Significant rise in crypto payments in online casino

The Crypto trend in the iGaming industry persists. As the software developing company SoftSwiss announced some days ago, there was recently a clear increase in payments with crypto currency in the online casinos. But why is it that even more players are making use of crypto currency in their payment transactions?

In June of this year we had already reported that the crypto gambling is becoming even more popular. This trend has apparently continued even in the last quarter of 2021. The software developing company SoftSwiss has recently published a new study, which reveals, that crypto currency is becoming even more popular in online payment transactions, especially in the iGaming industry.

Nearly half of the deposits with crypto currencies

As SoftSwiss has announced, a total of 43.3 % of all deposits in the third quarter of 2021 were carried out through a crypto currency. The deposits in more than 300 online casinos were analysed for the purpose of this study. According to SoftSwiss nearly 19 billion gambling and betting deposits were made with crypto currencies as for example Bitcoin, Ethereum or Tether. The percentage of crypto currency payments for the same period in the previous year was at 15.7 %.

In the third quarter of 2021 the majority of crypto payments (86.6 %) were carried out using the most famous crypto currency Bitcoin. This means that all other crypto currencies had only a very small market share. To be more precise, Ethereum (6.4 %) or Litecoin (3.5 %) were also used in the online casinos. Payments with the ex “Fun coin” Dogecoin (1.5 %) and Tether (1 %) were much less significant. One does not expect that the Bitcoin will become less important as a payment currency. In October of this year we asked in an article, how addictive can crypto currency be.

Crypto currencies are especially popular with young people

The present COO of SoftSwiss, Andrey Starovoitov, pointed out in his recent statement, that crypto currencies are especially popular with young people as a payment method:

“IGaming-companies are investing even more in marketing. This leads to an increase in popularity of online gambling with the female public and with young gamblers over 21 years, who use the crypto currencies actively in their daily life and especially for online gambling.“

However till now crypto currencies are still not available as payment methods in most of the German speaking online casinos. This could be because the responsible licence authorities have still not accepted digital currencies as a payment method. In September of this year we asked in an article, whether online casinos accept crypto currencies at all.

Conclusion

Within a year the percentage of deposits in online casinos which were made in crypto currencies increased from 15.7 % to a recent 43.3 % in the third quarter of 2021, which means they increased nearly threefold. The crypto trend is therefore continuing. However crypto currencies as Bitcoin, Dogecoin, Litecoin and Ether are still not among the payment methods offered by many online casinos. We are therefore excited to see how this will develop in the near future.

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