Since the Covid-19 outbreak, the crypto turnover within the iGaming industry has significantly increased. According to a report, the number of bets through digital currencies has more than doubled during the last two years. The report states that compared to quarter 1 of 2021, quarter 2 of 2022 has witnessed 116% more bets through digital currencies.
The crypto casino industry is increasing because people are more comfortable with technology than ever before and are looking for ways to spend their time and money online. This growth is primarily due to the popularity of sports betting and mobile gaming options like live casino games and slots.
A comparison between various currencies reveals that fiat currencies are still in the driving position as they hold more than 60 percent of the total volume. However, the share of cryptocurrencies is continuously increasing. According to the Softswiss report – a leading company in crypto gambling, the share of cryptocurrencies has jacked up by 10 percent in quarter 2 of 2022 compared to quarter 1 of 2021. If the increasing use of cryptocurrencies continues for some time, the gap between fiat currencies and cryptocurrencies will soon be closed.
A further look at the Bitcoins numbers indicates that in comparison to quarter 1 of 2021, quarter 2 of 22 has witnessed a 10 percent dip in the share of Bitcoin as a preferred currency. The reason for this decrease can be explained by the rising popularity of Ethereum and Litecoin. In the same period, the share of Ethereum and Litecoin has increased by 3.45 and 2.95 percent, respectively.
Furthermore, an exciting trend in the market development is that players are looking to diversify their portfolios and are interested in advanced currencies.
How will the crypto gambling trend behave in 2022?
Experts believe that bitcoin will continue to be the dominant cryptocurrency for deposits shortly. The strong growth of other altcoins demonstrates that increasing numbers of investors are interested in more advanced coins such as Ethereum. Moving forward, more participants will diversify their portfolios with other cryptocurrencies. This is a positive development that reflects the growing maturity of cryptocurrency markets.
Additionally, increasing regulations on traditional gambling establishments will accelerate the growing popularity of crypto-based casinos. However, new demands are already emerging. For instance, casinos are beginning to gamify the player experience by creating digital collectables, or non-fungible tokens (NFTs), that players can use for in-game rewards and exchange for other valuable items.
Final ThoughtsÂ
The strong growth of altcoins indicates that many players are interested in investing and trading cryptocurrencies other than Bitcoin, which is a good sign for investors who have not yet ventured into this field. With time, there will be more opportunities for people who want to invest in cryptocurrencies other than Bitcoin because they believe that they can earn more profit from these coins.
Finally, cryptocurrencies will continue to grow, with a fluctuating market share of individual coins. Diversifying cryptocurrencies used for betting will be one of the defining trends for the industry.