Over the past 2 years, crypto turnover within the iGaming industry has significantly increased. The recently released SOFTSWISS corporate report confirms the growing adoption of cryptocurrencies.
Being the leading company in crypto gambling, SOFTSWISS keeps abreast of all trends related to the growth of crypto. The information from the detailed report shows the comparative data for the 1st quarter of 2021 and the same period of the current year based on the results of the SOFTSWISS Game Aggregator and the SOFTSWISS Casino Platform. In the article below the SOFTSWISS team gathered the most significant facts that reflect the state of the crypto gambling market at the moment, and offered the forecasts for the future changes.
Crypto Bets: x2 Growth
Along with the global trend, which shows the growing popularity of cryptocurrencies, the SOFTSWISS сorporate report also demonstrates the continuous development of crypto gambling. According to the statistics, the sum of bets in digital coins in Q1 2022 more than doubled compared to the same period last year. More precisely, it has grown by 116,7%.
“Stable growth of cryptocurrencies in the iGaming market allows us to say that crypto gambling has become an independent, full-fledged, and extremely promising line of business. Those brands that have adapted to these conditions and allowed their players to use all the benefits of cryptocurrencies have an advantage such as wider opportunities for operation and, accordingly, a wider audience,” noted Andrey Starovoitov, COO at SOFTSWISS.
Crypto & Fiat Currencies Bet Share: Blurring the Difference
Observing the ratio of different currencies, the numbers show that fiat currencies still hold the leading position, having 64% of the total volume. However, the share of cryptocurrencies is steadily growing every quarter. Compared with the same period last year, the share of crypto in Q1 2022 increased by almost 10 percentage points: from 26.3% to 35.9%. At the same time, in comparison to the first quarter of 2020, the share of cryptocurrencies has grown by 29 percentage points. If such dynamics continue, the share of fiat and cryptocurrencies may become equal over the course of the next year.
Top Cryptocurrencies: Bitcoin is Decreasing its Share
Even though Bitcoin has been the preferable cryptocurrency since it was introduced by SOFTSWISS, it showed a decrease in its share in Q1 2022 by 10 percentage points. This is related to the growing interest in Ethereum and Litecoin, the top altcoins at the moment. Their share has increased by 3.45% and 2.95% respectively. The precise share of the top 3 cryptocurrencies in Q1 2022 is the following:
- Bitcoin (BTC) 72.80%
- Ethereum (ETC) 13.45%
- Litecoin (LTH) 6.45%
Andrey Starovoitov, COO at SOFTSWISS, commented on the popularity of the cryptocurrencies today: “Bitcoin will still be the leading cryptocurrency for deposits in the near future. However, the strong growth of other altcoins demonstrates the interest in more advanced coins in terms of technology such as Ethereum. More players will prefer to diversify their funds with other cryptocurrencies. This is a positive trend related to the development of the market.”
The full list of the most used coins and their comparative analyses is reflected in the SOFTSWISS report.
Crypto Gambling in 2022: What to Expect?
The Q1 results, reflected in the company report, allow us to make the conclusion that cryptocurrencies will be showing further growth with subsequent changes in terms of coin share within the iGaming market. Diversification of cryptocurrencies used for betting will be one of the significant trends to influence the industry. At the same time, the trend in the regulation of the traditional casino will also characterise the development of crypto gambling in the future.
“The stronger regulation of traditional casinos will definitely attract new operators to the crypto gambling niche. In the next couple of years, we will see active growth in this market segment as most current leaders will join the niche. As for the product itself, we can highlight what you need to launch a successful crypto project based on our experience: connected crypto processing such as Coinspaid and crypto exchange services (Moonpay, Mercuryo.io, Utorg), as well as the in-game currency conversion for a wider selection of game content. However, new needs are already emerging. For instance, using NFTs to gamify the player experience and build a community of like-minded people around the online casinos,” summarised Andrey Starovoitov, COO at SOFTSWISS.
SOFTSWISS is a widely-acclaimed iGaming expert supplying certified software solutions for managing gambling operations. The company has an international team, which counts 1000+ employees, and has an official presence in Malta, Belarus, Poland, and Georgia. SOFTSWISS holds a number of gaming licences, providing one-stop-shop iGaming solutions. The company has a vast product portfolio, which includes 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.
BGaming creates exclusive slots and games for Winz.io crypto casino
Traditional online casinos continue to refuse to accept cryptocurrency assets as payment options for their accounts, claiming that they are inherently unstable. There is some truth to these words because we can see for ourselves how the overall market is falling as a result of the Terra ecosystem hacks. But you have to give cryptocurrencies credit for some ambitious casino projects that are still operational simply because they accept cryptocurrency deposits and withdrawals. Today, we will look at how virtual money has impacted the entire gaming industry.
BGaming and Winz.io casino
If you are an experienced online casino player, then you also know about the most popular software developers like BGaming. They have released exclusively exclusive games for Winz.io casino online such as Multihand Blackjack and Winz to the Moon.
Winz to the Moon is a fascinating and very addictive slot game that is built to evolve and reward players with unpredictable results and large prizes. There, users may study the payoff tables to learn how the game works and how much they can win. It allows you to go on adventures in deep space, and by spinning the symbols on the screen, you may win prizes that are out of this planet.
Multihand Blackjack is an extremely popular game that has drawn participants from all over the world since it was launched and made available. It is simple to learn and enjoy, whether you are a seasoned professional or a novice who has never played a game like this before. The purpose stays the same as in any other blackjack version. Players must obtain a total number that does not exceed “21,” but should be as near to it as possible because they are playing against the dealer, who also has a hand. Six decks are employed here, allowing for 312 playing cards every round. In addition, the dealer will deal with three hands.
Cryptocurrencies in gambling
At a time when traditional gambling sites were under state scrutiny, each crypto casino saw unprecedented gains as a result of a sense of freedom. Traditional representatives of this type of gambling began to feel constant pressure from regulators, who were required to enforce anti-money laundering laws and implement mandatory KYC verification. Later, traditional online casinos began to suffer from financial institutions that required individual verification of each new player and withdrawal approval under the same law.
All of that has changed with the advent of cryptocurrencies. Because it does not apply to any known financial institution, it cannot be regulated. The very nature of cryptocurrencies is decentralized and transparent. As a result, states and regulators have relaxed their grip on traditional casinos because frequent checks have become a minor inconvenience for users. Even where there was no direct support for cryptocurrencies, casino gaming has become more open.
These are the most Googled Cryptocurrencies in every European Country
New research has revealed the cryptocurrency each European country wants to invest in the most, with Bitcoin taking the top spot.
The research, conducted by online casino experts AskGamblers, analysed Google Trends data over the past 12 months to establish the cryptocurrency that each country across Europe wants to invest in, based on searches.
The analysis revealed that Bitcoin is the most searched cryptocurrency in Europe, with twenty-one countries searching for Bitcoin more than any of its competitors, including Germany, Poland, Romania, and Belgium.
Seven countries were searching to invest in Shiba Inu more than any other cryptocurrency, including the UK, Russia, France, and Italy. This makes Shiba Inu the second most popular cryptocurrency in Europe.
Ethereum is the third most popular cryptocurrency, according to the research. The countries seeking to invest in Ethereum the most are Sweden, Czechia, Latvia, and Slovenia.
A total of three countries – the Netherlands, Bulgaria, and Andorra, were searching for Cardano more than any other cryptocurrency. This placed Cardano in the fourth spot in Europe overall.
In fifth place is Dogecoin, which was the most popular cryptocurrency in Greece and Albania.
Commenting on the findings, a spokesperson for AskGamblers said: “There is an abundance of free information available online to educate people on crypto, especially on platforms such as TikTok and YouTube. This has opened the opportunity for people of all different backgrounds to start investing, who might not have had the knowledge or confidence to enter the world of crypto before.”
“With 38 million crypto users in Europe and thousands of cryptocurrencies on the market to choose from, it is fascinating to see which one people are the most interested in investing in. Although Bitcoin is the most popular overall, the interest in Shiba Inu has grown to surpass Bitcoin in major countries such as Russia and the UK.”
Most Googled Cryptocurrency in Europe
|Cryptocurrency||No. Countries Searching for it the Most|
What Will Be the Next for Crypto Gaming? SOFTSWISS H1 Overview
Crypto expansion continues to cover all areas of entertainment including the dynamic iGaming industry. Being sensitive to hi-tech trends, online gambling is experiencing a new stage, one where a crypto community of players and operators is forming. SOFTSWISS, the leading software provider offering quality software solutions for iGaming projects, unveils the latest look at its cryptocurrencies data for the first half of 2022.
The SOFTSWISS team is constantly monitoring changes in crypto in order to provide the iGaming industry with a forecast for further developments. The data presented in the company report reflects the state of crypto in H1 2022 compared to the same period last year. It is based on the results of the company’s most demanded products: the SOFTSWISS Casino Platform and the SOFTSWISS Game Aggregator.
Total Bets: How is the Market Growing`?
Before observing the crypto trends, it is important to overview the general state of the iGaming market first. Such indicators as the Total Bet Sum clearly demonstrate the industry’s development. The SOFTSWISS data confirms that interest in iGaming is steadily increasing year by year. The sum of all bets shows a 46.4% surge compared to the first half of 2021. Compared to the same period in 2020, this number increased by almost 247%.
When Will Crypto Bets Beat Fiat?
It becomes a logical question when looking at the dynamic growth of crypto when looking at fiat and cryptocurrencies for betting. Holding 34.8% of the total bets volume in the first half of the current year, digital coins continue to capture the share of all bets made. It has increased by 5 p.p. compared to the data gathered one year ago.
At the same time, analysing the ratio of different currencies in the first two quarters of 2022, crypto has lost 2.37 p.p. in its share. It seems to be a short-term tendency, despite overall growth.
“This slight decline during the second quarter should not affect the overall trend towards an increase in the share of cryptocurrencies in the total volume of bets. We have been seeing stable growth for several years, which contributes to the further development of crypto gambling. A crypto community is growing among players. The interests of this audience now largely influence the growth of the whole industry. Operators that meet the needs of this community gain a competitive advantage and become market leaders,” сommented Vitali Matsukevich, COO at SOFTSWISS.
What Digital Coins Are Catching Up to Bitcoin?
It is not a surprise that Bitcoin still remains the most popular digital currency in the iGaming industry – 71,2% in H1 2022. However, there is an apparent trend in the growth of Etherium, with its 7 p.p. rise during H1 2022. Now Etherium holds almost 15% of the share. The top three ranking is still closed by Litecoin which also demonstrates growth of 2.15 p.p.
- Bitcoin (BTC) 71.2%
- Ethereum (ETC) 14.7%
- Litecoin (LTH) 6.15%
The full list of top cryptocurrencies in H1 2022 and H1 2021 is available in the detailed SOFTSWISS report.
The Next Move of Crypto Gambling. What will it be?
Despite a slight decline in crypto bets within the second quarter of 2022, the overall picture demonstrates that cryptocurrencies are still penetrating deeper into the iGaming industry as well as other areas of entertainment. Nevertheless, the regulation of the markets worldwide and the diversification of cryptocurrencies will likely have a significant impact on the development of iGaming in the upcoming years.
“Stricter regulation of crypto operations, of course, will have an impact on the development speed of this business area. However, the huge potential of crypto projects and, accordingly, interest from leading industry representatives will play a decisive role. We will see further growth in this niche combined with a new non-standard approach to the gamification of the playing process with novelties such as NFT and tokens,” concluded Vitali Matsukevich, COO at SOFTSWISS.
SOFTSWISS is an international iGaming company supplying certified software solutions for managing gambling operations. The expert team, which counts 1,400+ employees, is based in Malta, Poland, Georgia, and Belarus. 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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