Josh Andrews

SOFTSWSS Reveals Some Predictions for Crypto Gambling

Reading Time: 2 minutes

New research from SOFTSWISS, a renowned IT supplier for iGaming, has revealed that the crypto-friendly gaming business is still growing impressively. That is, there is still a strong preference for crypto payments among players, despite the setbacks experienced in 2022.

The report’s findings, based on an analysis of data from 700 users of SOFTSWISS’s Game Aggregator and Casino Platform, were astounding. Total bets placed via the provider’s platform climbed by 31% compared to 2021, despite the volatility of the cryptocurrency market. Overall gambling earnings, measured by Gross Gaming Revenue (GGR; the sum of all bets and all payouts, including taxes and fees), increased by 36% year over year.

Impressive Growth Figures for Crypto

One of the most interesting revelations was that although the number of fiat-based initiatives has been growing, the influence of the existing global crypto community is not waning. It is still a priority for iGaming businesses to accept cryptocurrency payments and create new cryptocurrency-centric technologies.

Bitcoin is the most widely-bet digital currency despite a 60% price decrease in 2022, making up an astounding 72.7% of all crypto bets. Ethereum, on the other hand, has seen a 3.7% growth in popularity since 2021, and now accounts for 13.6 percent of all crypto bets. 5.5% of all wagers are placed on Litecoin, which is not far behind.

A total of 20.2 billion Euros was wagered on cryptocurrencies, a reduction of 14.6% compared to 2021. Nevertheless, the decline in crypto bets has been countered by the increase in fiat bets, which accounted for 76% of the total player bets by the end of 2022. This indicates that the growth of fiat bets has more than compensated for the decline in crypto bets.

High Expectations for the Future

SOFTSWISS is confident in the long-term viability of cryptocurrency in the iGaming industry despite the aforementioned swings and hurdles in 2022. Vitali Matsukevich, Chief Operational Officer of SOFTSWISS, claims that crypto’s fast transactions, privacy, and decentralization continue to make it a popular choice among gamers. He is optimistic that the trend toward using cryptocurrency by gamers will continue.

“Despite the fluctuations, crypto has already gained a strong foothold and has become an integral part of the market. For this reason, SOFTSWISS continues to strengthen its partners’ projects, whether fiat or crypto, with new innovative tools and solutions, providing operators with security, reliability, and top-level service.”
Vitali Matsukevich, Chief Operational Officer of SOFTSWISS

The sector as a whole is expanding and diversifying, and stakeholders increasingly gravitating towards digital services and products with crypto leading the pack.

Stake.com Becomes Title Partner for Alfa Romero

Reading Time: 2 minutes

Stake.com, a leading provider of online betting and gaming in the crypto space, has agreed to become the title sponsor of the Alfa Romeo F1 Racing Team. This is a massive milestone for the crypto-based gaming company and the F1 team.

In light of this development, the team’s name has been changed to “Alfa Romeo F1 Team Stake” and Stake is now officially the team’s title partner. As part of the multi-year relationship with Alfa Romeo F1 Team Stake, the gaming operator will compile a schedule of activities and experiences from across the globe to run concurrently with the F1 season.

According to the team’s representative, Alessandro Alunni Bravi, Stake’s arrival as a co-title partner marks a fresh beginning for both entities. The recent explosion in the popularity of Formula One is reflected in the entry of new businesses like Stake, which may benefit greatly from the immense publicity the sport generates. They are looking forward to Stake’s activation campaign for their fans and to becoming part of such a diverse roster of sports and entertainment companies.

A Few Concerns

Stake has been actively working to expand its global profile, and this is the latest step in that direction. Stake has sponsored the promotion of the brand by Premier League football teams, UFC fighters, and even celebrities.

Despite not being the first to do so, Alfa Romeo has taken cryptocurrency funding at a time when many other teams have dropped their corporate sponsors. For instance, once the $32 billion business declared bankruptcy, Mercedes dropped its sponsorship deal with FTX. Similarly, Ferrari abandoned Velas when its worth went from $0.001 to $0.000081.

Therefore, it is not surprising that Alfa Romero wants to conceal the crypto component behind their new sponsor. Although Stake differs from the aforementioned platforms in that it serves as a crypto casino rather than a marketplace, the omission of the term from Alfa’s press statement is interesting, particularly given that there may be more to it. That could be because, despite Australia’s prohibition on internet casinos, Stake.com is headquartered there thanks to a legal loophole.

Although these worries need consideration, the crypto industry stands to gain considerable potential advantages as well. Even if it will take some time for things to take root and for all those advantages to materialize, the good news is that it is a good beginning, especially considering past achievements. Streamlining regulatory developments would be great, but things should go smoothly regardless if proper routes are followed in the meantime.

Crypto Gaming in 2023: What to Expect

Reading Time: 2 minutes

As we go closer and closer to the year 2023, one of the most popular topics of conversation is play-to-earn (P2E) cryptocurrency gaming. This kind of gaming combines the most successful aspects of the cryptocurrency and gaming industries.

More people resorted to internet games as a way to socialize during the COVID-19 pandemic, boosting the development of the gaming industry as a whole. As we enter a new year, it’s becoming apparent that the recent uptick in global growth was no fluke.

A Novel Way to Game

The implementation of blockchain technology in play-to-earn games enables players to earn digital currency payouts depending on their in-game activities. Within the context of the P2E paradigm, players have the option of using cryptocurrencies to get payment for the time they spend participating in gaming activities or delivering other services to other users within the same virtual environment.

What differentiates crypto gaming apart from typical video games is that players, in addition to receiving NFTs, may own their in-game assets and convert them to fiat currency, trade them for other cryptocurrencies, or join a liquidity pool.

Thanks to this novel, community-driven business model, players, and creators may work together and more freely on game content.

A Stronger 2023

Although blockchain gaming and play-to-earn (P2E) enjoyed a surge in popularity during the crypto bull market of 2021, the industry was then struck hard by the arrival of crypto winter, which has been worsened by a couple of high-profile crashes, destroying the valuations of the top P2E firms.

Many speculated, because of the decline in values, that the P2E and gaming industries were only profiting from bull market circumstances, and that the long-term future is grim because of weak adoption rates.

However, there is evidence from recent studies that the predicted demise of P2E may be exaggerated since the vast majority of players are interested in exploring ways to earn cryptocurrency via in-game achievements.

Given that 64% of respondents claimed they had never played a P2E game with monetary benefits, the study findings suggest there is a lot of space for expansion in the P2E industry among existing players. Furthermore, 38% of U.S. gamers indicated they knew nothing about the use of cryptocurrencies, NFTs, or blockchain technology in gaming, suggesting that more education is needed in this area. That is more than enough to induce some growth in the coming year.

The 2022 World Cup and Crypto Sports Betting

Reading Time: 2 minutes

The next weeks may bring more changes to the betting industry, as Qatar hosts the world’s largest sports betting event. Much like the Super Bowl or the Wimbledon final, the World Cup is one of those exceptional sporting events that manages to capture the interest of nearly everyone in the world.

It should come as no surprise that it is also a very big deal from the point of view of the global sports betting sector. Consider the staggering total of $133.7 billion that was gambled on the 2018 World Cup, which was held in Russia.

The World Cup finals brought in roughly $8.2 billion in wagers, compared to around $6 billion for the most recent Super Bowl. Bets on Qatar 2022 are expected to exceed those placed on Russia 2018 by a significant margin, according to industry analysts.

In 2018, a very tiny subset of the betting industry was focused on the World Cup using cryptocurrency. Additionally, most of the people there were early adopters and crypto industry experts.

In only the last four years, that subset of the betting sector has seen immeasurable transformation. More and more people who wager on sports and play casino games are opting to do it using cryptocurrency.

Online gaming platforms are also evolving to meet this need. Today, Bitcoin is accepted as a form of payment by a growing number of recognizable brands, alongside traditional payment methods like credit cards and e-wallets.

More Than Betting

Bookmakers are not the only ones keeping crypto in the news during the World Cup, though. Many prominent cryptocurrency companies are now sponsors, a development not without controversy. This is to be anticipated, particularly when taking into account the fact that the cryptocurrency industry has experienced its fair share of highs and lows in recent times.

One prominent cryptocurrency exchange, for instance, officially backed out of a five-year, almost $500 million sponsorship arrangement with FIFA. Additionally, Everton supporters have demanded that the club cut ties with a major crypto-gambling provider that has been a sponsor of the team.

Naturally, there are still many kinks to work out, but it’s encouraging to see how far we have come. Regular sports fans will certainly come to realize the various advantages of cryptocurrencies as the public’s familiarity with them grows. This simplified, secure, and user-friendly system allows fans to place bets and collect their winnings in a flash. And that is just the beginning.

Dogecoin Use in Online Gambling on the Rise

Reading Time: 2 minutes

It is undeniable that memes are to blame for Dogecoin’s rise to fame as one of the most popular cryptocurrencies. The cryptocurrency is more often referred to as DOGE. The instantly identifiable outline of a Shiba Inu dog, which acts as the insignia for the business, has swiftly grown to become a well-known brand in a very short length of time.

There is no sign of Dogecoin’s popularity waning anytime soon, and new sites that take DOGE are popping up every day. Today, it’s no surprise that Dogecoin casinos are favored by gamblers, given the ease with which they can make deposits and withdrawals and the minuscule costs associated with doing so.

As it stands, Dogecoin is accepted by reputable companies.

A Change of Pace

For a long time, the widespread use of DOGE coins as a payment method has not materialized as many would have anticipated since many DOGE aficionados would rather HODL. However, Dogecoin’s popularity is soaring in one sector because of its speed and low costs: the gaming business.

Traditional casino games such as blackjack and roulette may now be played using cryptocurrency as the medium of exchange. While Bitcoin is the most popular option right now, Dogecoin is quickly gaining popularity.

When compared to Bitcoin, Dogecoin transactions complete far more quickly. Furthermore, due to DOGE’s widespread acceptance across the world, it may be used to make deposits at a large number of online casinos. Additionally, Dogecoin has a sizable following on social media, which numbers in the millions, and its supporters can be found in every region of the globe.

In the midst of the recent cryptocurrency downturn, Dogecoin has seen a surge in interest while other meme coins have mostly stagnated. To expand its user base and appeal to new investors, Dogecoin is also actively pushing its usage in daily transactions.

Is It a Good Investment for Online Gamblers?

The widespread use of cryptocurrencies and the excitement around them are not merely about financial benefits. Doge is an excellent and shrewd investment opportunity due to its unique position in the cryptocurrency market and its current cheap price. As a result, it has room to grow in value.

Despite this, Dogecoin, like the prices of all other cryptocurrencies, is subject to significant price swings. With the help of its dedicated investor base, this cryptocurrency has been able to outlive almost all of its forerunners in the altcoin market. To a greater extent than many other digital currencies, this has allowed it to maintain a high degree of stability.

Polygon Now on 1xBit

Reading Time: 2 minutes

Players and users of the popular gaming site 1xBit now have access to Polygon, a new cryptocurrency designed specifically for usage in crypto games. Polygon, a novel digital currency, is the brainchild of Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. Together, the four of them saw the need to fix Ethereum’s lack of interoperability. Ethereum’s seamless interaction with other blockchains was a pipe dream until Polygon made it a reality.

Of course, it’s about a lot more than that. With Polygon’s simple-to-use architecture, developers now have a chance to introduce their own groundbreaking Ethereum-friendly blockchain. Now the development of an “Ethereum Blockchain Internet” has become feasible with the help of the Polygon network.

This ground-breaking network is completely compatible with Ethereum’s Virtual Machine (EVM). Chains that are connected keep their independence and control themselves. All of these systems are compatible with Ethereum and can communicate with one another.

Solid Debut

The cryptocurrency community as a whole has warmed to this new development due to its unique character. It thus comes as no shock that 1xBit has included Polygon as a bitcoin payment option. Since its inception, 1xBit has been a bitcoin betting platform that keeps an eye on the latest and greatest cryptocurrency developments to provide more betting alternatives to its customers. There is a really bright future for the project within the context of crypto gambling going forward.

The Polygon network stands out among Ethereum’s decentralized exchanges because of its emphasis on both interchain cooperation and decentralized security. This ensures that no blockchain is compromised in its pursuit of interoperability.

Some of the amazing features that users can look forward to include:

Support for dozens of other digital currencies
Even faster payments
Amazing welcome bonuses and other incentives
Fast and user-friendly registration
Unmatched anonymity capabilities

When using 1xBit, polygon transactions are quick and inexpensive. Players should expect to get their winnings as soon as possible. All new players are also eligible for a 7 BTC Welcome Bonus, spread out across their first four deposits. That is a really well-rounded package that will push 1xBit’s efforts even further.

Could Crypto Wagering Be Coming to Australia’s Regulated Gambling Industry?

Reading Time: 2 minutes

Wagering in cryptocurrency might join the realm of legally sanctioned gambling if reports of discussions between the Northern Territory Racing Commission (NTRC) of Australia and gaming enterprises and license holders are true. The deadline for interested parties to submit their comments to the regulator is September 29.

The NTRC recently sent a piece of correspondence to all of the gaming companies that have valid licenses as part of their ongoing efforts. These gaming companies include well-known international gambling businesses like Betfair, Entain Group, and Draft Kings, among others.

The paper requests their comments on the viability of cryptocurrencies being used in gaming in the Northern Territory. In addition, licensees are asked for their input on the paper on the kind of legislative and industry reforms that would be necessary to make this a reality.

“What it provides for is a licensee, say a sports bookmaker who holds a license in the Northern Territory, who wants to accept cryptocurrency for striking or paying out wages, [is that they] need to apply for consent to be able to do that. And there’s certain conditions that attach to that.”
~ Julian Hoskins, the principal of Senet, one of Australia’s major gambling law and regulatory advisory firms.

At least for the time being, gamblers using one platform will have to make separate wagers in fiat currency and cryptocurrencies. This is because these two forms of currency won’t be able to be exchanged for one another while gaming.

The Tax and Legal Implications

According to sources close to these initiatives, the NTRC is also mulling over the subject of the tax implications of utilizing cryptocurrencies for gaming purposes. It will take a bit of time to understand the full scope of that but there are certainly a lot of potential solutions.

Nevertheless, the use of cryptocurrency in gaming would first need jumping over several legal hoops, such as adhering to strict identification criteria to comply with Anti-Money Laundering (AML) legislation. It is quite probable that gamblers will be required to have the addresses of their cryptocurrency wallets validated, and winnings will have to be withdrawn to the same wallet that was used to make the original deposit.

As is standard procedure in gaming that is based on fiat currency, local gambling enterprises will be legally obligated to have cryptocurrency wallets that store sufficient cash to adequately collateralize the wager amounts of their customers.

Crypto Betting in the Current Crypto Crash

Reading Time: 2 minutes

As a result of the global political and economic turmoil, the cryptocurrency market has deteriorated sharply in recent months. This is the lowest price for bitcoin in the last couple of years. Of course, this has had significant ramifications across a wide range of industries, and the gaming sector is no exception. The bulk of gamblers have converted entirely to bitcoin gaming; thus they are suffering large losses as a result of the collapse of the cryptocurrency market.

There is no way to know for certain whether the value of a bitcoin will increase or fall further in the months to come. The professional perspectives on this topic are all over the place, and there has been no agreement on any definitive conclusions yet.

On the other hand, crypto gaming has emerged as one of the most popular methods used in most casinos over the last few years. Consequently, players who possess significant amounts of Bitcoin have been subjected to rather disastrous outcomes.

Accordingly, by looking at current data, we can see that many gamblers have decided to abstain from betting with bitcoin, at least for now. Instead, they plan to wait to see how the possibility presents itself in the future.

Critical Learning Opportunity

When it comes to crypto gaming, insiders say that there is no cause for excessive panic even though the market collapse has been devastating. A growing number of crypto-friendly casinos have been established during this time. This is because these casino operators have remained confident that the cryptocurrency sector would play a vital role in their futures.

All parties affected by the market crisis will get valuable insight on how to better protect themselves from such events in the future. To protect clients who incurred large financial losses, several consumer protection regulatory laws will also be put into place. For obvious reasons, Bitcoin is in the spotlight, since the value of this one cryptocurrency almost always dictates all others.

Whether or not the economy will recover hinges on how investors respond to these developments. Many people feel that despite the present economic climate, the price of Bitcoin and other cryptocurrencies will continue to grow. Despite the evidence in favor of this assertion, we nonetheless advise bettors to proceed cautiously and avoid making hasty decisions.

Gambling platforms have now devised a strategy for dealing with the situation at hand. People are encouraged to retain their money in cryptocurrencies since the industry is projected to increase soon. This might take weeks or even months since it is difficult to narrow down specific timelines for those improvements.

Everton FC Inks Partnership with Crypto Casino Stake.com

Reading Time: 2 minutes

Everton FC, an English Premier League team, has recently struck a multi-year agreement with the online casino and sports betting website Stake.com. This cooperation is yet another example of a crypto-sports collaboration as the sector continues to expand across the globe.

As expected of man crypto venture, the figures floated around have been nothing short of mind-blowing. The sponsorship agreement with the Australian casino is reportedly “the highest value front-of-shirt deal in the club’s 144-year history.” However, the specific sponsorship value has not yet been revealed.

In light of the recent developments, Everton’s Chief Executive Officer, Professor Denise Berrett-Baxendale, said that Stake.com is an ambitious organization with excellent expansion ambitions. He further noted that the company’s employees are extremely thrilled to be collaborating with Stake.com at this point in the company’s development.

He also praised his staff for the outstanding progress they have achieved over the last several months and their relentless effort to clinch the partnership contract that is the largest in the club’s entire history.

Stake.com’s History

Stake.com is recognized as one of the most successful operators and largest brands in the gaming and sports betting industries despite just having been established in 2017. As a result of its rapid growth, it now processes more than 80 billion transactions each year and has more than five million registered customers. As part of its extensive worldwide sponsorship portfolio, Stake.com is happy to expand its partnerships with a broad range of well-known athletes, celebrities, and organizations.

Stake.com is a privately held company with over 200 employees located in a variety of different legal jurisdictions. The organization does its business in the United Kingdom under the domain name Stake.uk.com and is licensed to do so by the Gambling Commission under the name TGP Europe Limited.

This agreement adds another layer of depth to Stake.com’s already vast global sports sponsorship portfolio. That already includes relationships with the UFC, soccer icon Sergio Aguero, and English football team Watford FC, in addition to worldwide multi-platinum musicians.

A Few Setbacks

Currently, the UK is considering gaming reform, which might have an impact on the agreement. A blanket ban on betting firms giving significant shirt sponsorship was seriously under consideration. The United Kingdom government has, however, chosen to defer plans to prevent gambling corporations from sponsoring the jerseys of English football teams.

There appears to be some fan backlash, though. Over 20,000 individuals have signed a petition condemning Everton’s record sponsorship arrangement with Stake.com.

NFT-Powered Gaming Platform Kryptomon Raises $10 Million

Reading Time: 2 minutes

Kryptomon has completed a Series A investment round, which was led by NFX and resulted in the firm raising a total of $10 million. The current value of the company is $50 million. In addition to that, it received extra backing from PLAYSTUDIOS, Griffin Gaming Partners, Tal Ventures, and Vikram Pandit, who had previously served as CEO of Citigroup.

The play-to-earn (P2E) platform is a non-fungible token (NFT) game that was established in April 2021 by Umberto Canessa. It is a hybrid of the gameplay of traditional video games like Pokémon and Tamagotchi with the ownership features of prominent non-fungible token projects such as CryptoKitties.

How It Works

Collectible NFT animals with unique, variable genetic qualities are brought to life in the play-and-earn game by drawing influence from classic games. While exploring the vast mythology of Kryptomon’s Metaverse ecology, users may breed, grow, and fight other players’ unique monsters in multiplayer battles.

Monthly augmented reality “Treasure Hunt” events are also a part of this experience. Players may earn NFT eggs, KMON tokens, and other in-game objects by exploring the world around them with the innovative move-to-earn feature.

Big Boost

The listing is about to make things even better. Users of Kryptomon may now get immediate access to a variety of useful features in the game’s other realm. Bybit is a one-stop crypto destination for the expanding Kryptomon community, making it simple to buy KMON tokens, which power all aspects of the Kryptomon play-and-earn experience.

In addition to the treasure hunts and in-game possibilities to earn KMON, the token listing provides a head-start for gamers who want to expand their Kryptomon roster.

“Our game and Metaverse are nothing without our community, and having our token listed on a renowned platform allows us to develop an even greater and more rewarding experience for the next generation of players while expanding our international community.”
Umberto Canessa Cerchi, Co-Founder and CEO of Kryptomon.

Cryptocurrency trading and exchanging is made simple with Bybit’s revolutionary, highly sophisticated, and user-friendly platform. Bybit’s best-in-class infrastructure ensures the safest, quickest, fairest, and most transparent trading experience in the market.

A company founded on customer-centric ideals, Bybit is dedicated to helping cryptocurrency enthusiasts realize their aspirations and gain their liberation. This makes it a great partner for Kryptomon’s ambitious expansion plans.