Cryptocurrency
Roundtable: The future of cryptocurrency
Cryptocurrency has really taken off over the past few years within the iGaming industry and has established an important foothold in the world of online casinos.
We spoke to Andrey Starovoitov – Co-CEO at SOFTSWISS, Daniel Heywood – Co-founder of NuxGame, and Matt Sahakian – CSO at Technamin, to talk about what the future holds for cryptocurrency and why it is now a hugely vital part of the industry.
How widespread is the use of cryptocurrency in online casino and sportsbook and does it have mass appeal?
Andrey Starovoitov (AS): The use of cryptocurrencies in gambling is a sustained trend that is only getting stronger from year to year. Today, we can see a certain segment of crypto casinos getting a strong foothold and taking over a considerable market share. Crypto casinos are certainly a flagship of our client portfolio along with major fiat casinos. In terms of figures, cryptocurrencies have grown 10% year-on-year to make around 35% of the SOFTSWISS turnover. This is an evident growth indicator on the back of the major coin price volatility, which shows a gradual progressive increase of player interest in this type of deposits.
Daniel Heywood (DH): There has been significant uptake in cryptocurrency adoption in various industries in recent times, including finance, IT, e-commerce and more. Additionally, outside of its use in the corporate world, it has been championed by thousands of private citizens who regularly use cryptocurrencies. This is a far cry from the image crypto had only a few years ago and serves as a testament to its growth.
Matt Sahakian (MS): I think that at this point, crypto is inseparable from our industry. Most reputable online casinos are now offering crypto payment methods and the ones that are not doing so, surely have it in their short-term roadmaps. Online sportsbooks jumped in on the trend a bit later than online casinos, but are certainly catching up as we see the rise of crypto sports betting in the industry.
What are the biggest advantages of using crypto for operators and players when placing wagers online?
AS: First of all, operators gain access to a whole new younger audience which generally does not overlap with the traditional fiat casino segment. The use of cryptocurrencies often gives a certain level of anonymity, which, in turn, attracts VIP players and high rollers.
On the level of operations, all crypto casino metrics such as acceptance rate, conversion rate and others are much higher compared to those of fiat casinos. For instance, the SOFTSWISS acceptance rate (successful to attempted deposits ratio) is 99% for cryptocurrencies.
All of the above is just a smidgen of the benefits from using crypto in iGaming. The main advantage is that crypto is an ever-growing trend we’ve been observing over the last five years.
DH: There are lots of benefits for both players and operators, with the speed of transaction being the most obvious. Because there is no intermediary involved in the transaction process things can be completed far quicker and with fewer steps involved, in comparison to traditional payment methods. The added – and significant – spin-off from the removal of that intermediary is the subsequent lowering of fees, making the process more streamlined and cost-effective.
MS: The foremost advantage is the added layer of security that these currencies bring, thanks to the blockchain technology they are based on. Security is always of paramount concern to both operators and players, and crypto puts both minds at ease. The decentralised nature of these currencies also amounts to higher degrees of anonymity which players prefer when it comes to their information and transaction history.
In which markets are a cryptocurrency solution particularly relevant?
AS: In fact, when asked which is the most popular market for cryptocurrencies in gambling, at SOFTSWISS we highlight that crypto falls into a separate new market. And it makes sense, as the differences between the crypto and fiat audiences are quite significant – the demand for transaction processing speed, availability of provably fair technology games, high game limits and even top game lists are totally different in these two segments. In general, the geography of crypto gamblers is pretty vast – Canada, Germany, LatAm (Brazil, Mexico, Argentina), and Asia.
DH: Cryptocurrencies are relevant across the world. There is no market in which they’re not playing an increasingly important role. However, they are aiding in the expansion of the iGaming industry in developing countries in particular. This is mostly due to the strict banking rules and restrictions within these jurisdictions that cryptocurrencies remedy.
MS: We’re seeing the Asian market as well as certain areas of the LatAm market embracing crypto, along with Africa and the USA. Mexico is also big on blockchain, being included in the top 50 countries where crypto is most popular. Countries like Greece, Denmark, Sweden, Romania, and the UK are also joining in on the trend.
Is it all about Bitcoin, or are other cryptocurrencies commercially viable?
AS: Indeed, we are observing new coins ascending against a gradual Bitcoin decline in the crypto basket, but this does not mean that it is the Bitcoin that is losing its appeal but rather that other cryptocurrencies are gaining momentum as a gambling deposit method. According to our partners’ research, customer interests are shifting towards “stable coins”. Facing the crypto winter, most crypto traders have already sold the most volatile cryptocurrency as we are living in the “cash is king” times. USDT is the leader amongst stable coins, followed by BUSD. As a result, in 2022 we saw that Bitcoin was not the ultimate GO-TO choice for payments. But don’t get me wrong, it is still huge as only Bitcoin offers indisputable decentralisation and freedom of payment. It fell from 65% to 49% in transaction count on average, but marks much lower levels for new casinos with a younger player base.
DH: Bitcoin is of course the obvious leader within cryptocurrency, but there are an increasing number of options for both players and operators. Clients are using an increasingly diverse range, featuring projects such as Ethereum, Solana and Tether and others in order to offer the widest range of payment choices available.
MS: There was a time when Bitcoin was stealing the thunder in the world of crypto. However, that’s not the case today. There are nearly 10,000 active cryptocurrencies out there. Granted that not all of them are as popular or even used, many of them like Ethereum, Binance USD, Dogecoin, Tether and XRP are just as popular with bettors as Bitcoin. That’s the thing with these currencies. You never know which one is going to take the lead.
What does the future hold for using сrypto in online gaming? Is it a passing trend or here to stay?
AS: Overall, despite the volatility we are observing, the crypto gambling segment and its audience will continue to grow, as it is the speed, simplicity, and a certain level of anonymity that players value most in cryptocurrencies. We can clearly see an increasing interest in this niche, and a growing number of operators, including top tier ones, are adding crypto to their payment methods.
DH: Cryptocurrencies are categorically here to stay; by now I’m certain most can agree on that. As the crypto industry evolves, new and more innovative solutions are emerging and are competing for their “15 minutes of fame.” This in turn drives more innovation. A few of these are no doubt just a passing trend, yet some will stay with us long-term and become part of the furniture in the industry.
MS: When Bitcoin was released as the first open-source software and blockchain currency back in 2009, many people thought it would be a passing trend. It has been more than a decade now, and look where we are with these currencies today. Much like any other phenomenon, it is impossible to tell where crypto is going, but a decade-long popularity and expansion are clear indicators that this is a journey which we must follow closely.
Cryptocurrency
SOFTSWISS Named Crypto Company 2024
Crypto Company of the Year was announced at the International Gaming Awards in London. SOFTSWISS, a leading technology company with 15+ years of experience in the industry, gets this title for the second year in a row.
Marking the beginning of ICE London, the awards ceremony has brought together top names in the iGaming industry to honour their achievements. The International Gaming Awards not only unites experts and gaming enthusiasts worldwide but also serves as the pinnacle charity event of the year.
The Crypto Company of the Year category recognises companies that create innovative experiences for clients in the gambling sector with a focus on crypto. The winner is determined by evidence showcasing the company’s standout performance in the crypto space compared to competitors. Reconfirming the previous year’s success, SOFTSWISS emerged as the Crypto Company of the Year for the second time in a row.
Securing the title of Crypto Company of the Year comes naturally to SOFTSWISS, the trailblazer in introducing crypto-friendly solutions for online gaming. Beginning with Bitcoin, SOFTSWISS has expanded its cryptocurrency offering to nearly 20 digital coins since 2013.
In its dedication to improving player experience, SOFTSWISS introduced the In-Game Currency Conversion feature. The innovation allowed players with crypto holdings to engage seamlessly in games originally tailored for fiat only. One year post-launch, 85% of all bets in crypto casinos powered by the SOFTSWISS Casino Platform were made via the feature.
As an expert in crypto-friendly solutions, the company shares its expertise through the quarterly State of Crypto reports and topical podcasts. This helps raise awareness among all stakeholders, offering essential insights for strategic decision-making.
Andrey Starovoitov, Co-CEO at SOFTSWISS, shares: “We are delighted to receive this award, and it signifies more than just recognition for our recent achievements. The title of Crypto Company of the Year holds deep meaning for those who led the way in integrating digital currencies into iGaming, actively advocate for crypto solutions, and generously share expertise in this field.”
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.
Cryptocurrency
Casino Market Industry Forecast Reveals Surge to $165.72 Billion by 2028 with Digital Transformation and Cryptocurrency Integration
The “Casino Global Market Report 2024” report has been added to ResearchAndMarkets .com’s offering.
The latest report on the global casino market highlights significant growth, with expectations for the industry to swell from $131.42 billion in 2023 to an impressive $165.72 billion by 2028, at a compound annual growth rate (CAGR) of 4.6%. The report offers a comprehensive analysis of current market dynamics, future trends, and potential opportunities, positioning it as an essential resource for stakeholders in the casino sector.
The casino industry, experiencing a renaissance through digitization and a shift towards online gambling, is witnessing the rising popularity of cryptocurrency casinos. Innovations, alongside a deepened focus on responsible gambling, are propelling market growth, drawing attention from both established players and new entrants.
Key Market Dynamics Influencing Growth
- Online Gambling Expansion
- Smartphone Proliferation
- Innovative Casino Products
- Strategic Industry Partnerships
The report underscores the growing dominance of the Asia-Pacific region in the global casino market, bolstered by evolving consumer behaviors and burgeoning tourism sectors. The detailed geographic assessment provides strategic insights into the vitality of various regions within the industry.
Gambling machines, gaming tables, and novel casino experiences are discussed in the report. The document leverages industry-specific metrics to provide a nuanced understanding of segment performance, addressing both offline and online modalities.
Industry Leaders Making Strategic Moves
With major corporations like 888 Holdings PLC and Caesars Entertainment Corporation, the casino market is rife with tactical mergers, acquisitions, and partnerships aiming to solidify market positioning and leverage collective strengths.
The global casino market research report presents in-depth market analysis, reflecting cutting-edge industry trends such as the integration of advanced gaming technologies. It also spotlights operational strategies and expansion plans of front-runners in the gambling domain.
This comprehensive research report is poised to be an indispensable tool for industry investors, strategists, and stakeholders planning to navigate the complex terrain of the casino industry with data-driven confidence.
The casino market research report is devised to serve a diversity of informational needs, offering a meticulous examination of the interplay between market forces, technological advancements, and consumer preferences shaping the future of gambling worldwide.
Please note, the market value detailed in the report represents the actualized revenues recognized by entities within the industry over the specified period and geography.
A selection of companies mentioned in this report includes
- 888 Holdings plc
- Boyd Gaming Corporation
- Caesars Entertainment Corporation
- Melco Resorts and Entertainment Limited
- Delaware Park Casino & Racing
- Eldorado Reno Resort Casino
- Foxwoods Resort Casino
- Galaxy Entertainment Group Ltd.
- Golden Nugget Atlantic City Hotel Casino & Marina
- Harrington Raceway & Casino
- LC International Limited
- MGM Resorts International
- Palms Casino Resort
- Penn Entertainment Inc.
- Bally’s Corporation
- Churchill Downs Incorporated
- Genting Group
- Golden Entertainment Inc.
- Hard Rock International Inc.
- SJM Holdings Limited
- Station Casinos LLC
- Star Entertainment Group Limited
- Tropicana Entertainment Inc.
- Wynn Resorts Limited
- Las Vegas Sands Corp.
- Red Rock Resorts Inc.
- Eldorado Resorts Inc.
- Monarch Casino & Resort Inc.
- Pinnacle Entertainment Inc.
- Isle of Capri Casinos Inc.
Blockchain
After Crossing 100,000 Active Users, Hypeloot.com Announces The Launch of Its Utility Token $HPLT
Hypeloot was established in 2022 and has processed over 50 million bets for over 100.000 Users worldwide, being one of the fastest growing Cryptocurrency casinos, releasing new game modes almost every week and a recent surge in growth which is likely to accelerate.
Hypeloot Originals cross 50 million bets mark
With new game mode additions, the number of daily bets and also bets placed per user is increasing by the day. Hypeloot adds some of the most popular Casino games but is also not afraid to add an innovative touch to the platform by developing new games that are gaining a lot of popularity, for example, the Plinko game with a 100.000X multiplier, making it the first-ever Plinko game with this high of a multiplier which is not only something innovative for the Gambling industry but also a great marketing tool as users always try to chase high multipliers.
Hypeloot .com profit share with $HPLT holders
All $HPLT holders will indirectly profit from the rampant Hypeloot .com growth and its already increasing profitability via daily buyback & burn events. Hypeloot profits will automatically go towards purchasing $HPLT tokens on the open market and burning them right after – on a daily basis!
The Hypeloot $HPLT Token
The $HPLT Presale will start the 1st of February at 15:00 UTC directly on presale.Hypeloot .com, the presale is split into different stages in which the first investors get the cheapest possible price and are also eligible for the Hype NFTs which will be tradable right on token launch. 40% Of the total supply will go towards Presale contributors, rest is split between liquidity, marketing, team, airdrops and more. All Team tokens will be locked and vested on a transparent level.
Fueling The Hypeloot Ecosystem
Hypeloot is one of the only Crypto casinos offering Fiat payment gateways and all major payment providers making it easy for every user. On top of that, Hypeloot also currently offers all major Cryptocurrencies for deposits and withdrawals. All Games are 100% provably fair with an open and transparent guide on how to check each roll, the EOS and Chainlink Blockchain hashes are being used to generate 100% randomness.
Hype NFTs
Hype NFTs are the official NFTs of Hypeloot .com ($HPLT), it will initially only be available to presale contributors, on launch, these NFTs can then be traded, bought, sold and used on Hypeloot .com for free bets, staking pools, increased rakeback and much more. These NFTs are strictly limited and will not be minted more than the given supply.
Hypeloot .com Numbers and Outlook
Hypeloot has generated over $1 Million in revenue in 2023, given that regular slot and live casino games will be added soon, it is expected to have a significant surge in the coming weeks as this is anticipated by a lot of current users, this new addition also open the door to a lot of new user acquisition as well as higher profit per user given all the new game modes.
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