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The Impact of COVID-19 on Online Gambling Business

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The Impact of COVID-19 on Online Gambling Business
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The financial uncertainty the world is facing due to the existing COVID-19 pandemic has brought the economies of most of all countries to a standstill. Many layoffs and shutting of popular business establishments have taken place since the lockdown that started in late February or early March. The end of this situation is still not at sight, and many big, medium, and small businesses are suffering due to this. All the major countries are working round the clock to come out with a vaccine to get rid of this unseen virus. The tests on these vaccines are in various stages, and the world might see a vaccine arrive by the end of the year 2020.

How Is the iGaming Business Doing during the Pandemic?

No one would have believed you if you told that the global sports activities would come to a total standstill in 2020 and would take months, if not a year, for the activities to be fully operational. They would have laughed at you and felt that you were off your mind. The truth is out there in the open, and the COVID-19 has taken a serious toll on all commercial activities. This does not mean that every business saw a serious jolt during the year 2020. Some of them have benefitted from the contagion. A few trades like the online casino business have seen both the positive and negative impacts of this pandemic.

Online Gaming Industry Saw a Rise in Players

The life-taking virus has altered the iGaming industry, and many of the casino websites have benefitted from this contagion. Many experts suggest that the businesses of the gambling websites picked up many folds during the lockdown period. This is because people had to sit locked in their homes and did not have anything exciting to do. So, they tried their hands at playing live dealer games or online slots to kill their boredom. The fans of online slot machines had time by their side to try out the titles they have not played. While some took to playing free online slot games, others loved to try out slots that had the Chinese luck icons as themes.

The internet gaming industry is one of the very rare sectors that can make it through this pandemic situation with less financial damage than most other business sectors. The gaming websites are doing brisk business and weathering the crisis better than the established brick and mortar casinos.

Many newcomers are visiting the casino sites to enjoy the thrills of spinning the reels or to play their favourite table games. The regular gamblers also are making it a point to play online so that they can hone their gaming skills. It looks like there are more people now playing casino games on the internet than before with live sports betting or other sports betting not fully functional. People have started to look for a new form of betting and have found solace in online gambling.

Popular UK Online Casinos Lead the Way

There has been a paradigm shift in the UK, with many of the gamblers switching to the internet casinos with many physical gaming houses shut. This crossover has seen a major boost in the user base of the popular gambling websites in the United Kingdom. The most popular virtual casino platform is Bet365, which saw over 20,500,000 gamers in action in April 2020. The other popular options like SkyBet, William Hill, etc., also saw an impressive number of gamers trying out various titles on the respective websites.

While many of the customers loved to play on their mobile using the apps, there were many who found great gambling entertainment on their desktops and laptops. With no sight of this pandemic to end soon, there is no doubt that there would be more and more gamblers turning to the internet to satisfy their gambling cravings.

UK Gambling Commission Reports

The United Kingdom Gambling Commission (UKGC) reports that there has been a significant rise in the percentage of people playing on the internet. They have seen an increase of about 25% in people trying online slots, and it has increased by about 38% when it comes to poker participation. This figure is for the first couple of months of the COVID-19 crisis. The real event betting has seen a drastic decrease logically, and the overall gambling revenues have taken a hit. The major revenues during the pandemic have come from internet gambling. The gaming industry revenues have seen a good boost, thanks to the regular gamblers trying out new ways and means to have fun and entertainment on the internet.

Online Migration Is at Its Peak

Everything in the time of this prolonged pandemic is moving online. Work at home is the norm during these times, and people now socialize and shop on the internet. This situation might be a signal or a sign of things for the near future. It might be leading and driving people to adapt to the digital age. The internet gambling businesses are seeing this as a positive sign and believe that they would see even more footfalls than before.

Also, with sports betting coming to a virtual standstill, the bettors are looking out for various other gaming options to try their luck. This constitutes a considerable increase in the number of UK people playing online slots, or table games or poker titles in the times of the coronavirus. The fact that the gaming websites are seeing many new subscribers signing up for an account since March 2020 is a hint that this industry will flourish even more these testing times.

Closing Thoughts

The pandemic has affected the stock markets all over the world. However, the internet gaming industry has seen an increase in their business since the start of this event. Those who are in this business will be hoping for more newbie punters to dive into the online gambling world like now, even after the contagion subsides.

 

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OLYBET PARTNERS WITH WST

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OLYBET PARTNERS WITH WST
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OlyBet is excited to announce an agreement with World Snooker Tour (WST), the home of the world’s best snooker players and tournaments, and part of the Matchroom Sport group.

OlyBet will now be the Official European Betting Partner of WST, as well as the Official Partner of one of the tour’s premium events in The Masters, held in January next year at London’s famed Alexandra Palace, OlyBet will collaborate with WST to showcase the best of professional competition, passionate snooker fans and its world-class players.

“Partnering with WST will bring the excitement, history, and personality of world-class snooker closer to OlyBet’s communities. OlyBet is known for grand activations, up close access and delivering memorable moments through sports. The WST captivates its traditional base and inspires a new generation of fans with the world’s best professionals and personalities. This will be an exciting partnership”, said Corey Plummer Chairman and CEO of OlyBet Group.

The partnership also sees one of WST’s most charismatic and skilful competitors, Jack Lisowski, become OlyBet’s brand ambassador, and will see the former Rookie Of The Year be the face of the partnership on OlyBet’s channels as well as feature in several content projects in conjunction with the tour.

WST’s Chief Commercial Officer Peter Wright said: “It’s exciting to team up for the first time with OlyBet, an inventive brand which has some fantastic partnerships in sports including football and golf. We look forward to collaborating with the OlyBet team and their new ambassador Jack Lisowski, known for his flamboyant style which will fit perfectly with their content strategy.”

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Compliance Updates

CT Interactive announces certification of new games for the Italian market

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CT Interactive announces certification of new games for the Italian market
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CT Interactive is thrilled to announce that new titles have officially received certification for the Italian market, ready to bring a fresh wave of entertainment to players across the country. This certification ensures that the games adhere to Italy’s stringent regulatory standards for fairness, security, and quality, reinforcing CT Interactive’s dedication to providing top-tier gaming experiences.

The newly certified games include: 5x Cherry PartyChristmas StormJester JackLucky KiwiMega GnomePiggy CrashStar GirlThe Big ChilliThe New Queen of FruitsTreasure Chase.

These exciting games offer a diverse range of themes, from the festive charm of Christmas Storm to the whimsical adventures of Piggy Crash and Mega Gnome. Whether players are in the mood for the nostalgic appeal of a classic fruit slot like The New Queen of Fruits, or looking for thrilling treasure hunts in Treasure Chase, there’s something for every type of player.

Each game has been developed with a focus on delivering engaging features, rewarding bonuses, and immersive gameplay. With unique mechanics and visually striking graphics, these releases are designed to captivate Italian players and keep them returning for more.

CT Interactive remains committed to enhancing the Italian gaming landscape by consistently providing fresh, exciting content and introducing new ways to play.

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Cryptocurrency

SOFTSWISS Survey Q3’24: 58% Cite Crypto as Key Driver in New Markets

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SOFTSWISS, a tech company and pioneer in crypto gaming with over 15 years of experience, conducted a survey revealing that the majority view crypto as a key driver for growth in new markets. Experts also  analysed this year’s crypto bets to share the latest insights.

Bitcoin recently reached a historic high, getting closer to 90,000 euro per coin. However, during the third quarter of 2024, it faced its sharpest drop in several years. SOFTSWISS experts examine how these market shifts have influenced iGaming performance in the quarterly ‘State of Crypto’ analytics.

A Quarter of the World’s Population Engages in iGaming 

Global iGaming statistics indicate that approximately 26% of the world’s population were ever engaged in iGaming. By 2028, the iGaming market is projected to reach 243.2 million users, with a market volume nearing 130 billion euro, a substantial portion of which is expected to involve cryptocurrency. 

SOFTSWISS data shows that during the 9 months of 2024, the Total Bet Sum, including both fiat and crypto, increased by 43.1% compared to the same period of 2023. Simultaneously, the Total Bet Count showed even more impressive growth, surpassing 44.5%.

An in-depth comparison analysis since 2022 demonstrates fiat bets are rising much more rapidly than crypto. A comparison between the first nine months of 2024 and the same period of the previous year revealed that the Fiat Bet Sum achieved a 50.4% boost. The conservative approach toward payment methods has resulted in Crypto Bet Sum growing at a slower pace compared to fiat and has led to a modest 4-percentage-points (p.p.) decline in the crypto share in 2024.

 

[1] Based on data from ongoing projects[

Potential of Crypto in iGaming 2025

According to the SOFTSWISS iGaming Trends 2025 Report, cryptocurrency is set to remain one of the preferred payment methods within the sector. Based on the company’s survey, 58% of respondents identified crypto as the primary driver of growth in new markets, underscoring its essential role in shaping the industry’s future.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, reflects on the possibilities of crypto: “Integrating crypto payments allows iGaming businesses to operate globally, delivering greater speed and convenience. With iGaming’s naturally borderless reach, this expands platforms’ access to a wider international audience, boosting their global growth potential.”

“What is more, crypto transaction fees can be almost three times lower compared to traditional fiat gateways, allowing iGaming businesses to save on processing costs and reinvest that capital”, adds Max Krupyshev, CEO of CryptoProcessing by CoinsPaid.

SOFTSWISS data confirms stable interest in crypto. In the first nine months of 2024, the Crypto Bet Sum increased by 15.2% compared to the same period the previous year. A long-term quarter-by-quarter analysis reveals a consistent growth pattern, though the third quarter of 2024 saw a 9 p.p. decline from the previous quarter. The drop aligns with the decline in the exchange rates of major cryptocurrencies, including Bitcoin, Litecoin, and Ethereum, which occurred in the third quarter.

Meanwhile, the Crypto Bet Count rose by 16.2% in Q3 2024, indicating stable interest in crypto gaming. This combination reveals that while engagement in crypto betting remains steady, the total wagered sum is closely correlated to fluctuations in cryptocurrency exchange rates.

Altcoins Share Growth

The top five most popular cryptos in iGaming have remained stable over the years, with some shifts in the ranking order. Bitcoin, Ethereum, Litecoin, Tether, and Dogecoin are the most popular among crypto players. While altcoins accounted for only 25.1% of bets over the first nine months of last year, their share increased significantly to over 47% during the same period in 2024.

 

Bitcoin’s share dropped by 22 p.p. during the nine months of 2024 compared to the same period of 2023. At the same time, Tether and Litecoin saw the most impressive share growth, with over 8 p.p. and 7.8 p.p., respectively. Ethereum strengthened by 4.9 p.p.

Another impactful trend reveals some casinos, like Rollbit and Shuffle, utilise their own iGaming tokens to boost player engagement. Tokens designed specifically for gaming offer enhanced compatibility across platforms, lower volatility, and exclusive perks for users. Crypto drives the development of new payment methods and business growth.

Vitali Matsukevich summarises: “Crypto offers iGaming operators key advantages beyond lower costs and global reach. Blockchain enhances safety and fairness through transparency and traceability, with each transaction and game result permanently recorded and tamper-proof. Partnering with trusted crypto experts allows operators to harness these benefits, positioning themselves for growth and effectively navigating market shifts.”

The new SOFTSWISS iGaming Trends 2025 Report offers more insights about crypto in the ever-evolving iGaming sector. The visionary report is free to download via the link.

 

About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 23,500 casino games, the Affilka affiliate platform, the Sportsbook software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.

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