The second quarter of 2024 was marked by a historical event:
the Bitcoin halving. Did this event affect the iGaming
market? SOFTSWISS shares insights in its quarterly
"State of Crypto"
overview.
GZIRA, Malta, Aug. 13,
2024 /PRNewswire/ -- Post-Halving iGaming Market
Overview
The Bitcoin halving occurs approximately every four
years, reducing the reward for mining new blocks by 50%. Blockchain
experts believe the recent halving may lead to new regulations in
the crypto-driven iGaming sector, while also
potentially increasing Bitcoin's value and benefiting
Bitcoin-friendly iGaming brands.
SOFTSWISS experts analysed the data gathered from around 250
crypto-friendly brands powered by the company that
engaged in crypto transactions during the first half
of 2024. The index increased by 13% since the beginning of
the year.
In absolute terms, the Total Bet Sum, encompassing both
fiat and crypto, grew by 46.6% in the first
part of 2024 compared to the same period of the previous year.
Ongoing analysis since early 2022 indicates that fiat bets are
experiencing more growth compared to crypto bets.
Comparing the first half of 2024 to the same period in 2023, the
Fiat Bet Sum increased by 65.2%.
Cautious Approach to Crypto Gaming
In the first half of 2024, the Crypto
Bet Sum shows a modest 2.3% increase
compared to the same period of the previous year. As fiat rates
grow much faster than crypto rates, the share of
crypto bets noticeably decreased in 2024, settling
at 20.6%.
Around 93% are facilitated via the in-game currency
conversion tool, which allows operators to engage players with
cryptocurrency assets in fiat games. This high
percentage underscores the strong demand for the tool.
Andrey
Starovoitov, Co-CEO at SOFTSWISS, comments:
"The anticipated impact of the Bitcoin
halving, coupled with the strengthening of the Bitcoin
exchange rate in the first half of 2024, may lead to a more
cautious attitude among players towards using
cryptocurrencies."
Bitcoin, Litecoin,
Ethereum, Tether, and
Dogecoin create the stable top five most
popular cryptocurrencies in iGaming.
Bitcoin – 52.72%
Litecoin – 14.32%
Ethereum – 14.14%
Tether – 11.72%
Dogecoin – 4.59%
Other – 2.51%
Bitcoin experienced a decline of
around 23 p.p. in the first half of 2024 compared to the first
half of 2023 as it exchange rate strengthened. On the other hand,
Litecoin and Tether
demonstrated growth of 8.9 p.p. and 7.1 p.p.,
respectively.
Andrey Starovoitov,
summarises: "Confirming experts' anticipations, the
iGaming industry is experiencing active growth, with a fifth of all
bets coming from the crypto segment. The intriguing
fluctuations in Bitcoin's position promises both
increased profits and a more cautious attitude toward spending.
However, every challenge brings its own opportunities. The key to
success lies in adapting by investing in employee training and
software development, integrating crypto processing,
and ensuring your platform remains secure throughout the
process."
About SOFTSWISS
SOFTSWISS is a global technology company with over 15 years of
experience in iGaming, known for pioneering
cryptocurrency integration.
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SOURCE SOFTSWISS