The Evolution of Cryptocurrency Betting: How SOFTSWISS is Advancing the online gaming Sector

In recent years, cryptocurrency and blockchain technologies have had a tremendous influence on the growth of the iGaming business and online betting. SOFTSWISS, an international corporation with Belarusian origins, was the first to see the potential of cryptocurrencies in gambling.

According to the founder of the company, Ivan Montik, as a rapidly expanding corporation, SOFTSWISS has always been interested in innovations as well as new technologies. Since 2011, they have been closely watching the evolution of cryptocurrencies. At the time, SoftSwiss was a new firm with an equally ambitious crew. As a result, they decided to focus on developing crypto solutions for traditional casino games, and in the spring of 2013, the company added unique capabilities to its platform as well as bitcoin gambling processing.

The Pioneer In Crypto Solutions

SOFTSWISS was the first company in the world to provide a comprehensive crypto solution for running a casino to the B2B market. This corresponded with the Cyprus crisis, during which bitcoin saw significant growth and garnered attention as an intriguing tool not just for geeks and IT experts, but also for companies. However, Bitcoin was still seen as a dark horse in the iGaming industry. Even seasoned participants in the gaming sector were unaware of the new currency’s full potential at the moment. 

As the chief operating officer of Softswiss, Andrey Starovoitov describes, SOFTSWISS was the first to use bitcoin and blockchain technology in the casino industry. This company was the first to urge casinos to include cryptocurrencies in the list of currencies that may be used to place bets in casino games. They attempted to persuade the iGaming industry that using cryptocurrencies would only help it perform better. All in all, the major goal was to persuade providers to accept BTC as a full-fledged betting currency rather than converting it for Euros.

7Bit Casino, Bitstarz, and BetChain were early pioneers in crypto gaming, and are today well-known and profitable businesses. These were the first companies to accept bitcoin bets, utilizing the SOFTSWISS Platform.

The Year of 2021 – Time of Major Transformations

For a long time, this section of the casino business remained independently, until 2021, when a major transformation happened. This was the emergence of so-called ‘dice sites,’ which were not online casinos in the traditional sense, but instead provided players their in-house created games such as roulette, crash games, and so on. One of these firms’ most essential features was the provably fair feature, which was based on cryptographic techniques and allowed participants to verify the outcome of a bet. Crypto gaming behemoths like BC.Game and Stake were among them.

Andrey Starovoitov notes that dice websites have long been known in the business, but they have always stood apart from other iGaming enterprises. Softswiss saw a lot of promise in working with them and increasing their game content. That’s the main reason why they decided to leverage their existing experience and provide them with a whole ecosystem of goods. As a result, in 2020, the company collaborated with numerous new crypto ventures, including Roobet, Stake.com, Rollbit, and BC.Game. The first steps of this process included contacting them, proposing to diversify the content, adding hundreds of new companies to their current games using the Softswiss platform. The company had a huge number of suppliers that, owing to their collaboration with SOFTSWISS, were willing to accept Bitcoin bets. As a result of these collaborations, crypto betting rates have been shattering one record after another.

Concentrating On Young People

One of the advantages of the dice websites has been the adoption of more effective marketing tactics, mostly adopted from cybersports. Created by people who knew these games and their market inside and out, they gave the younger generation precisely what they wanted: interaction, skill exhibition, and aspects of competitiveness with rivals, rather than slots that yield uncontrollable results. Through innovative formats, gamification, and specialized social networks such as Twitch streaming, new businesses have discovered how to attract and maintain this audience in online casinos.

The gaming audience is undergoing a major shift. It is becoming younger, whilst traditional casino brands are mostly aimed at the adult gambler. The competitive factor strongly favors and attracts the youngsters. And, while many firms’ marketing professionals are grappling with the dilemma of how to attract a youthful audience, emerging brands have already discovered a method to do it.

According to Softswiss, the industry now witnesses the second wave of crypto gaming. Blockchain along with cryptocurrencies are now unavoidable realities. There are still numerous opportunities for advancement in this field. Unfortunately, because of rigorous licensing and control, there is frequently limited room for innovation. And as a result, the entire industry suffers. Thankfully, SOFTSWISS already provides new and unrivaled solutions for crypto gaming.