The gaming industry is witnessing a massive upsurge of cryptocurrency users. Crypto gaming and betting platforms are already giving conventional online gaming and betting platforms a run for their money. According to a report commissioned and compiled by Soft Swiss Game Aggregator, a gaming aggregator company, approximately 26% of the cumulative global betting industry turnover came from cryptocurrency payments accounts.
It is a sharp rise when compared to the figures reported last year. By the Q1 of 2020 only 6% of the payments came in cryptocurrencies but for this year it has risen by 19%. Another important trend that is emerging is that the majority of the crypto-paying betting accounts are concentrated in parts of Asia. It is also supported by a rise in the number of online crypto betting platforms catering to the clients in Asian countries.
With cryptocurrencies becoming immensely popular, the gaming and betting industry seems to be more than welcoming. The biggest factor that explains the popularity of “crypto money” in the industry is the fact that they allow anonymous transactions and also setting up such platforms have lesser regulatory hurdles. The lesser cost of operations when compared to their conventional counterparts gives them an edge. It is also reported that crypto betting platforms tend to be more user gamer-friendly.
The gaming and betting industry is growing at a significant pace. If we are to follow the trends from the past 24 months, there is little doubt that crypto gaming platforms are the future and in the next 5-6 years they may control a bigger market share than the traditional fiat crypto gaming platforms.