Zona de Azar Malta – SOFTSWISS Releases First Half of 2024 Overview
Malta.- August 08, 2024 www.zonadeazar.com The second quarter of 2024 was marked by a historic event: the halving of Bitcoin. Did this event affect the iGaming market? SOFTSWISS shares insights in its quarterly “State of Crypto” overview.
What is Bitcoin Halving?
Bitcoin halving occurs approximately every four years or every 210,000 blocks, reducing the reward for mining new blocks by 50%. Since Bitcoin’s launch in 2009, there have been four halving events: in 2012, 2016, 2020 and 2024.
These events are crucial to maintaining Bitcoin’s scarcity and controlling inflation by ensuring that the total supply never exceeds 21 million coins. Historically, each halving has been followed by an increase in the price of Bitcoin due to reduced supply and increased scarcity.
According to blockchain experts, the recent halving could lead to new regulations that ensure fairness, transparency and anti-money laundering measures in the crypto-driven iGaming sector.
The halving is also expected to increase the value of Bitcoin, potentially benefiting Bitcoin-friendly iGaming brands. Adopting cryptocurrency-friendly solutions can increase player trust and transparency.
iGaming market overview after halving
SOFTSWISS experts analyzed data collected from around 250 company-powered cryptocurrency-friendly brands that engaged in cryptocurrency transactions during the first half of 2024. The index has increased by 13% since the beginning of the year.
In absolute terms, the total sum of bets, encompassing fiat and cryptocurrencies, grew by 46.6% in the first part of 2024 compared to the same period of the previous year. The total bet count showed an even greater increase, exceeding 51.7% in the first half of 2024 compared to the first half of 2023.
Ongoing analysis since early 2021 indicates that fiat betting is experiencing greater growth compared to crypto betting. Comparing the first half of 2024 with the same period in 2023, the sum of Fiat bets increased by 65.2%.
Andrey Starovoitov, Co-CEO of SOFTSWISS stated: “Technological advancements make online gaming and various payment methods increasingly accessible. The expansion of regulated markets where iGaming is being legalized provides a stable and safe environment for both operators and players. These elements together promote a thriving industry, encouraging innovation, competition and broader reach to diverse audiences.”
Cautious Approach to Crypto Gaming
In the first half of 2024, the sum of crypto bets shows a modest increase of 2.3% compared to the same period in the previous year. However, as fiat rates grow much faster than crypto rates, the share of crypto staking has noticeably decreased in 2024, standing at 20.6%.
At the same time, the total crypto betting count for the first half of 2024 shows a reduction of more than 20% compared to the previous year. Notably, analysis of the first quarter of the year showed a relatively stable position of the cryptocurrency bet count.
Andrey Starovoitov, Co-CEO of SOFTSWISS highlighted: “The predicted impact of the Bitcoin halving on the market, coupled with the strengthening of the Bitcoin exchange rate in the first half of the year, may lead to a more cautious attitude among players in regarding the use of cryptocurrencies.
However, the average cryptocurrency bet is increasing, positively impacting the overall sum of cryptocurrency bets. As the Bitcoin exchange rate strengthens, we expect some players to take a more careful approach when using their Bitcoins.”
Analysis of cryptocurrency bets reveals that around 93% are facilitated through the in-game currency conversion tool. Thus, it allows operators to engage players with cryptocurrency assets in games originally designed for fiat currency.
However, the proportion remained stable during the first half of the year. Finally, operators that adopt the tool are gaining a competitive advantage in the market.
Bitcoin crash
Bitcoin, Litecoin, Ethereum, Tether and Dogecoin form the top five most popular cryptocurrencies in iGaming. This list has remained stable over the years, with some changes to its rankings.
Bitcoin suffered a drop of around 23%, in the first half of 2024 compared to the first half of 2023. This can be attributed to the strengthening of Bitcoin’s exchange rate and the commitment of players to save it.
Shares of other cryptocurrencies, on the other hand, increased significantly in the first half of 2024 compared to the first half of 2023. Thus, Litecoin and Tether demonstrated growth of 8.9% and 7.1%, respectively. The latter rose to fourth place in the rankings, overtaking Dogecoin.
Andrey Starovoitov, Co-CEO of SOFTSWISS stated: “Confirming experts’ predictions, the iGaming sector is experiencing active growth, with a fifth of all bets coming from the crypto segment. The intriguing strengthening of Bitcoin’s position promises both higher profits and a more cautious attitude towards spending.
However, every challenge brings its own opportunities. The key to success is adapting, investing in employee training and software development, integrating cryptocurrency processing, and ensuring your platform remains secure throughout the process.”
Edited by @pererarte www.zonadeazar.com
