A new report from Softswiss has revealed that cryptocurrency has started to emerge as the payment method of choice for many casino players.
Indeed, with the continued increase in services available, it does not come as a surprise to learn that casino platforms offering crypto slots are becoming increasingly popular although it would appear that many gamblers are now looking to adopt digital assets as a favored payment method across the entirety of the iGaming industry.
Crypto payments enjoy a surge in popularity
The new report from Softswiss, which has looked at the development of crypto across the business’ online casino platform, sports betting platform, and game aggregator clients, has found that crypto payments have enjoyed a huge surge in use over the last quarter of the financial year.
Findings have revealed that the use of crypto as a payment method has increased by 28% between Q2 2021 and Q3 2021, with the use of digital payments being found to be greater by 2.8 times the level that was being experienced in Q3 of 2020.
Speaking about the figures found, Softswiss COO, Andrey Starovoitov, admitted that whilst iGaming companies have been investing more into the marketing side of things, the fact that there has been growth in regards to demographics of the industry has also helped.
He said: “This strong growth is not only due to Softswiss’ organic development but also owes itself to increased digital consumption around the world,” before adding: “iGaming companies are investing more and more into marketing. This leads to an increase in the popularity of online gaming and betting among female audiences and young players over the age of 21 who actively use cryptocurrencies in their daily lives in general and for online betting in particular. This is reflected in the increasing share of crypto in igaming.”
Crypto bet share also increases
It is not only the number of players that have started to use cryptocurrency as a form of payment that has seen an increase in recent years and quarters, with the share of bets in crypto also experiencing an increase in growth.
Figures in the report highlighted that there has been a 27.6% increase in the share of bets in crypto compared to fiat bets compared to Q3 2020. When looking at the period between Q2 and Q3 of 2021, it was found that this figure had risen by 10.3%, making the leap from 33% to 43.3% respectively.
Starovoitov provided his reasons as to why the growth was likely experienced, explaining that the market is more experienced this time around than it was a year ago, whilst the expansions made by operators into new markets will have played a significant role, as well.
He said: “This dynamic is most likely due to the growth and development of the number of crypto brands. While in Q3 2020, they were still newcomers to the market, they can be considered experienced players in the crypto gambling industry this year. The expansion of these brands into new markets has also played an important role in this.”
What could be making crypto payments popular?
There are a number of different reasons that could provide the answer and help individuals to understand some of the figures that Softswiss’ report has provided, with cryptocurrency managing to provide a number of additional benefits that fiat currency is simply unable to provide.
Amongst the major advantages that crypto gambling bettors experience when they use digital assets, players are able to enjoy a higher level of privacy and anonymity, with this perhaps one of the major appeals for many around the world, especially as some countries still outlaw online wagering.
Additionally, crypto allows punters to be able to experience faster transactions that are easier to make and can be inexpensive compared to fiat currency, whilst additional levels of security are provided by the blockchain technology used, thus making it immediately more favorable for those looking to better protect themselves.
