Cryptocurrency wagers are on the rise, according to the pioneer of crypto-optimised online casinos, SoftSwiss. The Belarus-based software provider and aggregator released a detailed report on the state of cryptocurrencies for the past year.

Results from SOFTSWISS Game Aggregator and SOFTSWISS Casino Platform include stats from 500 igaming brands. The report provides analytics from 2021, showing how widespread the digital currency is in online gambling, and forecasts for its performance in 2022.

Group COO, Andrey Starovoitov, voiced his opinion on the rising popularity of crypto gambling:

“Cryptocurrencies have long been not just a trend in the gambling industry, but an obvious stage in its evolution.”

Since introducing the world’s first cryptocurrency casino solutions in 2013, SOFTSWISS regularly shares relevant statistics and findings on crypto wagering developments.

 Crypto Wagers: The Modern Gambler’s Choice

Starovoitov believes the consistent growth of crypto-funded gambling is not just a trend. Based on their findings, there is a global shift toward cryptocurrency bets. The rise in popularity supports the SOFTSWISS COO’s stance that operators who fail to introduce cryptocurrency solutions into their offering risk losing a competitive advantage. Starovoitov continued:

“With significant benefits related to transaction speed, as well as wide market boundaries, the use of cryptocurrencies opens up significant opportunities for both players and operators.”

The report shows that 23% of all bets made in January 2021 were cryptocurrency wagers, and by December, the share increased to 40.1%. The volume of bets more than doubled during 2021, with a growth rate of 259.21% over the 12 months.

 Cryptocurrency vs Fiat Currency

Government-issued fiat currency remains the leading payment solution in online gambling. However, there is a steady decline in its popularity. Paper money wagers decreased by 23.6%, from 88.2% in 2020 to 64.6% in 2021. The increase in cryptocurrency gambling shows how it is no longer a niche segment. During the review period, cryptocurrency stakes increased by 20.1%.

When commenting on the increase in crypto wagers, Starovoitov said:

“The iGaming market is adapting to a new reality in which cryptocurrencies will become as important (if not more important) than fiat in the next couple of years. Convenience, speed, and usability are their huge advantages.”

Gambling revenues for total bets accepted in 2021 ended at €64 billion, and gamblers using blockchain-based currency accounted for 40.1% of this total. SOFTSWISS expects this growth to continue as more consumers cotton on to the advantages of cryptocurrency.

 Leading Cryptocurrencies

Unsurprisingly, Bitcoin remains the leader, and by a mile. The original cryptocurrency positions first with an enormous lead on altcoins, although other cryptos increased in popularity. According to the available and accepted cryptocurrencies, the leaders are:

• Bitcoin (BTC) - 80.11%
• Ethereum (ETH) - 9.88%
• Litecoin (LTC) - 4.52%

The increase in altcoin users shows market confidence as consumers explore alternative blockchain currencies. We see an increased share of 5.12% for Ethereum from the first to the last quarter of 2021. Bitcoin wagers dropped to 72.32% in December from 83% in January.

 Best Performing Providers

BGaming ranked first on the list of providers with the most users gambling with crypto, and 21,10% of all their wagers are cryptocurrency. SOFTSWISS ranked providers who actively work to offer crypto-optimised gaming to their patrons, and the top five providers are:

• BGaming - 21,10%
• Platipus - 13,53%
• Evolution - 13,47%
• Booming - 10,76%
• Betsoft - 7,08%

The most popular games for crypto gamblers are Sweet Bonanza, Riche Wilde and the Book of Dead, Fire in the Hole XBomb, Elvis Frog in Vegas, and Lightning Roulette.

 Crypto Gambling: A Savvy Choice

SOFTSWISS statistics show how wise operators harness the advantage of a younger gambling audience. These players have certain expectations, and the report from SOFTSWISS confirms a higher acceptance rate of cryptocurrency payment solutions among online gamblers. Another win for cryptocurrency is the low commissions payable by operators and consumers.

The choice becomes obvious once operators weigh the facts of player preference combined with the financial advantages.