Malta – SOFTSWISS details latest crypto insightsBy William - 6 May 2022
Over the past two years, crypto turnover within the iGaming industry has significantly increased according to SOFTSWISS‘ latest corporate report.
The report shows the comparative data for the first 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.
The findings demonstrate 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 – by 116.7 per cent.
“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,” noted Andrey Starovoitov, COO at SOFTSWISS.
“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.”
Observing the ratio of different currencies, the numbers show that fiat currencies still hold the leading position, having 64 per cent 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 per cent. At the same time, in comparison to the first quarter of 2020, the share of cryptocurrencies has grown by 29 per cent. If such dynamics continue, the share of fiat and cryptocurrencies may become equal over the course of the next year.
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 per cent owing to a growing interest in Ethereum and Litecoin, the top altcoins currently out there. Their share has increased by 3.45 and 2.95 per cent respectively. The precise share of the top three cryptocurrencies in Q1 2022 is Bitcoin (72.80 per cent), Ethereum (13.45 per cent), and Litecoin (6.45 per cent).
Andrey summarised: “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.”
The full list of the most used coins and their comparative analyses is reflected in the SOFTSWISS report.