SOFTSWISS, the iGaming company, has released its report on the state of cryptocurrencies in 2021 using its SOFTSWISS Game Aggregator and the SOFTSWISS Casino Platform.
Crypto bets overview
The increase in the number of bets in cryptocurrencies throughout the year confirms the global trend that the position of cryptocurrencies has strengthened and that they are increasingly more popular among online casinos users. Сompared to January 2021 when the share of bets made in crypto was at 23 per cent, December of the same year shows that number almost doubled to 40.1 per cent. At the same time, the volume of bets in cryptocurrencies over the same period increased by more than two times, namely, by 259.21 per cent.
“Cryptocurrencies have long been not just a trend in the gambling industry, but an obvious stage in its evolution. With significant benefits related to transaction speed, as well as wide market boundaries, the use of cryptocurrencies opens up significant opportunities for both players and operators. This leads to their constant growth. Those industry representatives who won’t develop their business in this direction in the near future risk losing a competitive advantage in the ‘battle’ for users. Our statistics clearly demonstrate this,” commented Andrey Starovoitov, COO at SOFTSWISS.
Crypto and fiat currencies
Despite the fact that fiat currencies are still the most preferred option for betting, crypto is gradually but steadily growing in its share. Over the year, the percentage of bets in fiat currencies decreased by 23.6 percentage points: from 88.2 per cent in 2020 to 64.6 per cent in 2021. In its turn, cryptocurrencies showed a growth of 20.1 percentage points.
“Cryptocurrencies have long ceased to be an attribute of IT geeks. This is a global phenomenon and its impact on the global economy cannot be denied. The iGaming market is adapting to a new reality in which cryptocurrencies will become as important (if not more important) than fiat in the next couple of years. Convenience, speed, and usability are their huge advantages. SOFTSWISS took into account all these factors and created an entire ecosystem for its clients, which, in part, is made possible by the crypto processing solution by CoinsPaid,” said Andrey Starovoitov, COO at SOFTSWISS.
Bitcoin still occupies a leading position by a huge margin among altcoins: 80.11 per cent of all crypto bets are made using BTC. According to the share of all cryptocurrencies used, the list of the most popular coins is as follows:
- Bitcoin (BTC) 80.11 per cent
- Ethereum (ETH) 9.88 per cent
- Litecoin (LTC) 4.52 per cent
At the same time, the share of Bitcoin by the end of 2021 decreased compared to the beginning of the year: from 83 per cent in Q1 to 72.32 per cent in Q4. This is related to the growing interest of users in such a cryptocurrency as Ethereum. Its share increased from nine per cent in the first quarter to 14.12 per cent in the last quarter of 2021.
Top crypto providers in the iGaming market
Below is the list of providers actively working with crypto based on the share of all crypto bets in 2021. According to the statistics, BGaming players most often used cryptocurrencies in games and ensured the share of bets in crypto at the level of 21.10 per cent of the total:
- BGaming 21,10 per cent
- Platipus 13,53 per cent
- Evolution 13,47 per cent
- Booming 10,76 per cent
- Betsoft 7,08 per cent
“Cryptocurrency allows casino and dice site operators to work with a young audience. In this regard, the SOFTSWISS Crypto Solution will become an indispensable tool that adapts classical operating models to modern requests. We have every reason to believe that the share of cryptocurrencies will continue to grow this year and, accordingly, will open up even more opportunities for iGaming representatives. In turn, we have experience, innovation and expertise to help both newbies and experienced players in the market to make the most of these opportunities,” summed up Andrey Starovoitov, COO at SOFTSWISS.