The SOFTSWISS team is constantly monitoring changes in crypto in order to provide the iGaming industry with a forecast for further developments. The data presented in the company report reflects the state of crypto in H1 2022 compared to the same period of the last year. It is based on the results of the company’s most demanded products: the SOFTSWISS Casino Platform and the SOFTSWISS Game Aggregator.
TOTAL BETS: HOW IS THE MARKET GROWING?
Firstly, before observing the crypto trends, it is important to overview the general state of the iGaming market. Such indicators as the Total Bet Sum clearly demonstrate the industry’s development. The SOFTSWISS data confirms that interest in iGaming is steadily increasing year by year. The sum of all bets shows a 46.4% surge compared to the first half of 2021, and almost a 247% escalation regarding the same period in 2020.
This progress makes analysts look at fiat and cryptocurrencies for betting. Holding 34.8% of the total bets volume in the first half of the current year, digital coins continue to capture the share of all bets made. It has increased by 5% compared to the data gathered one year ago. At the same time, considering the ratio of different currencies in the first two quarters of 2022, crypto has lost 2.37% in its share. It seems to be a short-term tendency, despite overall growth.
About this issue, Vitali Matsukevich, COO at SOFTSWISS, expressed: “This slight decline during the second quarter should not affect the overall trend towards an increase in the share of cryptocurrencies in the total volume of bets. We have been seeing stable evolution for several years, which contributes to the further development of crypto gambling. A crypto community is expanding among players. The interests of this audience now largely influence the growth of the whole industry. Operators that meet the needs of this community gain a competitive advantage and become market leaders.”
WHAT DIGITAL COINS ARE CATCHING UP TO BITCOIN?
It is not a surprise that Bitcoin still remains the most popular digital currency in the iGaming industry, with 71.2% of use in H1 2022. However, there is an apparent trend in the growth of Ethereum, with a 7% rise in the mentioned period. Now, Ethereum holds almost 15% of the share. The top three ranking is closed by Litecoin, which also advanced by 2.15%.
- Bitcoin (BTC) 71.2%
- Ethereum (ETC) 14.7%
- Litecoin (LTH) 6.15%
The full list of top cryptocurrencies in H1 2022 and H1 2021 is available in the detailed SOFTSWISS report.
THE NEXT MOVE OF CRYPTO GAMBLING
Despite a slight decline in crypto bets within the second quarter of 2022, the overall picture demonstrates that cryptocurrencies are penetrating deeper into the iGaming industry, as well as in other areas of entertainment. Nevertheless, the regulation of the markets worldwide and the diversification of cryptocurrencies will likely have a significant impact on the development of iGaming in the upcoming years.
“Stricter regulation of crypto operations, of course, will affect growth speed of this business. However, the huge potential of crypto projects and, accordingly, interest from leading industry representatives will play a decisive role. We will see further expansion in this niche combined with a new non-standard approach to the gamification of the playing process, with novelties such as NFTs and tokens,” Matsukevich concluded.