adding extra excitement to the celebration.

CryptoSlots has achieved several milestones over the past year. This includes the launch of over 20 new games such as Chinatown High Limit, Bank Bust, Pawsome, Twin Wins, and Forest Fairy Fortune, expanding their unique gaming portfolio for players worldwide.

While the last $1 million Jackpot Trigger prize was claimed in 2022, the crypto casino recently celebrated a significant win as player WHAMZY09 scooped $200,000, securing two $100,000 prizes in a single game on April 18. This highlights the continued excitement and potential for substantial winnings on CryptoSlots.

Additionally, CryptoSlots has seen impressive payouts in its Crypto Lotto, with the highest recorded payout reaching $17,428, demonstrating the rewarding nature of its lottery offerings.

Furthermore, the crypto-only casino has made strides in the metaverse by launching a Virtual Showroom with Monthly Rewards in Decentraland, a virtual social world built on blockchain technology. This move allows CryptoSlots to engage with players in innovative ways, offering unique experiences and rewards within the Decentraland universe.

CryptoSlots manager, Michael Hilary commented: “We are thrilled about the future and the boundless opportunities that cryptocurrencies offer. As the landscape of digital currencies continues to evolve, we envision a future where cryptocurrencies revolutionize not just the gaming industry, but every aspect of finance and commerce. With innovation at our core, CryptoSlots is poised to lead the charge into this exciting future.”

“With its presence in Decentraland, CryptoSlots aims to enhance player engagement and offer a novel gaming experience that aligns with the evolving landscape of online entertainment,” continued Hilary.

This month CryptoSlots releases Shadow of the Tomb, an electrifying 6×4 Tomb Raider-inspired slot. Players are plunged into a world filled with ancient relics and treasures where they can win up to 5000x their bet and unearth haunting riches!

Later this month, get ready to embark on an adventure through the untamed wilderness of Alaska with the relaunch of the Wild Alaska slot, boasting enhanced graphics.

At CryptoSlots, transactions for deposits and withdrawals are solely conducted through cryptocurrency. Boasting dozens of provably fair slots, the platform continuously introduces new games. Players accrue tokens for the $1 million Jackpot Trigger slot and receive complimentary tickets for the monthly $10,000+ Crypto Lotto each time they engage in gameplay.

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Cryptocurrency

TG.Casino Signs Partnership with AC Milan

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AC Milan and TG.Casino announced a new partnership, which sees the crypto casino platform become the Official Regional iGaming Partner of the Rossoneri in Europe.

This new collaboration between two frontrunners in their own fields offers a great opportunity to create something new and innovative. This partnership demonstrates the platform’s intent to take on and beat the iGaming competition to become the ultimate destination for all ambitious players. The deal catapults TG.Casino into the top ranks of GameFi by bringing the brand into the living rooms and onto the mobiles of tens of millions of consumers all over Europe.

Through this new partnership, $TGC token holders will have the chance to win lots of experiences offered by the Rossoneri club. From visits to the Milanello training centre to winning official AC Milan jerseys and VIP access at the San Siro stadium, football fans will have the chance to enjoy unique and exclusive experiences.

The new partnership provides AC Milan with a new fan engagement tool, creating bespoke experiences, which aim to give them more access, and bring them even closer to their beloved Club.

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