How the Casino Industry Really Feels About Cryptocurrencies
April 4, 2022
Crypto gambling pioneer, Softswiss, published detailed analytics on the state of cryptocurrencies in 2021. The igaming aggregator elaborates on industry trends and player preferences regarding crypto gambling in the article. Softswiss unveils how popular the payment solution is and provides rankings of the most popular cryptocurrencies.
They highlighted the top-performing providers who offer crypto gambling and fan favourite games along with industry predictions. Softswiss COO believes the statistics prove that those who choose to exclude crypto gambling from their offering risk losing their competitive edge.
Softswiss first introduced optimisation for cryptocurrency in online casinos in 2013, and the industry leader presents results from their online casino platform and aggregator business. The report statistics comprise more than 500 igaming brands.
What Punters Prefer
In the past year, punters grew increasingly fond of blockchain-based currencies, and the segment had promising growth from the beginning of 2021 to the end of the year. Crypto gambling increased to a share of 40.1% in December, compared to 23% in January 2021. Total wagers accepted during 2021 tallied up to €64 billion, compared to a total value of €27 billion in 2020.
The volume of bets is a testament to the rise in popularity of crypto gambling, with a growth rate of 259.21%. Andrey Starovoitov, COO at Softswiss, believes the statistics show how the masses gradually adopt digital currency, and he expects a continuation of growth in the segment. Starovoitov said:
“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.”
He continues to express the increased importance of crypto for the global igaming market. The statistics show how 23.6% fewer patrons used standard fiat currency and 20.1% more punters wagered with crypto in 2021. Fiat currency wagers dropped from 88.2% in 2020 to 64.6% in 2021.
Favourites in Crypto Gambling
It is no surprise that Bitcoin remains the market leader by a massive margin, with other cryptocurrencies fighting for their share of the market. Bitcoin makes up 80.11% of all Cryptocurrency wagers. Ethereum places second with a share of 9.88%, well ahead of the third most popular cryptocurrency, Litecoin, claiming a 4.52% share.
Although Bitcoin remains a prominent leader, the numbers indicate consumers are exploring more currency options like Ethereum. The latter experienced a 5.12% share increase from the first to the last quarter, while Bitcoin dropped from 83% to 72.32% from the first to fourth quarters.
Softswiss ranked the top operators who actively work to improve their crypto offerings, and their share of crypto bets shows the benefits. BGaming takes first place with 21.1% of their wagers being crypto-based, while Platipus and Evolution ranked second and third with 13.53% and 13.47% of all stakes coming in as cryptocurrency.
The most popular crypto-friendly casino games are Sweet Bonanza, Rich Wilde and the Book of Dead, Fire in the Hole XBomb, Elvis Frog in Vegas, and Lightning Roulette.
Savvy operators understand that the ever-changing landscape of igaming and the consumers it draws requires innovative thinking and high-speed adaptability. Softswiss mentions the exceptionally high level of acceptance rates for cryptocurrency payment solutions.
Customer preferences combined with financial advantages like fractional commissions compared to fiat currency make it a clear winner for any operator. With nearly half of all wagers being crypto-funded during December 2021, it is surprising that not all platforms offer the solution to their players.