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The future of crypto gambling: how SOFTSWISS is driving the iGaming industry forward

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The future of crypto gambling: how SOFTSWISS is driving the iGaming industry forward
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Cryptocurrency and blockchain technologies have had a significant impact on the development of the iGaming industry and online betting particularly in recent years. The first to see the potential of cryptocurrencies in gambling was SOFTSWISS, an international company with Belarusian roots. 

“SOFTSWISS as a fast growing company has always been interested in new technology and innovation. We had been closely following the development of cryptocurrency since 2011,” says Ivan Montik, the Founder of SOFTSWISS. “We had a fairly young company at the time and an equally ambitious team. So we decided to focus on developing crypto solutions for classic casino and in the spring of 2013 added special features for the SOFTSWISS Online Casino Platform and processing for bitcoin gambling. There was nothing like it on the market at that time except for a few one-page dice games.”

SOFTSWISS was the first in the world to offer the B2B market a turnkey crypto solution for running a casino. This coincided with the crisis in Cyprus, when bitcoin showed serious growth and drew attention as an interesting tool not only for geeks and IT professionals, but also for businesses. However, in iGaming cryptocurrency was still considered a dark horse. Even the seasoned players of the gambling industry did not know or understand the full potential of the new currency at the time. 

“Initially, SOFTSWISS was the first to introduce bitcoin and blockchain into the operation of gambling,” notes Andrey Starovoitov, Chief Operating Officer at SOFTSWISS. “It was SOFTSWISS that first recommended providers to include cryptocurrencies in the list of currencies available in casino games to accept bets.”

“We were the ones who first sponsored and helped organise the bitcoin seminar at the ICE Totally Gaming conference in London in 2014, where there were panel discussions and I spoke to the iGaming guys,” Ivan continues. “We tried to tell the industry that it was cool and to open their eyes to the fact that cryptocurrencies were the future of iGaming. The main objective was to convince providers to add bitcoin as a full-fledged betting currency without exchanging it for euros.”

The pioneers in crypto gambling were Bitstarz, 7Bit Casino and BetChain, well-known and successful companies now. These were the first brands to start taking bets in bitcoin, ​​taking advantage of the SOFTSWISS Online Casino Platform and cryptocurrency solution. 

This segment of the casino industry existed separately for a long time, until the year 2020-2021 when a radical change occurred. This is when so-called ‘dice sites’, which were not online casinos in the classical sense, but offered players their in-house developed games: roulette, crash games, etc., came into the limelight. One of the important components of these companies was the provably fair feature, based on cryptographic algorithms, which allowed players to verify the outcome of a bet. Among them were crypto gambling giants such as Stake and BC.Game. 

“Dice sites have long been known in the industry, but have always had an isolated place amongst other iGaming projects. We saw great potential in collaborating with them and expanding their gaming content. So we decided to use the knowledge we already had and offer them a complete ecosystem of products, including Game Aggregator, Affilka and Sportsbook. So in 2020 the SOFTSWISS Game Aggregator partnered with several new crypto projects Stake .com, Roobet, BC.Game, Rollbit. Their performance has been staggering. In the first few months, the count was in the millions of GGR. There is no other example in my practice of gaining momentum and showing such rapid growth,” says Andrey.

“We started communicating with them, offering to diversify their content with SOFTSWISS, adding  to their existing games hundreds of new brands, brought together in the SOFTSWISS Game Aggregator. We had a large set of providers that, thanks to their cooperation with SOFTSWISS, were open to cryptocurrency betting. So since our partnership, crypto betting rates have been breaking one record after another,” adds Ivan.

One of the benefits of the dice sites has been the use of more effective marketing tools borrowed primarily from cybersports (CS:GO, Dota 2). Created by guys who knew these games and their audience from the inside, they offered the younger generation exactly what they wanted: engagement, demonstration of skills and elements of competition with rivals, rather than slots that produce results you cannot influence. New brands have learned how to attract and retain this audience in online casinos through new formats, gamification and niche social platforms  such as Twitch streaming. 

“We are seeing a landmark shift in the gambling audience. It is getting younger whereas classic casino brands are mainly geared towards the mature player. The competitive element is very much in favour of and attracts the younger generation,” Andrey concludes. “It can be easily seen by the popularity of eSports and games where several people can play at the same time. And while marketing experts in many companies are struggling with the question of how to attract a young audience, the new brands have already found a way to do it.”

“What we are seeing now is the second wave of crypto gambling that has already come to us. Cryptocurrencies and blockchain are the reality that can no longer be denied. There are still a lot of opportunities for development in this field. Unfortunately, there is often no space for innovation due to strict licensing and regulation. And that leaves the entire industry at a disadvantage. “But SOFTSWISS already offers innovative and unparalleled solutions for crypto gambling. You just have to take advantage of them if you want to be on the crest of the new wave, rather than watching the most interesting things unfold from the shore.” 

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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