SOFTSWISS Produces Detailed Report on Cryptocurrencies in the 2021 iGaming Industry

SOFTSWISS produces detailed report on cryptocurrencies that shows a massive increase in bets placed using crypto. (Image from SOFTSWISS.com)

Cryptocurrencies are here to stay, at least in the iGaming industry. Many of us know this already but it has been confirmed in the latest report from one of iGaming’s biggest firms.

SOFTSWISS, one of iGaming’s leading aggregation platforms, has shared some insights on the current state of cryptocurrency gambling. In the report, the firm analysed the use of popular cryptocurrencies such as BTC (Bitcoin), ETH (Ethereum), and LTC (Litecoin), and provided statistics, analysis and forecasts that show that crypto gambling is on the increase.

As we know, the biggest benefits of using cryptocurrencies are privacy, security, speed, and lower transaction costs, something that makes them the ideal payment method at an online casino.

The biggest takeaway from this report is that while fiat currencies continue to dominate as the preferred option among casino players for depositing and playing, bets using cryptocurrencies continue to increase. In fact, the share of bets placed using cryptocurrencies had doubled between January 2021 and December 2021 to 40%. This means that 4 out of 10 bets placed at online casinos are now done using crypto. The volume of the bets placed using crypto’s during the same period also increased by over 2.5 times to 259.21%. If that rate of usage was to continue into 2022, cryptocurrencies will become the dominant currency used for online gambling.

SOFTSWISS is a Belarussian aggregation platform that is recognised as one of the leaders in its field. To date, the firm powers over 300 websites that between them process over €3 billion in bets each month. The platform offers clients the ability to purchase out of the box online casinos without having to worry about setting up payment options, gaining licensing, providing customer support, or entering into agreements with software providers. They can simply pick and choose what they want before going live in a short space of time.

The Most Used Cryptocurrencies and the Leading Crypto Gaming Providers

As you might expect, Bitcoin as a casino payment method remains the dominant cryptocurrency for online gambling, accounting for over 80% of all bets in 2021. Next in line is Ethereum (ETH) recording 9.88% while Litecoin rounds off the top three with 4.52% of all bets across casinos using the SOFTSWISS aggregator platform. However, while this still looks great for Bitcoin, throughout the year, its dominance started to recede. In Q4, only 72.32% of crypto bets were placed using Bitcoin while Ethereum usage grew to 14.12%. This is likely due to ETH’s increasing popularity due to its strengthening price position, which has recently outperformed Bitcoin.

As for the iGaming software providers that have adopted and adapted their games to support crypto gaming, there are quite a few surprises. You might have thought that many of the bigger names would have jumped on the crypto bandwagon by now, but it seems that others have stolen the march. Evolution (13.47%) and the popular slots provider Betsoft (7.08%) make the top five, but it is up-and-coming companies such as BGaming (21.10%), Platipus (13.53%), and Booming Games (10.76%) that seem to have got the jump on many more recognisable brands.

With crypto betting almost doubling throughout 2021, what can we expect from 2022? Will cryptocurrencies overtake fiat currencies in terms of casino betting? At the current rate, this is more than possible. SOFTSWISS will no doubt keep us updated at this time next year, so stay tuned!

SOFTSWISS Smashes Records: As the number one aggregation platform, SOFTSWISS continues to post record-breaking revenues. In 2021, the firm revealed it had more than doubled its GGR from the previous year to 200 million.