Crypto gambling ‘still far from its high’
The crypto casino industry is not particularly competitive and has plenty of room to continue its rate of expansion in the coming years, according to the co-chief executive of Softswiss.
A leading gambling software development company, Softswiss has become one of the main options for building crypto casinos and co-CEO Andrey Starovoitov is predicting more growth.
In an interview with iGB, Starovoitov suggested the success of crypto casino sites such as Stake, Roobet and BC.Game has been down to the firms creating a community of players. But he believes there is still room for new entrants to capitalise on the interest in crypto gaming.
“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,” Starovoitov told the outlet. “We see market majors taking an interest in crypto gambling, with many considering integration of payment methods such as Coinspaid to enable crypto deposits.”
Starovoitov pointed out that a lot of gambling brands are still holding back from launching their own crypto casinos even though the niche has been growing at a rapid rate of late.
Regulation has proven to be a controversial topic for cryptocurrency. Many people are attracted to crypto because it does not have the same levels of regulation. However, with the world of iGaming moving fast, governments around the world have been struggling to keep up.
According to Starovoitov, closer cooperation between businesses within the crypto casino sphere and regulators is going to be needed within the near future.
“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,” Starovoitov said in the interview with iGB. “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.”
However, one place where crypto casinos do not seem likely to be welcomed any time soon is Singapore. Having set up the Gambling Regulatory Authority in 2022 in order to replace the former Casino Regulatory Authority, the new body’s general counsel Albert Yeo told a conference this year that “there is no real appetite” to embrace cryptocurrency in Singapore.
Having been named the Crypto Company of the Year at the recent 2023 International Gaming Awards, Softswiss is well placed for any businesses that are seeking to enter the crypto arena.