Softswiss: Rising digital consumption leads to increase in crypto payments

Crypto is fast becoming the payment method of choice for many casino players

Crypto is fast becoming the payment method of choice for many casino players, according to a new report released by Softswiss

The new report, which looks at the development of cryptocurrency across Softswiss’ online casino platform, sports betting platform and game aggregator clients, has found that crypto payments increased by 28 per cent between Q2 2021 and Q3 2021. 

Compared to Q3 2020, the platform provider highlighted that use of digital payments was 2.8 times greater. 

“This strong growth is not only due to Softswiss’ organic development but also owes itself to increased digital consumption around the world,” commented Andrey Starovoitov, COO at Softswiss.

“iGaming companies are investing more and more into marketing. This leads to an increase in the popularity of online gaming and betting among female audiences and young players over the age of 21 who actively use cryptocurrencies in their daily lives in general and for online betting in particular. This is reflected in the increasing share of crypto in igaming.”

Compared to Q3 2020, the share of bets in crypto versus fiat has increased by 27.6 per cent. Between Q2 and Q3 of this year, this figure rose by 10.3 percentage points from 33 per cent to 43.3 per cent respectively.

Starovoitov added: “This dynamic is most likely due to the growth and development of the number of crypto brands. While in Q3 2020, they were still newcomers to the market, they can be considered experienced players in the crypto gambling industry this year. The expansion of these brands into new markets has also played an important role in this.”

To see which cryptocurrencies are favoured between casino and sports betting players, you can read the full Softswiss Crypto Insights Report here. The information in the report, Softswiss noted, reflects comparative data for the third quarter of 2021 and the same period in 2020, collected on an anonymous basis.