Softswiss: Are crypto casinos the future of the gaming industry?
iGB: There has been a lot of talk about cryptocurrency’s potential in gaming, with Softswiss noting a strong growth in transactions in its regular report. Are there any trends or correlations you have tracked among players? With this insight, what is the core crypto gambler’s profile?
AS: If we compare typical crypto adopters to fiat users, the former generally represent younger generations originating from Canada, Germany and Asia. Depending on the geography and age, we can see the difference between the audiences of various crypto brands – the so-called crypto gambling pioneers like Bitstarz and MBit, and the second wave brands like Stake, Roobet, Rollbit, Duelbits and BC.Game. The latter strives to build a strong brand-centred community, using chats and forums, which helps not only engage but also retain players.
These are just a few aspects that make a difference, alongside the transaction speed, availability of provably fair games and others.
iGB: How has the growing competition and demand on the crypto market affected early crypto adopters such as Softswiss?
AS: I wouldn’t say that the crypto gambling market is particularly competitive – the competition is steadily growing, but it is still far from its high. We see market majors taking an interest in crypto gambling, with many considering integration of payment methods such as Coinspaid to enable crypto deposits. Some opt for launching separate crypto brands to reinforce their product portfolios with new crypto-centric offerings of the same design and functionality similar to Stake.com, Bitstarz, MBit, Rollbit, Duelbits, Roobet and BC.Game.
Many market players are cautiously interested rather than willing to enter the niche. And we can see a sound reasoning behind their behaviour, such as having no crypto expertise or strong expert teams, difficulties in finding traffic to attract the crypto audience, crypto gambling regulations and the overall regulators’ attitude to cryptocurrencies as to something non-existent. However, the niche is actively evolving and the market leaders I mentioned above are now followed by new high-potential entrants capable of making great strides, like Stake.com in 2021.
iGB: How have you worked to ensure your crypto gaming products stand out from the competition – what does Softswiss offer that can’t be found elsewhere in the market?
AS: First and foremost, it is the expertise and vast experience in using and integrating cryptocurrencies in gambling. Being a trailblazer in this niche and the first company to bring crypto to the B2B sector, Softswiss makes the crypto gambling development an integral part of its strategy. In particular, it includes building knowledge and expertise within the team, developing crypto-friendly products and staying ahead of the product trends we observe across crypto brands.
All products in the Softswiss ecosystem (the Casino Platform, the Game Aggregator, the Sportsbook, the Jackpot Aggregator and Affilka) are compatible with cryptocurrencies, with our partner product – crypto payment gateway Coinspaid – being a basic option to launch cryptocurrency operations. For example, the Softswiss Game Aggregator currently supports about 50 game providers in using 20+ different cryptocurrencies and is able to integrate new ones upon request from its clients and partners.
The in-game currency conversion feature integrated into our flagship Casino Platform is a unique solution that allows crypto balance holders to access and enjoy non-crypto games. The Softswiss Sportsbook and the Jackpot Aggregator are also fully equipped to work with cryptocurrencies.
iGB: When it comes to raising awareness about the adoption of cryptocurrency for gambling, where else do you feel education is needed? Among operators, suppliers or even regulators, perhaps?
AS: Regarding regulations, I believe the industry needs closer cooperation between businesses and regulators to harness crypto. The segment has great growth potential and is expected to gain a significant market share in the future, therefore regulators should factor crypto into their law-making activities relating to gambling. Such cooperation would be beneficial for all parties involved, as it would increase transparency and establish a regulatory framework for the use of cryptocurrencies in the most promising markets.
Unfortunately, the issue is commonly overlooked by regulators in most jurisdictions. We can understand it as there is often a lack of legal frameworks to address the adoption and subsequent legalisation of cryptocurrencies in general, let alone rules for their use in gambling. But it is definitely worth the effort and our company is ready to help bridge the gap between businesses and regulators.
We provide full support, both informational and technical, to help operators and game studios onboard cryptocurrencies. The products in our portfolio allow accepting all digital coins right from the start and our experts are there to help solve any complicated issues and walk clients through the entire process of cryptocurrency integration. We believe that training and instructing operational teams on the use of crypto is yet another growth area for us to develop and reinforce our offering.
iGB: Recently, Softswiss was recognised as the Crypto Company of the Year at the 2023 International Gaming Awards. What distinguishes you from competitors in terms of cryptocurrency operations and what innovations in this field do you offer to the market?
AS: We are very pleased to have this award and, more importantly, the industry’s recognition as a leader in crypto gambling. This award is a true reflection of our strategy and passion – making crypto accessible and convenient for use. Years ago, Softswiss dared to tackle the most progressive innovations and integrate crypto into gambling, pushing the industry to its new heights.
I would go so far as to say that the nomination and the award were not a big surprise for us, as the company had come a long way, refining its expertise, developing multiple features and adjusting standard operations for the crypto audience. Nine out of ten crypto gambling leaders leverage our products. All this proves that Softswiss is an undisputed leader in crypto gambling.
iGB: What are your predictions for cryptocurrency going into 2023? What could hinder its adoption?
AS: Despite the volatility we are observing, the crypto gambling sector and its audience will continue to grow, as it is speed, simplicity and a certain level of anonymity that players value most in cryptocurrencies. We can clearly see an increasing interest in this niche and a growing number of operators, including top-tiers, are adding crypto to their payment methods.