Increased Crypto Adoption in Online Gaming – Report

Leading software provider for iGaming projects, SOFTSWISS has released a new report on cryptocurrency and iGaming, reflecting on the first half of 2022. With crypto adoption on the rise and starting to normalize in all areas of entertainment, the online gambling sector experiences the formation of a crypto community.

The report includes the following highlights:

Total Betting volume. Is the iGaming market growing?

crypto igaming gambling
Number of total bets keeps growing. Source: SOFTSWISS

Before looking at crypto trends, it is important to first review the general state of the iGaming market. Indicators such as total betting turnover clearly show the evolution of the industry. The SOFTSWISS data confirms that interest in iGaming has grown steadily year over year. The sum of all stakes has increased by 46.4% compared to the first half of 2021. Compared to the same period in 2020, this number has increased by nearly 247%.

Will Crypto iGaming Outdo Fiat?

When looking at fiat and cryptocurrencies for betting, this becomes a logical question given the dynamic growth of cryptocurrencies. In the first half of this year, digital currencies accounted for 34.8% of total betting volume, continuing to account for the share of all bets. It adds 5 percentage points compared to data collected a year ago.

crypto betting iGaming
Overview of % of bets placed in fiat and crypto. Source: SOFTSWISS

At the same time, analyzing the proportion of different currencies in the first two quarters of 2022, crypto lost 2.37 percentage points. Despite the overall increase, this appears to be a short-term trend, Vitali Matsukevich, COO at SOFTSWISS, said:

“This slight decline during the second quarter shouldn’t 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. A crypto community is growing among players. 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.”

What alternative coins to Bitcoin are using in online gambling?

Not surprisingly, Bitcoin remains the most popular digital currency in the iGaming industry – 71.2% in the first half of 2022. However, Ethereum has a clear growth trend, reaching 7 percentage points. Increase in the first half of 2022. Ethereum now holds a nearly 15% stake. The top 3 rankings, still closed by Litecoin, also showed a 2.15 percentage point increase.

  1. Bitcoin (BTC) 71.2%
  2. Ethereum (ETC) 14.7%
  3. Litecoin (LTH) 6.15%

Conclusion: What Impact will Crypto have on iGaming in the Future?

The second quarter of 2022 showed a slight decrease in cryptocurrency bets compared to the first quarter. However, overall, it’s clear that the use of crypto in iGaming and other forms of entertainment is growing in popularity. The changes in crypto market regulations worldwide and the development of more cryptocurrencies are likely to significantly influence the growth of iGaming over the next few years. According to the SOFTSWISS CEO, the potential of crypto in the sector is massive:

“Stricter regulation of crypto operations, of course, will have an impact on the development speed of this business area. However, the huge potential of 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.” 

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