According to a report from SoftSwiss and CoinsPaid, the world of crypto gambling has been experiencing rapid growth.
The two brands marked a rapid expansion in recent months, which was previously also seen in the SOFTSWISS Game Aggregator Q1 report, as crypto turnover increased to 26% at the end of March. According to further reporting from the two organisations, at the time of writing, the turnover has already increased to 31%. We may not see a growth in the number of people betting on esports, but we may see more current bettors betting with cryptocurrencies.
It makes sense that the crypto gambling market is expanding, especially in the world of esports betting. Both esports and cryptocurrencies are two of the most forward-thinking industries in the world. If there is a new technology or breakthrough, it is almost guaranteed that some company will find a way to integrate it into one of these two industries.
It was a natural fit then that betting on esports with bitcoin and other cryptocurrencies would become a popular way to engage with esports betting sites online. Crypto has come a long way from its inauspicious beginnings and many people are looking for ways to use their newly found bank of crypto.
Comments from crypto gambling companies
Max Krupyshev, CoinsPaid CEO, spoke about the rapid expansion of the world or crypto gambling:
“The number of transactions processed via our services has been steadily increasing since 2019, but in 2020 we experienced a five-time growth in volumes. Since the beginning of the pandemic, the demand for crypto payment solutions has been rising, and we do not see this backing down now.”
“Some obstacles still exist for crypto to be accepted everywhere, but we are already seeing tremendous global change towards the subject reflected in new legal initiatives, CBDC development, and, what is more important for us, large financial institutions starting to accept crypto and acquire crypto infrastructure projects.”
“This all means that the crypto processing market is becoming more and more competitive and the race for the first place in the sector is on. We are happy to state that today CoinsPaid is the number 1 payment provider in iGaming, and we are targeting other niches too. Going forward, we can expect that crypto processing will become widely spread across different economic sectors globally in a few years.”
Andrey Starovoitov, COO at SOFTSWISS, also added:
“BTC keeps going strong as it remains the most popular currency to date with 78.5% of iGaming market penetration. It’s closest runner up is ETH with 9%. Ethereum is yet another cryptocurrency players tend to go for in iGaming, which went through its ups and downs since its launch yet we don’t see it bypassing bitcoin by popularity at this stage.”
Esports betting with crypto
Plenty of esports betting sites offer options to deposit and bet with cryptocurrency. Luckbox esports betting options allow you to deposit and withdraw in Bitcoin, Ethereum, or Litecoin. There are issues with the wildly fluctuating nature of the crypto market but the desire to invest in the blockchain is often too tempting to avoid.
Operators can use the transparent nature of the payment system, the fact that every transaction is logged and searchable, to easily ferret out fraud and abuse of their systems. While it may not yet be stable enough to become the norm in the betting world, the benefits of the blockchain could make crypto the currency of choice for the future of online betting.