September 15th, 2022: Technologies and innovation in games, payments, and software power the development of online casinos. Several technological improvements have improved players’ experiences in the last few years, including mobile and live dealer. Now, crypto use and the blockchain are the latest technology shaping the industry.
Players enjoy fast, cheaper, and primarily anonymous transactions by using Bitcoin and crypto for payments. So it’s no longer surprising to see a growing list of online casinos accepting Bitcoin and cryptos as alternative payment options and recent data supporting the observations of many.
SoftSwiss, a leading software solutions provider, reported in its latest analysis for the first half of 2022 the continued expansion of crypto use for online gaming. The company tracks the use of crypto for betting to offer the sector analysis and forecast of what to expect in the next few years. And in its latest report shares that there’s a growing community for crypto players, and the technology isn’t going away soon.
Bitcoin and crypto use vs. fiat currency
When it comes to casino payments, online casinos traditionally rely on popular fiat currencies, including GBP, USD, and EUR. And to complete the payments, many casinos process payments through e-wallets and bank transfers. Now, crypto use is gaining ground.
In SoftSwiss’ report, the iGaming market continues to improve, with the sum of all wagers- for crypto and fiat- showing a 46.4% increase compared to the first half of 2021. Compared to the same period in 2020, the figures increased by almost 247%. SoftSwiss suggests that players’ interest in Bitcoin and crypto use is increasing.
For the breakdown of currencies, digital coins continue their popularity holding 38.4% of the total wager volume for H1 2022. This figure represents a 5% increase from last year. A deep dive of the first two quarters for crypto’s share reveals a slight drop of 2.37%. However, SoftSwiss sees this as a short-term blip and will not affect the general trend and sentiment for crypto as an option for betting.
One factor that supports crypto use is the growing crypto community among players. There’s a growing interest among players, and the whole industry is paying attention. According to SwoftSwiss, the companies that meet the growing community’s needs gain the advantage and become the market leaders.
Bitcoin is still the most popular crypto
Among the different cryptos, Bitcoin remains the most popular. Bitcoin use for casino payments represents 71.2% of the total betting value for H1 2022. It’s also important to know that there’s an increasing trend for Ethereum, the next biggest crypto in terms of market value, with its 7% rise for the first half. Today, Ethereum accounts for roughly 15% of all transactions in crypto casinos.
Following Bitcoin and Ethereum is Litecoin, which also increased by 2.15%, with a share of 6.15% for the first half of the year.
Crypto use to continue
Although there was a slight dip in its use during the second quarter, SoftSwiss and other observers see the trend to continue. An increasing number of online casinos allow payments in Bitcoin, particularly with international remote licenses.
While the growth is expected to grow, there are still a few concerns that will likely impact Bitcoin and crypto use. Stricter regulation for crypto is the most crucial issue right now. Most countries don’t have laws that regulate the use of Bitcoin and cryptos for payments, including its use in online gambling. In addition, there’s the inherent volatility of crypto’s value, which can be an issue for many players.
However, crypto’s huge potential and interest remain crucial factors in pushing for its wider adoption.