A report from the gambling industry has shown that more and more people are using cryptocurrencies for online gambling and abandoning fiat money. And interest in betting with altcoins continues to grow.
In the last two years, the proportion of players using cryptocurrencies instead of fiat money online has increased significantly. This is according to a recent new report confirming the growing adoption of cryptocurrencies.
The study comes from Softswiss, which offers software for managing iGaming activities. The organization holds various gaming licenses and was the first company in the world to offer bitcoin-optimized online casino solutions.
The report contains comparative data for the first quarter of 2021 and 2022. This is based on the results of their gaming aggregator and their casino platform.
Crypto betting: growth doubled
Global trends are showing increasing popularity of crypto. The same is true for crypto-gambling. The sum of bets in digital coins more than doubled in the 1st quarter of 2022 according to the report compared to the same period in 2021. In fact, the number of crypto bets increased by 116.7%.
Andrey Starovoitov is the COO of Softswiss. “Crypto gambling has emerged as a separate, full-fledged and promising industry. Brands that adapt to these conditions have the advantage that they have more options and thus reach a larger audience.”
While crypto betting is growing in popularity, fiat money is still the most popular choice when betting online. 64% of people still use fiat money. Nevertheless, the use of cryptocurrencies is rapidly increasing. Softswiss says: “Compared to the same period last year, the cryptocurrency share increased by almost 10% in the first quarter of 2022. From 26.3% to 35.9%. Compared to the first quarter of 2020, the share of cryptocurrencies has increased by 29%. If the momentum stays that way, the share of cryptocurrencies and fiat money will level off over the course of the year. “
The most commonly used cryptocurrencies
Bitcoin has been the most popular cryptocurrency since the beginning of online betting. But times are changing. BTC shares fell 10% in the first quarter of 2022. Softswiss explains: “This is due to the growing interest in Ethereum and Litecoin, the best altcoins. Their share has increased by 3.45% and 2.95% respectively.”
Starovoitov said: “Bitcoin will continue to be the leading cryptocurrency for deposits in the near future. However, the strong growth of other altcoins is showing interest in more technologically advanced currencies like Ethereum. More players will prefer to diversify their capital with other cryptocurrencies. This is a positive trend that also reflects market developments. ”
Crypto betting in 2022: what can you expect?
Consistent with the above results, growth in cryptocurrency is predicted. However, there will be changes in the shares of the coins. Starovoitov says the main trend will be diversification of cryptocurrencies used for betting.
“The stronger regulation of traditional casinos will also push new users into the cryptocurrency niche. We will see active growth in this area as current market leaders discover the niche themselves. Based on our experience, we can show you what is needed to get started. a successful crypto project: cryptocurrencies like Coinspaid, crypto exchanges and in-game currency conversion for a wider range of gaming content. However, new needs are already emerging. For example, using NFTs to improve the gaming experience and build a community of like-minded online casinos. “
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