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
