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Crypto casinos: Is this the future for the gambling industry?

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The gaming industry has plenty of opportunities to make the most of the cryptocurrency market, which is worth around PS954bn. Andrey Starovoitov took the time to tell us why Softswiss is the industry leader in crypto casino software.

iGB: Cryptocurrency’s potential for gaming has received a great deal of attention, and Softswiss noted a significant growth in transactions within its report. Do you see any patterns or correlations among the players that you’ve tracked? What is the profile of crypto-gamblers based on this information?

AS When comparing crypto users to those who use fiat, we find that the younger generation is more likely to be from Canada, Germany, and Asia. Depending on geography and age we can distinguish between audiences for various crypto brands – the pioneers of crypto gambling like Bitstarz, MBit and Stake and second-wave brands such as Roobet Rollbit Duelbits BC.Game. This latter brand aims to create a community around its own product, through chats, forums and other means.

There are many other factors that can make a big difference.

How have early adopters of crypto, such as Softswiss, been affected by the increasing competition and demand?

AS I wouldn’t call the crypto gambling industry particularly competitive. It is growing but still far below its peak. Many market leaders are interested in crypto gaming, and many of them have considered integrating payment methods like Coinspaid for crypto deposits. Others choose to launch separate crypto brands in order to strengthen their product offerings with crypto-centric products of the same functionality and design as Stake.com. Bitstarz. MBit. Rollbit. Duelbits. Roobet. BC.Game.

Many players on the market are less than enthusiastic about entering this niche. We can understand their behavior, including the lack of crypto-expertise or expertise teams, the difficulty in attracting crypto audiences, the regulations governing crypto gambling, and regulators’ general attitude towards cryptocurrencies. The niche has been evolving, and new high-potential players are entering the scene, such as Stake.com, which is expected to make great strides in 2021.

How do you ensure that your crypto-gaming products are different from those of the competitors? What does Softswiss have to offer which is not available anywhere else on the market?

AS First and foremost is our expertise in using and integrating cryptocurrency in gambling. Softswiss, as a pioneer in the niche and first to introduce crypto into the B2B market, makes crypto gambling an integral part its strategy. It includes, in particular, building expertise and knowledge within the team and developing crypto-friendly product.

Softswiss products (the Casino Platform and Game Aggregator) as well as the Sportsbook, Jackpot Aggregator, Affilka, and the Crypto Payment Gateway Coinspaid are all compatible with cryptocurrency. This is a great way to get started with cryptocurrency. Softswiss Game Aggregator, for example, supports 50 different game providers using over 20 different crypto currencies. It is also able to add new ones on request.

Our Casino Platform’s in-game currency converter is an innovative solution which allows holders of crypto-balances to play non-crypto-based games. Softswiss Sportsbook, Jackpot Aggregator and other Softswiss products are fully compatible with cryptocurrency.

Where else would you like to see education about cryptocurrency adoption for gambling? Perhaps among operators, providers, or regulators?

ASAs for regulations, I think the industry requires closer collaboration between business and regulators in order to maximize crypto. Regulators should consider crypto in their gambling laws as the segment is growing rapidly and will gain significant market shares. This would benefit all involved parties, since it would improve transparency and create a framework to regulate the use of cryptocurrency in most promising markets.

Regulators in many jurisdictions tend to overlook the problem. It is understandable, as many jurisdictions lack the legal framework to regulate cryptocurrency adoption in general and their subsequent legalisation. It is worth it and we are ready to bridge the gap.

Our team provides full technical and informational support to game developers and operators who want to integrate cryptocurrency. Our products allow for the acceptance of all digital currencies right away. We have experts on hand to assist with any complex issues, and guide clients through the cryptocurrency integration process. Our experts believe training operational staff on crypto will be a key area of growth for our company.

Softswiss has been named the Crypto Company Of The Year for 2023 International Gaming Awards. What sets you apart from your competitors when it comes to cryptocurrency operations? And what innovative products do you have in this area for the market today?

ASWe’re very happy to receive this award, and more importantly the recognition of our industry as leaders in crypto gambling. This award is an excellent reflection of the strategy we have adopted to make crypto easy and accessible. Softswiss was the first to integrate cryptocurrency into the gambling industry, pushing it to new heights.

The nomination and award was not surprising to us. We had seen the company progress, refine its knowledge, develop multiple features, and adjust standard operations for crypto audiences. Our products are used by nine out of 10 crypto gambling leaders. Softswiss has proven to be the undisputed leader of crypto gambling.

What do you think will happen to cryptocurrency in 2023? What might hinder its adoption in the future?

AS Despite the volatility that we observe, crypto gambling and the audience it attracts will continue to expand, since players are attracted by the speed, anonymity and simplicity of cryptocurrencies. There is a clear increase in interest for this market and an increasing number of operators are including crypto as a payment method.

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