Cryptocurrency is becoming increasingly popular in the entertainment industry including the iGaming market. Online betting and gambling have seen a rise in crypto deposits and a community of crypto players and operators is beginning to form.SoftSwiss is a software developer for online casinos and betting sites that constantly monitor data providing an up-to-date account of trends and forecasts. In terms of its crypto data for 2022, SoftSwiss recognised an uptake in cryptocurrency usage in H1 of 2022 compared with the same period in 2021.
Online Gambling Increased in 2022
SoftSwiss data shows an increase in gambling year by year, upwards of 46.4% compared with data from 2021. 34.8% of bets in the first half of 2022 were digital currency, digital coins were responsible for the biggest share of all bets made.SoftSwiss COO Vitali Matsukevich said, “The 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. 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.”
Bitcoin the Most Popular Choice
The current trends see Bitcoin as the most popular digital currency with 71,2% in H1 2022. Ethereum is the second most popular at 15%, with Litecoin the third popular choice at 6.15%.During the second quarter, cryptocurrency slightly declined however, the overall picture suggests cryptocurrencies are further penetrating the iGaming industry. This suggests that the regulation of worldwide markets will have a major impact on the development of the iGaming industry in the coming years.Matsukevich said, “Stricter regulation of crypto operations, of course, will have an impact on the development speed of the business area. However, the huge potential crypto projects and, accordingly, interest from leading industry representatives will play a decisive role. We will see further growth in this niche combined with a new non-standard approach to the gamification of the playing process with novelties such as NFT and tokens.”