Crypto gambling pioneer, SOFTSWISS has compiled a microcosm snapshot report on the state of the digital currency gambling industry with data from the end of the first half of the year.
The report focuses on casinos using the SOFTSWISS Casino Platform and SOFTSWISS Game Aggregator.
Generally, the use of cryptocurrencies like Bitcoin and Ethereum is expanding across all forms of entertainment, not just the online casino industry. However, the industry is a leading sector in the use of virtual currencies and the company reports that a sort of community has formed around cryptos between operators and consumers. At the very least, it is a meeting of energies where the currencies are exchanged for a specific reason.
The platform and game aggregator provider stays on top of trends in the market and is constantly monitoring various aspects such as what types of coins are being used, what is bet on, and the volume of betting with Bitcoin and alt-coins. The data presented in the report compares H1 year-on-year numbers for the most part with some longer-term trends examined.
When looking at all bets placed on the platform – crypto and fiat, researchers noted that the total sum of bets in the first half of 2022 was nearly half as much again (+46.4%) as it was in 2021. When compared to the same period in 2020, which was affected drastically by the world health emergency, we see a stunning increase of nearly 247%.
One of Every Three Bets is Staked with Crypto
In the first half of 2022, all forms of virtual currencies accounted for just over one-third of all bets placed on the platform at 34.8%. That’s up 5% since the end of H1 2021. When looking at the first two quarters of 2022 we see that crypto betting was down a little over 2% in the second quarter. According to the report that appears to be a short-term dip in the overall growth that should maintain an upward trajectory.
Vitali Matsukevich, COO at SOFTSWISS said: “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 growth for several years, which contributes to the further development of crypto gambling. A crypto community is growing 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.”
Bitcoins Still the Most Popular Virtual Currency
The grandfather of cryptocurrencies, BTC, remains the most popular coin to bet commanding a 71.2% share of the digital currency pie. Ethereum, the second most popular digital currency used on the platform was up 7% during the first 6 months of the year to stand at a respectable 14.7% of all coins bet.
Litecoin maintained its position as the number three coin again this year and showed growth of some 2.15 percentage points of the last year’s first half, rising to 6.15% of all coins bet. Dogecoin clocked in at 4th place.
It should be noted that the same precise trends may not be seen in the overall iGaming market as the SOFTSWISS platform is crypto-centric. Most “crypto casinos” run on the platform. Many other international operators do provide crypto deposit and withdrawal options so similar data should be repeated across the spectrum because with the drop in BTC prices also comes an increase in unit bets everywhere.
While not the lion’s share of the iGaming market by any means, the sheer volume of bets on the platform lends weight to the importance of digital currencies for internet betting with over 35 billion euro bet on the SOFTSWISS platform alone in the first half of the year – an all-time record.
The Game Aggregator delivers games from a variety of developers and studios on the platform. Evolution still rules the roost for the volume of wagers and holds the number three spot for crypto bets behind number two, Platipus, and the leader BGaming the SoftSwiss in-house game studios.
Slots from Platipus and BGaming, including Elvis – Frog in Vegas along with Evolution blackjack received the biggest number of crypto bets while the greatest volume of coins went through live games by Pragmatic Play (Sweet Bonanza) and Evolution (Crazy Time and Lightning Roulette) as well as the slots Gates of Olympus by BGaming and Big Bamboo from Push Gaming.
Source: SOFTSWISS State of Crypto in H1 2022 (.pdf), SOFTSWISS, September 8, 2022