Cryptocasinos: new risks or opportunities? What awaits them next?

Cryptocurrency is "attacking" everywhere.It is paid for virtual services, turned into real money. For many people, it is "crypto" has become the best option to invest finances without relying on the whims of banks and the risks of investment packages.The casino and iGaming sphere has not been left behind.Such a dynamic industry could not help but utilize the opportunities of cryptocurrencies.

Currently, the attitude to crypto in the iGaming sphere is ambiguous.Some welcome it as a universal way to ignore government bans, bet and collect winnings. Others believe that crypto will take the gambling industry back to the black market.

The team at SOFTSWISS, an iGaming software provider, conducted an in-depth analysis of the topic. They analyzed the behavior of players, casinos and other areas.

Cryptocurrency in the field of gambling is "growing"

SOFTSWISS give an unambiguous answer: yes, crypto in the field of iGaming is growing. However, this result itself cannot be considered unambiguous. The fact is that the iGaming sphere in principle is growing. For example, the amount of all bets last year grew by 46.4% compared to the year before. Cryptocurrency has simply become part of this trend. Therefore, it is worth being careful with conclusions about the unambiguous victory of Bitcoins, Etherium, etc.

Will crypto defeat fiat payments?

Digital money currently accounts for approximately 34.8% of all payments in the iGaming industry. The growth has been sustained.However, if you take a closer look, the first two quarters of this year show a 2.3-point decrease in the share of crypto.That is, the growth of cryptocurrencies is rather related to the general expansion of the market.As it is - people still like "real money" more.Aka fiat payments.However, SOFTSWISS analysts are not in a hurry to draw conclusions.They say that the general trend to increase the share of crypto will continue in the future.In general, there is a stable growth of cryptogambling. Operators, in turn, are embracing this challenge and offering players more and more opportunities to interact with virtual currency.

"The interests of this audience are now largely influencing the growth of the entire industry. Operators that meet the needs of this community gain a competitive advantage and become market leaders," commented Vitaly Matsukevich, Executive Director of SOFTSWISS.

Which cryptocurrencies are the most popular

The leader is, of course, Bitcoin.The oldest and most expensive crypto is in unambiguously high demand.Bitcoin accounts for more than 70% of all payments and bets in iGaming.But there is also an active competitor in the person of Ethereum.Ethereum continues to grow, the indicators have increased by more than seven points.  Approximately 15% of all payments on its account. The third in the account is Litecoin, it accounts for 6.15% of payments.

How legal will cryptogambling be?

There is a trend towards "conscious" and "safe" gambling in the world.This means that states are regulating this sphere more and more strictly.Therefore, we should expect that some casinos that did not get approval will go underground, and the best way to stay afloat against the laws is precisely cryptocurrencies.However, players themselves are no longer willing to take excessive risks.Therefore, most players will probably prefer "legitimate" cryptocasinos - those where you don't have to fear that your winnings will simply disappear into nothing.And there will be no one to complain to.

"Tighter regulation of crypto operations will certainly have an impact on the speed of development of this line of business.However, the decisive role will be played by the huge potential of crypto projects and, accordingly, the interest of the leading representatives of the industry.We will see further growth of this niche in combination with a new non-standard approach to gamification of the game process with such novelties as NFT and tokens," concluded Vitaly Matsukevich, Chief Operating Officer of SOFTSWISS.