Enthusiasm for cryptocurrency gambling continues to grow at a phenomenal pace – if the data is to be believed. According to a new corporate report compiled by SoftSwiss, cryptocurrency gambling traffic experienced a threefold increase in 2020, when compared to the previous year.
This trend shows no signs of abating any time soon, with the report indicating growing popularity across the world, particularly in Latin America, Canada and Russia.
Bitcoin is Still Top Of The Pops
According to the SoftSwiss Game Aggregator 2020 corporate report, Bitcoin remains the most popular option with online casino users, comprising a whopping 90% of the cryptocurrency gambling traffic share. Ethereum and Litecoin make up the other 10%.
The SoftSwiss Game Aggregator report findings are in line with the reports of other top online providers, all indicating an upward trend in the growth of cryptocurrency gambling volumes.
Moving Into The Mainstream
SoftSwiss believes that the growing popularity of cryptocurrency use in payments has resulted in an increased interest in using crypto as payment for gambling.
According to Andrey Starovoitov, COO at SwissSoft:
“Bitcoin is no longer exotic. In the coming years, we expect to see even more gaming studios supporting cryptocurrencies in their games, as well as casino operators integrating new crypto payment methods for their players.”
SoftSwiss is certainly going all-in on cryptocurrency gambling. The company’s aggregator platform currently partners with more than 70 game studios worldwide, supplying over 10,000 different casino games. Of these games, 3,000 currently support crypto in-game.
The Logic of Crypto and Gambling
The sharp rise in the popularity of cryptocurrency gambling is understandable when one considers the benefits of this payment method. Crypto offers several features that normal fiat currency simply cannot compete with. These include:
- Increased privacy: Online users’ information remain private as they do not need to divulge any account information or banking details.
- Quicker withdrawals: Online users will only need to wait for the platform to confirm the withdrawal, before the blockchain processes the transaction openly online. This means users receive their withdrawn funds faster.
- Lower fees: If the user only uses cryptocurrency, there is no need for banks to get involved. This means that the cost of processing and other third-party actions are lowered, leading to more cost-effective transactions and lower fees.
Cryptocurrency gambling is not only here to stay, it is poised to grow well into the future.
While Bitcoin, Ethereum, Litecoin and other cryptocurrencies may not be completely mainstream just yet, it is certainly no longer viewed as strange or ‘exotic’. More and more users trust crypto as a reliable means of payment and, as a result, want to utilize it in a variety of transactions, including online gambling.
Software companies like SoftSwiss are well-positioned to take advantage of this trend. We fully expect that other firms will quickly follow suit.