GPWA Times Magazine - Issue 51 - November 2021

Online casinos have been utilizing cryptocurrencies for nearly a decade. But due to increased government regulations and an overall acceptance within the industry, the volume of bets and payments has experienced a rapid and steady rise since early 2020. By Lorien Pilling G ambling has often been an early adopter of new technologies, be it for communications or payments, and it has been the same for cryptocurrencies. The first crypto casinos began launching in 2013, but there has been a significant increase in crypto-gambling ac- tivity since early 2020. SoftSwiss, the iGaming software supplier, reported that it saw crypto gambling’s volume of bets rise from 6% in Q1 2020 to 26% in Q1 2021, versus fiat currencies. Exploring the reasons for this growth can help affiliates understand the risks and opportunities in crypto-gambling. As of mid-2021, there are almost 2,700 active cryptocurrency coins. But only 75 coins have a market capitalization greater than $1 billion. Three coins – Bitcoin, Ether, Tether – account for the majority of the total market value. This market domina- tion is reflected in the cryptocurrencies accepted by gambling websites. Global Betting and Gaming Consultants (GBGC) reviewed a range of crypto-gambling websites and Bitcoin was the most widely accepted coin, followed by Ether. Litecoin and Dogecoin were also widely accepted. SoftSwiss stated that Bitcoin accounted for 83% of crypto-gambling on its platform in Q1 2021, with Ether taking a 10% share. Crypto Gambling Revolution The G P W A t i m e s . o r g 28