Earlier this year, Bitcoin experienced its latest halving event, which SOFTSWISS believes has had a significant impact on the number of players choosing to gamble with the world's largest cryptocurrency.
Following the halving, SOFTSWISS analyzed data from about 250 crypto-friendly brands supported by igaming suppliers, showing cryptocurrency transactions in the first half of 2024.
Supported by a substantial increase in digital currency in the gaming sector, the total betting amount, including both fiat and cryptocurrencies, in the first half of 2024 increased by 46.6% compared to the same period last year.
SOFTSWISS further detailed that the total amount bet in cryptocurrencies in the first half of 2024 steadily grew by 2.3% compared to last year’s same period.
SOFTSWISS Co-CEO Andrey Starovoitov commented: "The anticipated impact of Bitcoin's halving, coupled with a strong performance of the Bitcoin exchange rate in the first half of 2024, might lead to a more cautious attitude towards using cryptocurrencies."
Bitcoin, Litecoin, Ethereum, Tether, and Dogecoin remain the top five favorite cryptocurrencies in igaming.
In the first half of 2024, Bitcoin saw a decline of about 23% compared to the first half of 2023, whereas Litecoin and Tether grew by 8.9% and 7.1% respectively.
Starovoitov concluded: "As expected by experts, the igaming industry is experiencing active growth, with one-fifth of bets coming from the cryptocurrency sector. The interesting fluctuations in Bitcoin’s position not only indicate a possible increase in profits but also a more cautious consumer attitude."
“However, each challenge comes with opportunities. The key to success lies in adapting through investing in employee training and software development, integrating cryptocurrency processing, and ensuring your platform remains secure throughout the process.”
