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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