SOFTSWISS reported robust growth in the cryptocurrency wagering sector for the first half of 2023, drawing data from a wide range of partner operators. The company highlighted the sustained and rising interest in placing wagers with cryptocurrencies. Bitcoin remained the most popular choice for trades. Despite the volatile nature of the crypto market, business indicators remained strong, suggesting that crypto wagering is a trend that’s here to stay.
Who Are SOFTSWISS?
SOFTSWISS is a technology company that provides software solutions for the online wagering industry. Established in 2008, the company has grown to become one of the leading players in the iGaming space. They offer a variety of products and services, including online casino platforms, game aggregation, sports trading solutions, and business services like payment processing. Some of the key events in the company’s history are:
- Foundation and Early Years (2008-2009)
- First Product and Contract (2012-2013):
- Game Aggregator Launch (2015)
- Affilka and BGaming (2018)
- Sportsbook Platform (2020)
- Jackpot Aggregator (2021)
Their platform also supports cryptocurrency transactions, making them a desirable solution for BTC casinos with no deposit bonus. SOFTSWISS works with a wide range of partners, from online casinos to sports trading sites, and their solutions are used by companies around the world.
What Does the Report Say?
No statistic is needed to illustrate how iGaming impacts the economy. However, SOFTSWISS reported a significant surge in crypto wagering for H1 2023, with an 83.6% increase in crypto trades compared to H2 2022. The data was aggregated from over 500 partner companies using the SOFTSWISS platform. Cryptocurrencies made up 29.5% of the total amount wagered in the first half of 2023, indicating a growing interest in crypto trading.
Despite the volatile nature of the crypto market and its sensitivity to global events, business remained stable. The company’s analysis showed that key business indicators remained high even in times of market apprehension, as measured by the Fear and Greed Index. SOFTSWISS Co-CEO Andrey Starovoitov confirmed that Bitcoin remains the dominant trading currency.
Most Popular Cryptocurrencies for Gambling
Here is a listing of the top 5 most-used cryptocurrencies in iGaming for the first half of 2022-2023 and what share in the total wagered amount each of them has::
- Bitcoin (76.2%): Bitcoin tops the list primarily due to its widespread adoption and trust as the first cryptocurrency. Its high liquidity and relatively stable value compared to other cryptocurrencies make it a preferred choice for wagering activities.
- Ethereum (9.0%): Known for its smart contracts, Ethereum provides additional layers of security and transparency, which are crucial in wagering environments. It’s the second most popular due to its versatile blockchain capabilities.
- Litecoin (5.5%): Litecoin offers faster transaction confirmations than Bitcoin. Its popularity in iGaming may be attributed to its speed, reducing the time players need to wait for their transactions to clear.
- Tether (4.7%): As a stablecoin, Tether is pegged to traditional fiat currencies like the U.S. Dollar. This removes the element of volatility, making it an attractive option for those who want to maintain the value of their assets while participating in online gaming.
- Dogecoin (2.6%): Originally started as a meme, Dogecoin has gained popularity due to its strong community and relatively low transaction costs. It’s a more “fun” alternative for those looking to gamble with crypto.
The listed coins are the most prevalent due to various factors, such as liquidity, speed, transaction costs, and technological features, which contribute to their desirability for online wagering.
An Upward Trend
Not only did food prices rise in the last year, but in the first half of this year, the iGaming industry experienced robust and consistent growth, signalling a strong upward momentum. Notably, the total monetary amount wagered in the iGaming sector soared by an impressive 37% compared to the same six-month period in the year prior. However, what stood out even more was the significant uptick in the number of individual trades made, which skyrocketed by an exceptional 49%. This dual growth, both in terms of the money wagered and the volume of trades placed highlights the increasing consumer engagement and suggests a buoyant outlook for the sector going forward.
Encouraging Words by Co-CEO
Co-CEO of SOFTSWISS, Andrey Starovoitov, stated that despite volatility in cryptocurrency values, digital coins remain favoured by iGaming players. As a leading provider of crypto solutions, SOFTSWISS aims to build a strong ecosystem in the iGaming market. Starovoitov believes that adopting innovative crypto technologies and tailored approaches will enhance player experiences, thereby driving industry growth. He emphasizes that in the fast-evolving digital world, only those who can quickly adapt to new trends and consumer demands will thrive.
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