Cryptocurrency Payment increasing for Online Betting

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Cryptocurrency Payment increasing for Online Betting

According to the 2021 Q1 corporate report by SoftSwiss Game Aggregator, payments via cryptocurrencies account for about 26% of global online gambling turnover in March. 

At this time last year, digital coins only accounted for barely 6 percent of betting payments globally. These digital coins have quadrupled their worth in the betting industry at the expense of the regular currencies which went down from 94% to 74%.

The rise in cryptocurrency payments can be traced to increasing online gambling activity in Asia. Countries like India, Japan, and Indonesia are top players when it comes to the positive momentum behind cryptocurrency betting.

India, for example, is a trendsetter in the rise of usage of Ethereum. During the early months of 2021, Ethereum became the most popular coin used in the country.

Nevertheless, bitcoins remains the top digital coin used globally, preserving an overwhelming market share of 83% (a slight reduction from 90% a year ago). Others like Dogecoin and Bitcoin Cash rose to 1.5% from 1% around late 2020.

One of the ways casino sites try to beat each other in the competition is offering fast payments to their players. Due to the speed of blockchain technology, cryptocurrencies are being widely accepted by online casinos.

Apart from the speed, it also helps to offer anonymity to online casino users who prefer to keep their financial details hidden from websites. They can make payments and withdraw without having to drop sensitive information like card numbers or banking data.

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