Cryptocurrency
Crypto Analytics by SOFTSWISS: trends and tendencies of the iGaming market
SOFTSWISS has prepared detailed analytics on the state of crypto gambling in 2021, and also presented forecasts for 2022.
SOFTSWISS was the world’s first company to introduce a cryptocurrency-optimised solution for online casinos platforms in 2013. At the moment, the company holds the status of the iGaming industry leader in crypto gambling. The company shares statistics and reviews on the development of cryptocurrencies in the iGaming industry on a regular basis.
The data provided in the article is a part of the company’s detailed report on the state of cryptocurrencies in 2021. It presents the results of the 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 strenghthened 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%, December of the same year shows that number almost doubled to 40.1%. At the same time, the volume of bets in cryptocurrencies over the same period increased by more than 2 times, namely, by 259.21%.
“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% in 2020 to 64.6% 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 Cryptoprocessing solution by CoinsPaid,” said Andrey Starovoitov, COO at SOFTSWISS.
Top cryptocurrencies
Bitcoin still occupies a leading position by a huge margin among altcoins: 80.11% 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%
- Ethereum (ETH) 9.88%
- Litecoin (LTC) 4.52%
Download the full report to learn more.
At the same time, the share of Bitcoin by the end of 2021 decreased compared to the beginning of the year: from 83% in Q1 to 72.32% in Q4. This is related to the growing interest of users in such a cryptocurrency as Ethereum. Its share increased from 9% in the first quarter to 14.12% 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% of the total:
- BGaming 21,10%
- Platipus 13,53%
- Evolution 13,47%
- Booming 10,76%
- Betsoft 7,08%
To find out more information about the most crypto-oriented games, successful providers within the framework of operating crypto-casinos, as well as statistics on crypto-currencies in the context of GGR, download the full report.
“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.
About 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 an Online Casino Platform, Game Aggregator with thousands of casino games, the Affilka affiliate platform, Sportsbook Platform and the Jackpot Aggregator. In 2013 SOFTSWISS was the first in the world to introduce a bitcoin-optimised online casino solution.
Bitcoin
Navigating Bitcoin’s Impact: SOFTSWISS’ iGaming Industry Overview
In March 2024, Bitcoin soared to a historical high, nearing 70,000 euro per coin. How does this impact the iGaming market? Being a tech company with over 15 years of experience and an innovator in crypto iGaming software development, SOFTSWISS shares anticipations in its quarterly crypto analysis.
Over 220 brands powered by the company engaged in crypto transactions during the first quarter of 2024, which is 12% higher than the previous quarter. SOFTSWISS experts analyse the data gathered from crypto-friendly brands by employing extrapolation, comparative, and correlative analysis.
iGaming Market Overview: Unveiling Anticipated Growth
The size of the global online gambling and sports betting industry is expected to rise significantly and exceed 170 billion euro by 2032, according to Statista. Based on SOFTSWISS data, the iGaming market has demonstrated a stable pattern of growth year after year.
In absolute terms in euro, the Total Bet Sum grew by 5.8% in the first quarter of the year compared to the last quarter of 2023. Analysing the year-on-year increase, comparing Q1’24 with Q1’23, the growth is more impressive, showcasing a 47.2% boost.
Simultaneously, the Total Bet Count, both fiat and crypto, displayed a slightly larger gain in the first quarter of 2024 compared to the previous quarter, surpassing 6.1%. The indicator’s year-on-year boost is much more notable, revealing a 57.2% increase.
The popularity of iGaming in recent years has been fuelled by its global reach and accessibility due to constant technological advancements. On one hand, the quality of internet connectivity continues to rise, while on the other, new payment methods are emerging, simplifying payment procedures.
The in-depth quarterly analysis, ongoing since the beginning of 2022, reveals that fiat bets are undergoing more substantial growth compared to crypto bets. In Q1’24, the Fiat Bet Sum increased by 6.9% compared to Q4’23, while the rise of Crypto Bet Sum was at 2.4%.
The more active growth of fiat bets led to a slight decrease in the share of crypto. In the first quarter of 2024, the crypto share in the Total Bets Sum settled at 24.4%, decreasing by 0.8 percentage points (p.p) compared to the last quarter of 2023.
What is the State of Crypto in iGaming?
Analysing crypto bets, it is crucial to highlight that almost 93% of them are facilitated through the in-game currency conversion tool, which is gaining traction. This mechanism allows operators to engage players with cryptocurrency assets in games initially tailored for fiat only. Operators that adopt such options are gaining more competitive advantages in the market.
While the Q1’2024 Crypto Bet Sum shows a moderate 2.4% growth compared to the previous quarter, the year-on-year analysis demonstrates a 20.8% increase. The Crypto Bet Count remained unchanged in Q1’24 compared to the previous quarter’s indicator. Simultaneously, the metric increased by 21.3% year-on-year. The figures speak volumes, showcasing a consistent interest among players in crypto gaming.
“The lack of a substantial increase in the number of crypto bets during Q1’24 can be partly attributed to the significant rise of the Bitcoin exchange rate during this period, leading players to be more cautious with their crypto bets. This trend mirrors the situation in the first quarter of the previous year when the Bitcoin exchange rate surged following a decline at the end of 2022,” comments Vitali Matsukevich, Chief Operating Officer at SOFTSWISS.
What Distinguishes the Average Crypto Bet?
The average crypto bet increased to 1.71 euro in the first quarter of the year from 1.66 euro in the last quarter of 2023. This growth correlates with a significant strengthening of the Bitcoin rate during the first quarter of 2024.
The average fiat bet remained steady at around 0.81 euro in Q1’24 and Q4’23. The average total bet stayed constant since the second half of the previous year and is equal to 0.93 euro.
Notably, the average crypto bet is double that of fiat. This indicates that digital currencies are preferred by higher-income players.
Why Did Bitcoin’s Share Drop?
The Top Five most operated digital coins in iGaming have remained stable during the last two years with minor changes in ranking order. The top still includes Bitcoin, Ethereum, Litecoin, Dogecoin, and Tether.
In Q1 2024, Bitcoin experienced a significant decline of 9.4 p.p. compared to Q4 2023. This could be attributed to the bolstering Bitcoin exchange rate and players exercising a more cautious approach towards it.
In contrast, the shares of other digital coins have increased. Ethereum and Litecoin showed growth of 4.0 p.p. and 3.8 p.p., respectively, during the same period. Simultaneously, Dogecoin rose to fourth place in the ranking, leaving Tether behind.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarises: “The benefits of employing digital currencies, such as fast transactions and anonymity, still attract many players. Embracing cryptocurrencies in iGaming can boost operator profits despite their volatile nature.
As the Bitcoin rate is expected to strengthen after the Bitcoin Halving, the average crypto bet and projected gains may see a notable impact. During such promising times, it is crucial to have reliable and experienced partners to navigate the path to success.”
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.
The post Navigating Bitcoin’s Impact: SOFTSWISS’ iGaming Industry Overview appeared first on European Gaming Industry News.
Cryptocurrency
CryptoSlots Celebrates 6th Birthday with VIP Bonuses and New Games
In honour of its 6th Birthday, this month, CryptoSlots, a trailblazer in crypto gaming, is marking the occasion with the introduction of new games, generous bonuses for all players, and complimentary tokens for the thrilling $1 million Jackpot Trigger game, adding extra excitement to the celebration.
CryptoSlots has achieved several milestones over the past year. This includes the launch of over 20 new games such as Chinatown High Limit, Bank Bust, Pawsome, Twin Wins, and Forest Fairy Fortune, expanding their unique gaming portfolio for players worldwide.
While the last $1 million Jackpot Trigger prize was claimed in 2022, the crypto casino recently celebrated a significant win as player WHAMZY09 scooped $200,000, securing two $100,000 prizes in a single game on April 18. This highlights the continued excitement and potential for substantial winnings on CryptoSlots.
Additionally, CryptoSlots has seen impressive payouts in its Crypto Lotto, with the highest recorded payout reaching $17,428, demonstrating the rewarding nature of its lottery offerings.
Furthermore, the crypto-only casino has made strides in the metaverse by launching a Virtual Showroom with Monthly Rewards in Decentraland, a virtual social world built on blockchain technology. This move allows CryptoSlots to engage with players in innovative ways, offering unique experiences and rewards within the Decentraland universe.
CryptoSlots manager, Michael Hilary commented: “We are thrilled about the future and the boundless opportunities that cryptocurrencies offer. As the landscape of digital currencies continues to evolve, we envision a future where cryptocurrencies revolutionize not just the gaming industry, but every aspect of finance and commerce. With innovation at our core, CryptoSlots is poised to lead the charge into this exciting future.”
“With its presence in Decentraland, CryptoSlots aims to enhance player engagement and offer a novel gaming experience that aligns with the evolving landscape of online entertainment,” continued Hilary.
This month CryptoSlots releases Shadow of the Tomb, an electrifying 6×4 Tomb Raider-inspired slot. Players are plunged into a world filled with ancient relics and treasures where they can win up to 5000x their bet and unearth haunting riches!
Later this month, get ready to embark on an adventure through the untamed wilderness of Alaska with the relaunch of the Wild Alaska slot, boasting enhanced graphics.
At CryptoSlots, transactions for deposits and withdrawals are solely conducted through cryptocurrency. Boasting dozens of provably fair slots, the platform continuously introduces new games. Players accrue tokens for the $1 million Jackpot Trigger slot and receive complimentary tickets for the monthly $10,000+ Crypto Lotto each time they engage in gameplay.
The post CryptoSlots Celebrates 6th Birthday with VIP Bonuses and New Games appeared first on European Gaming Industry News.
Cryptocurrency
TG.Casino Signs Partnership with AC Milan
AC Milan and TG.Casino announced a new partnership, which sees the crypto casino platform become the Official Regional iGaming Partner of the Rossoneri in Europe.
This new collaboration between two frontrunners in their own fields offers a great opportunity to create something new and innovative. This partnership demonstrates the platform’s intent to take on and beat the iGaming competition to become the ultimate destination for all ambitious players. The deal catapults TG.Casino into the top ranks of GameFi by bringing the brand into the living rooms and onto the mobiles of tens of millions of consumers all over Europe.
Through this new partnership, $TGC token holders will have the chance to win lots of experiences offered by the Rossoneri club. From visits to the Milanello training centre to winning official AC Milan jerseys and VIP access at the San Siro stadium, football fans will have the chance to enjoy unique and exclusive experiences.
The new partnership provides AC Milan with a new fan engagement tool, creating bespoke experiences, which aim to give them more access, and bring them even closer to their beloved Club.
The post TG.Casino Signs Partnership with AC Milan appeared first on European Gaming Industry News.
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