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Crypto on Track to Transform the iGaming Sector

Cryptocurrencies have seeped into every industry imaginable in recent years, and the global multi-billion-dollar iGaming sector is no different.

Softswiss’ data for the first quarter of 2024 showed that 25% of iGaming operators now offer cryptocurrency as a payment option, whilst 24% of the total bet sum was made in crypto.

Cryptocurrencies offer massive advantages over traditional payment methods. They are quicker for online transactions, and their user-friendly features make them an exciting option.

Softswiss: Anchoring Success in the Crypto Casino Industry

Softswiss became the world’s first provider of crypto-enabled iGaming solutions in 2013. The firm’s rise since then has been stratospheric.

They ballooned from a small start-up to a global company that employs over 2,000 professionals across four international offices.

Softswiss has since evolved into an iGaming software ecosystem provider that equips operators with all the necessary tools to launch and thrive in the marketplace.

Online casinos initially only offered limited crypto-compatible games, but everything changed when Softswiss introduced their flagship product – the Game Aggregator.

The Game Aggregator solution provides access to thousands of high-quality games – including those specifically designed for cryptocurrencies.

Platforms such as Stake, Roobet and BC.Game have leveraged the Game Aggregator to expand their offerings and establish themselves as leading crypto casinos.

Softswiss have focused on creating in-game currency conversion. This feature allows players to convert crypto balances into fiat currencies for games that may not natively support crypto.

Cryptocurrency Adoption Gathering Pace in Australia

Recent developments beyond Softswiss’ influence underline how players are adopting cryptocurrencies in online gambling.

Australia’s launch of spot Bitcoin exchange-traded funds (ETFs) is evidence of a shift in traditional financial institutions’ stance towards cryptocurrencies.

This move will allow easier access to cryptocurrencies for everyday investors in Australia, potentially fuelling a surge in the country’s iGaming sector.

This development appeals to players who prefer anonymity or faster transaction times that crypto can offer. Easier access to Bitcoin through ETFs makes it more attractive for online casinos to accept it as a payment method, particularly from a speed perspective.

Players who want to play and win real money have traditionally used debit cards, e-Wallets or bank transfers to find their activities. However, crypto payments would transform the online casino scene.

A spokesperson for the Australian Securities Exchange (ASX) claimed the operator is discussing crypto-based ETFs with several interested issuers but did not disclose any information regarding specifics. However, any positive development in Australia will be more than welcome.

Rivalry Token Adds Another Layer to the Crypto Surge

Esports betting platform Rivalry is taking a bold and innovative step by introducing its own cryptocurrency token – the Rivalry Token.

This move caters to their tech-savvy eSports audience – a demographic already familiar and comfortable with using cryptocurrencies.

The international betting group headquartered in Canada focuses on eSports but also offers sports and casino gaming services. Rivalry plans on taking their new token live later this year.

Rivalry customers will also be able to earn tokens through platform activity and use them for exciting features such as boosting odds and participating in exclusive jackpots.

“Online gambling is the latest web-based consumer category experiencing a disruption by blockchain technologies,” said Steven Salz, co-founder and Chief Executive Officer of Rivalry. “Tech-savvy bettors are leading the charge towards crypto-enabled gambling experiences.”

Rivalry already kickstarted a pre-framing campaign that allows customers to garner an interim currency through site activity.

They also plan to distribute tokens to accounts based on historical activity in a customer loyalty rewards scheme, although they have not disclosed much regarding this program.

The Rivalry Token is the first step in their ambitious crypto expansion plans. Rivalry is already working on future support for popular cryptocurrencies such as Bitcoin, Ethereum and DOGE.

This approach will place Rivalry in a position to capitalise on their target demographic, who are growing comfortable with cryptocurrencies.

There are still challenges related to crypto regulations, but Australia’s anticipated ETF launch and Rivalry’s forward-thinking cryptocurrency token show what the future of iGaming entails.

The trend of integrating digital currencies alongside traditional fiat money is here to stay and could soon become the more popular way of conducting online financial transactions.

I'm Dom Farnell, a retail investor sharing my market experiences through blogs and articles. Though not a professional advisor, I aim to offer practical insights based on real-world experience, exploring strategies, challenges, and opportunities in investing.

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