Are crypto casinos the future of the gaming industry?

The global cryptocurrency market is valued at approximately £954 billion, presenting significant opportunities for the gaming industry to innovate and evolve. Andrey Starovoitov, co-CEO of Softswiss, sheds light on how his company has maintained a leadership position over the past decade by providing cutting-edge crypto casino software solutions.

iGB: Cryptocurrency’s potential in gaming has been a hot topic. Softswiss has noted a surge in crypto transactions in its recent reports. What trends or correlations have you observed among players? Based on this data, what characterizes the typical crypto gambler?

AS: When we compare crypto adopters to traditional fiat users, we find that the former generally comprise younger demographics, primarily from regions like Canada, Germany, and various parts of Asia. Depending on location and age, there’s a noticeable difference in audience behavior across different crypto brands. Crypto gambling pioneers like Bitstarz and MBit contrast with the next generation of brands, including Stake, Roobet, Rollbit, Duelbits, and BC.Game. The latter brands emphasize community building, utilizing chats and forums to foster engagement and enhance player retention.

These factors—along with transaction speeds, the offering of provably fair games, and additional innovations—play crucial roles in shaping the player experience.

iGB: How has growing competition and demand in the crypto market influenced early adopters like Softswiss?

AS: While competition in the crypto gambling arena is on the rise, it still remains relatively nascent. Major players are increasingly exploring the crypto gambling space, with some integrating payment systems like Coinspaid to facilitate crypto deposits. Others are launching dedicated crypto brand extensions to diversify their portfolios with crypto-centric offerings, emulating the models established by Stake.com, Bitstarz, MBit, and their peers.

Most market participants are cautiously exploring this niche, often citing a lack of crypto expertise and difficulty in attracting traffic to a crypto-savvy audience as obstacles. Additionally, regulatory complexities surrounding cryptocurrencies can deter operators. Nevertheless, this sector is evolving rapidly, driven by innovators like Stake.com in 2021 and emerging high-potential entrants.

iGB: What distinguishes Softswiss in a crowded crypto gaming market? What unique offerings does it provide that set it apart?

AS: Our distinct advantage lies in our extensive expertise and experience with cryptocurrency integration in gambling. As a trailblazer in this domain, Softswiss was the first to bring crypto solutions to the B2B market, making crypto-oriented development a core aspect of our strategy. This involves cultivating deep knowledge within our team, developing crypto-friendly products, and consistently staying ahead of evolving industry trends.

All components of the Softswiss ecosystem—including our Casino Platform, Game Aggregator, Sportsbook, Jackpot Aggregator, and Affilka—are designed to support cryptocurrency functionalities. Notably, our partnership with the crypto payment gateway Coinspaid facilitates smooth cryptocurrency operations from the outset. For instance, the Softswiss Game Aggregator accommodates around 50 game providers and accepts over 20 different cryptocurrencies, with flexible integration options for additional digital coins as requested by clients.

Our flagship Casino Platform also features an in-game currency conversion tool, a first-of-its-kind solution that enables players with crypto balances to engage with non-crypto games seamlessly. Our Sportsbook and Jackpot Aggregator are similarly equipped to operate with cryptocurrencies.

iGB: What further education is necessary to enhance the adoption of cryptocurrency in gambling? Are operators, suppliers, or regulators in need of more insight?

AS: There is a pressing need for enhanced cooperation between businesses and regulators to fully harness cryptocurrency’s potential in gaming. The crypto segment represents significant growth prospects and is expected to capture a substantial market share in the coming years. For regulators, incorporating crypto into legislative frameworks around gambling is essential. Such collaboration would increase transparency and establish a robust regulatory structure in promising markets.

Unfortunately, this issue is often overlooked by regulators worldwide, often due to a lack of legal frameworks to address cryptocurrency adoption and its role in gambling. However, we are committed to bridging the gap between businesses and regulators.

Softswiss provides comprehensive support—both informational and technical—to help operators and gaming studios integrate cryptocurrencies effectively. Our offerings enable the acceptance of various digital currencies from the outset, and our experts are available to navigate complex integration processes. Additionally, we acknowledge that training operational teams about cryptocurrency remains a vital area for development.

iGB: Softswiss was recently awarded the Crypto Company of the Year at the 2023 International Gaming Awards. What sets you apart in cryptocurrency operations and what innovative solutions do you bring to the market?

AS: We are honored to receive this award and to be recognized as a leader in the crypto gambling space. This acknowledgment reflects our relentless drive and commitment to making crypto both accessible and user-friendly. For years, Softswiss has pursued the latest innovations by integrating cryptocurrency into gambling, thereby propelling the industry forward.

Our consistent development and refinement of expertise, coupled with the introduction of multiple features tailored to the crypto audience, have cemented our status as the go-to provider in this sector. A significant majority of crypto gambling leaders now utilize our products, affirming Softswiss’s position as the undisputed leader in this transformative market.

iGB: What are your forecasts for cryptocurrency in 2023? What challenges might hinder its broader adoption?

AS: Despite the inherent volatility in the market, the crypto gambling sector is poised for continued growth. Players are drawn to the speed and simplicity of cryptocurrency transactions, as well as the level of anonymity it provides. We clearly see growing interest in this niche, with an increasing number of operators, including top-tier brands, integrating crypto payment options into their platforms.