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SOFTSWISS Highlights Resurgence of Fiat Currencies in Latest Crypto Report

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With less than two months left in 2022, it is safe to say that it has been another year where cryptocurrency has been a hot topic across numerous industries, including the online real money gambling space.

As the first iGaming software company to work with cryptocurrencies, SOFTSWISS regularly shares the сompany report which includes the most recent insight into the performance of crypto coins across key products to inform the wider community about the market’s potential.

Before diving into the specifics of crypto, it is worth noting that during the first three quarters of 2022, total bets on the supplier’s platform increased by 33.1% compared to this period in 2021, showcasing significant growth of interest in its products.

Further underpinning the strong performance of the SOFTSWISS business model and its increased client base, the company’s GGR for the first three quarters was also up compared to the same period in 2021.

The growth was mainly driven by an increasing number of partners using the Casino Platform and the Game Aggregator solutions, with clients seeing a solid performance from both products. The difference in GGR year-to-date is a staggering 36,6% increase, with SOFTSWISS’ client base continuing to expand, ensuring bettors utilise the supplier’s array of products with both fiat and cryptocurrencies.

CRYPTOCURRENCIES DECLINE  

While the value of all bets in fiat currency increased by 8.4% on a quarter-on-quarter level and by 24,2% on a year-to-date level, there was an overall decline in the number of individual crypto bets placed.

Compared to the second quarter, the value fell by 5.9%. However, in comparison with the three quarters of 2021, we can note a more considerable drop in cryptocurrency bets – 23,5%.

Q2 highlighted the cyclical nature of cryptocurrency. While this is nowhere near the crypto winter the iGaming industry was crying out about, it does signal an upcoming downturn phase in cryptocurrency betting. However, seasonality will likely play a role in Q4 as it usually does towards the start of the holiday season, which sees an uptick in bets.

Commenting on SOFTSWISS’ latest report, Vitali Matsukevich, COO at SOFTSWISS, said: “Despite the numbers, interest in cryptocurrency among players and operators is only increasing. As a comparatively new phenomenon in the iGaming industry, cryptocurrency faces a volatile environment, depending on different economic and social factors. However, we expect crypto rates to increase in the fourth quarter of this year, which will be driven by current gaming activity.”

FIAT MARKET SHARE ON THE RISE

A significant number of bets, more than 70%, are placed with fiat currency, and crypto bets account for one-third of the total bet volume. It is also important to highlight that in a comparison of the three quarters of 2021, the ratio of cryptocurrency bets was definitely higher at almost 44% – and this is reflected in the chart in comparison with the same period in 2022. This difference from last year over the current year is explained by the positive fluctuations of major and minor cryptocurrencies during the Second Wave in 2021.

From the players using crypto coins, data shows that Bitcoin, Ethereum, and Litecoin continue to be the most common options. In general, players remain loyal to their chosen crypto coins, with Bitcoin having near-ubiquitous dominance, as more than 72% of all crypto bets were placed with the currency in Q3. However, there is a firm belief within SOFTSWISS that USDT betting will be on the rise.

The ranking of the cryptocurrencies most frequently betting in Q3 is shown as follows:

  • Bitcoin (BTC) – 72,8%;
  • Ethereum (ETC) – 14,5%
  • Litecoin (LTH) – 5,2%

One certain thing is that despite a continued decline in crypto bets in the third quarter of 2022, players still demand to use alternative currencies. More and more operators understand the importance of offering it as a payment solution, which is expected to continue.

The full list of the most popular cryptocurrencies is available in the company report.

Vitali Matsukevich commented: “Even though world events and crises of 2022 have quarterly impact indicators, prevailing market dynamics continue to favour cryptocurrencies and their use in online gambling. The crypto-friendly iGaming market remains relatively stable and is adapting in line with the global financial markets. We have a positive outlook on the future of crypto.”

 

About SOFTSWISS

SOFTSWISS is an international iGaming company supplying certified software solutions for managing gambling operations. The expert team, which counts 1,500+ 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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Casino Crypto Giant Bitline Partners with Ciphertrace for Enhanced Compliance in Digital Asset Transactions

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BitLine, the only industry provider for casino chip access directly from digital assets, announced a strategic partnership with Ciphertrace, a global leader in digital asset transaction monitoring known for its technology widely used by governments and law enforcement worldwide.

The collaboration follows recent developments in the digital assets industry, where regulatory actions and leadership changes have been observed. By integrating Ciphertrace, Bitline enhances its capabilities for real-time transaction monitoring and compliance with global regulatory standards. Ciphertrace automates the screening of incoming and outgoing transactions.

Bitline CEO and co-founder Richard Jones stated: “In the context of the Web3 industry today, competition is not just about bringing in a product that solves a problem, it is also about ensuring that we all stay way above the line when it comes to compliance and regulations. We are enthusiastic about this collaborative journey with Ciphertrace, reinforcing our commitment to security, compliance, and the seamless integration of innovative technologies into the digital asset landscape.”

Acquired by Mastercard in 2021, Ciphertrace is a global leader in digital asset transaction monitoring. Trusted by governments and law enforcement, Ciphertrace provides solutions for compliance, security, and risk management in the cryptocurrency space.

Bitline will implement Ciphertrace Traveler to support compliance with “Travel Rule” regulations and FATF recommendations, strengthening efforts against financial crimes. Bitline launched its service in 2023, facilitating direct access to cryptocurrency and digital asset liquidity in just minutes. The Bitline platform can be used in casinos around the world 24/7.

The latest addition of Ciphertrace’s risk threat detection tools underscores Bitline’s commitment to upholding the highest standards within Web3 compliance.

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Latest News

Unearth Riches and Mystery in Endorphina’s Latest Slot Adventure: Book of Conquistador!

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Get ready for an exhilarating journey into the unknown with Endorphina’s newest slot game release: Book of Conquistador. This game promises to transport players to a world of undiscovered wonders and hidden treasures. The slot launches on January 18th, so stay tuned!

Book of Conquistador is not just any slot game – it’s an adventure packed into a 5-reel, 3-row, and 10-payline format. Designed to immerse players in a thrilling quest, this game takes you on an expedition to uncover secrets buried beneath ancient ruins.

In this gripping adventure slot, players follow a mystical map leading to forgotten treasures, hidden deep within lost temples. The legendary Book of Conquistador, serving as both a SCATTER and WILD, is your guide to untold riches. The reels are filled with symbols of ancient gold coins, golden masks, mysterious maps, exquisite necklaces, and valuable rings – all leading the way to the legendary lost ancient city.

The excitement intensifies with the appearance of 3 or more SCATTER symbols, which trigger 10 Free Games featuring a special expanding symbol. These Free Games maintain the same bets and lines as the initial game and can be retriggered, offering endless possibilities for big wins. The WILD symbol adds an extra layer of excitement, substituting for 9 regular symbols during Free Games, except for the special expanding symbols.

A unique twist awaits players at the beginning of the Free Games feature. A special expanding symbol is randomly selected and hidden inside the Book of Conquistador. When enough of these special symbols appear on the reels, they expand vertically, potentially leading to significant payouts.

For those who like to up the stakes, the Classic Risk Game offers a chance to double winnings up to 10 times. The Bonus Pop feature is also available, adding another layer of excitement to the gameplay.

Open the Book of Conquistador and let the adventure begin! Watch as fortunes unfold and mysteries unravel, one spin at a time.

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eSports

Riot Games Announces VALORANT Esports EMEA Partnership With Unilumin

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With the start of the 2024 competitive VALORANT Esports season now underway, we’re proud to announce our partnership with Unilumin, a world leading LED display solution provider!

Unilumin has been instrumental in helping us level up the fan experience at the all-new Riot Games Arena with their industry-leading LED display technology, of which 250 square meters will now feature across the Riot Games Arena in Berlin. We’re so excited to welcome them on board as an official supplier for VCT EMEA, VALORANT Game Changers EMEA, and VALORANT Ascension EMEA.

Unilumin’s screens will light up the stage at the Berlin arena – and their logo will feature across various VALORANT Esports EMEA broadcasts throughout 2024. They’ve supplied display solutions globally from Manchester City’s Etihad Stadium to the Mercedes-Benz Arena, a mere stone’s throw away from us at the Riot Games Arena in Berlin. They’ve also worked with some of the biggest names in entertainment venues and global sports stadiums to illuminate events across the globe with grandstand, perimeter, and centerhung screens alongside scoreboards in major competition venues.

As we continue to level up the fan experience throughout 2024, we know Unilumin is the perfect partner to help us bring the most immersive experience and exciting atmosphere to the Riot Games Arena in Berlin, for our fans.

“Unilumin Sports is pleased to bring our solutions and technologies to the Riot Games Arena in Berlin and be a partner of VALORANT Esports in EMEA”, said Oscar Feng, the Global Director of Unilumin Sports. “We will use our well-designed products and fast response services to cooperate with Riot Games for their events and show the ultimate audio-visual experience to their fans.”

“After working with Unilumin for the refit of the Riot Games Arena, we’re delighted to welcome them as a supplier for our various VALORANT Esports EMEA events in 2024,” said Daniel Ringland, Head of VALORANT Esports EMEA. “Unilumin has helped us enhance the fan experience for those watching from home and joining us on-site, and we can’t wait to use their display technology throughout the season.”

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