What will be the next step for crypto games? SOFTSWISS first semester overview
The expansion of cryptocurrencies continues to cover all areas of entertainment, including the dynamic iGaming industry. Being sensitive to high-tech trends, online gaming is entering a new stage, where a crypto community of players and operators is forming. SOFTSWISS, a leading software provider offering quality software solutions for iGaming projects, reveals the latest analysis of its cryptocurrency data for the first half of 2022.
The SOFTSWISS team is constantly monitoring changes in cryptocurrencies to provide the iGaming industry with a forecast for new developments. The data presented in the company's report reflects the state of cryptocurrencies in the first half of 2022 compared to the same period last year. It is based on the results of the company's most requested products: the SOFTSWISS Casino Platform and the SOFTSWISS Game Aggregator.
Total betting: how is the market growing?
Before looking at cryptocurrency trends, it's important to first examine the overall state of the iGaming market. Indicators such as the Total Bet Sum clearly demonstrate the industry's development. Data from SOFTSWISS confirms that interest in iGaming is increasing year-on-year. The sum of all bets shows a 46,4% increase compared to the first half of 2021. Compared to the same period in 2020, this number has increased by almost 247%.
When will crypto betting beat fiat?
It becomes logical to observe the dynamic growth of cryptocurrencies when analyzing fiat and cryptocurrencies for betting. With 34,8% of the total betting volume in the first half of this year, digital currencies continue to capture the share of all bets placed. This represents a 5% increase compared to data collected a year ago.
At the same time, analyzing the proportion of different currencies in the first two quarters of 2022, cryptocurrency lost 2,37% of its share. This appears to be a short-term trend, despite overall growth.
“This slight decline during the second quarter should not affect the overall trend of increasing cryptocurrency participation in total betting volume. We have seen steady growth for several years, which contributes to the development of cryptocurrency gaming. A cryptocurrency community is growing among players. The interests of this audience now largely influence the growth of the entire industry. Operators that cater to the needs of this community gain a competitive advantage and become market leaders,” commented Vitali Matsukevich, COO of SOFTSWISS.
Which digital currencies are catching up with Bitcoin?
It's no surprise that Bitcoin remains the most popular digital currency in the iGaming industry – 71,2% in the first half of 2022. However, there is an apparent growth trend for Ethereum, with its 7% increase during the first half of 2022. Now, Ethereum holds almost 15% of the market share. The top three is still rounded out by Litecoin, which also shows growth of 2,15%.
Bitcoin (BTC) 71,2%
Ethereum (ETC) 14,7%
Litecoin (LTH) 6,15%
The full list of top cryptocurrencies in the first half of 2022 and the first half of 2021 is available in the detailed report from SOFTSWISS.
The next step in the cryptography game. What will it be?
Despite a slight decline in cryptocurrency betting in the second quarter of 2022, the overall picture demonstrates that cryptocurrencies are still penetrating the iGaming industry more deeply, as well as other areas of entertainment. However, regulation of markets worldwide and the diversification of cryptocurrencies will likely have a significant impact on the development of iGaming in the coming years.
“Stricter regulation of cryptocurrency operations will, of course, impact the speed of development in this business area. However, the enormous potential of cryptocurrency projects and, consequently, the interest of key industry players will play a decisive role. We will see even greater growth in this niche combined with a new, non-standard approach to gamifying the gaming process with innovations such as NFTs and tokens,” concluded Vitali Matsukevich, COO of SOFTSWISS.
