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Cryptocurrency trends in iGaming

The main takeaway from the Q3 2021 data is that the volume of bets placed in cryptocurrencies is increasing. Compared to the same period last year, the growth was 2.8 times. The positive trend continues in 2021: growth from Q2 2021 to Q3 2021 is 28%.

“This strong growth is not only due to the organic development of SOFTSWISS, but also to the growing digital consumption worldwide. iGaming companies are investing more and more in marketing. This leads to an increase in the popularity of online gambling and betting among women. The audience and young players over 21 who actively use cryptocurrencies in their daily lives in general and for online betting in particular. This is reflected in the increase in the share of cryptocurrencies in iGaming,” comments Andrey Starovoitov, COO of SOFTSWISS.

CRYPTO VS FIAT

Cryptocurrencies are gradually replacing fiat currencies. Compared to the third quarter of 2020, the proportion of crypto versus fiat staking increased by 27.6 percentage points over the same period in 2021. The growing trend in the popularity of cryptocurrencies is also confirmed by comparative data for the second and third quarters of 2021, when the share of bets on cryptocurrencies increased by 10.3 p.p. from 33% to 43.3%.

Andrey Starovoitov, COO of SOFTSWISS, states: “Such dynamics is most likely associated with the growth and development of the number of crypto-brands. If in the third quarter of 2020 they were still new to the market, this year they can be considered as experienced players in the crypto gaming industry, and the entry of these brands into new markets has also played an important role in this.”

CRYPTO VS FIAT: SPORTSBOOK

A completely different trend is observed in sports betting. In this category, fiat currencies still have an absolute advantage. In the third quarter, 98.76% of bets were made in fiat currencies compared to 1.24% in cryptocurrencies.

Alexander Kamenetsky, product manager of the bookmaker, notes: “Most likely, this is due to the fact that the vast majority of the bookmaker’s clients are companies that launched their sites without initially focusing on cryptocurrency operations. Their main focus was on fiat. changed, and now cryptocurrencies are always considered an important part when launching new projects, so I am sure that the share of cryptocurrencies will only increase in the future.”

Find out which cryptocurrencies are preferred by casino and sports betting tether betting websites players in the full SOFTSWISS Crypto Insights Report.

Information about SOFTSVISS

SOFTSWISS is an international technology brand offering widely recognized certified software solutions for managing iGaming operations. SOFTSWISS has several gaming licenses and offers iGaming solutions from a single source. In 2013, SOFTSWISS became the first company in the world to launch an online casino solution optimized for Bitcoin.
You may also be interested in: How Bitcoin Became a Popular Payment Method for Sports Betting

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