Cryptocurrency payments in online betting increasing rapidly

October 18, 2021 Blockchain Industry Updates

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 raise 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.