SOFTSWISS analyzes cryptocurrency trends
SOFTSWISS analyzed cryptocurrency statistics in 2021, as well as estimates for 2022.
SOFTSWISS is the iGaming industry leader in crypto gaming since it was the first company to create a cryptocurrency-optimized solution for online gambling platforms. The following is a synopsis of a more extensive analysis on the situation of cryptocurrencies in 2021.
In terms of the crypto bets analysis, the percentage of it was 23 percent in January 2021, but nearly doubled to 40.1 percent in December 2021. During the same time frame, the quantity of cryptocurrency bets increased by nearly twice as much, or 259.21 percent.
According to Andrey Starovoitov, COO of SOFTSWISS, cryptocurrencies have long been more than simply a fad in the casino sector, but a clear stage in its growth. He continued, saying:
“The usage of cryptocurrencies provides considerable benefits in terms of transaction speed as well as broad market limits, opening up major prospects for both participants and operators. As a result, they are constantly growing. Those representatives of the industry who do not expand their business in this direction in the near future potentially lose a competitive edge in the “fight” for users. This is plainly demonstrated by our data.”
Aside from the fact that the flat currency is the most common option for betting, cryptocurrency is quietly but steadily gaining market share. Throughout 2021, the share of bets in fiat currencies fell by 23.6 percentage points, from 88.2 percent in 2020 to 64.6 percent in 2021. Cryptocurrencies, on the other hand, increased by 20.1 percent.
Starovoitov, went on to comment how crypto has stopped to be a characteristic of IT “nerds” and went on to add:
“This is a worldwide phenomena with far-reaching consequences for the global economy. The iGaming industry is adjusting to a new reality in which cryptocurrencies will be as essential (if not more significant) than fiat currency in the coming years. Their major advantages include convenience, quickness, and usefulness. SOFTSWISS considered all of these variables and established a comprehensive ecosystem for its customers, which is facilitated in part by CoinsPaid’s Crypto Processing solution.”
Bitcoin maintains its dominant position among cryptocurrencies, contributing for 80.11 percent of all crypto bets. However, there is an increased consumer interest in Ethereum. Its market share climbed from 9% in the first quarter to 14.12% in the fourth quarter of 2021.
According to the report, BGaming, Platypus, Evolution, Booming, Betsoft are among the top crypto providers.
Starovoitov, finished by saying:
“SOFTSWISS Crypto Solution will become a necessary tool for adapting traditional operating paradigms to current demands. We have every reason to anticipate that the popularity of cryptocurrencies will continue to rise this year, creating even more chances for iGaming professionals. In turn, we have the knowledge, ingenuity, and skill to assist both newcomers and veteran market participants in capitalizing on these possibilities.”
If you want to read more and get the whole report, click here.