The Next Big thing in Crypto Sports Betting – SOFTSWISS vision

In the recent years, cryptocurrency along with blockchain technologies seem to have brought rapid developments across the iGaming industry and more so to online sports betting. The initial firm to have an idea regarding the potential of cryptocurrencies was SOFTSWISS, an international firm with Belarusian roots.

“SOFTSWISS as a fast growing company has always been interested in new technology and innovation. We had been closely following the development of cryptocurrency since 2011,” said SOFTSWISS founder, Ivan Montik. – “We had a fairly young company at the time and an equally ambitious team. So we decided to focus on developing crypto solutions for classic casino and in the spring of 2013 added special features for the SOFTSWISS Online Casino Platform and processing for Bitcoin gambling. There was nothing like it on the market at that time except for a few one-page dice games,” further added Ivan Montik.”

SOFTSWISS goes down as the first company in the world to provide B2B market an end-to-end crypto solution for running an online casino. All this coincided with the financial crisis in Cyprus, a time when Bitcoin demonstrated serious growth to the extent of drawing attention as a must have tool for geeks, IT professionals and businesses too. But on iGaming cryptocurrency hadn’t really captured the attention of many. At the time, even experienced players had no idea of the new possibilities of cryptocurrency.

“Initially, SOFTSWISS was the first to introduce Bitcoin and blockchain into the operation of gambling,” said the Chief Operating Officer at SOFTSWISS, Andrey Starovoitov. It was SWOFSWISS that initially recommended to providers cryptocurrencies as one of their payment solutions. Andrey further notes that they were the first company to sponsor and organize a seminar to discuss about matters to do with Bitcoin at the ICE Totally Gaming conference in London back in 2014.

“We tried to tell the industry that it was cool and open their eyes to the fact that cryptocurrencies were the future of iGaming. The main objective was to convince providers to add Bitcoin as a full-fledged betting currency without exchanging if for euros,” further noted Andrey Starovoitov.”

Bitstarz, BetChain, and 7Bit Casino were the starters in crypto gambling, and some of the most profitable business entities today. There were the pioneers to begin accepting wagers in Bitcoin, relying on SOFTSWISS Online Casino Platform and cryptocurrency solution.

For a long time, this segment of the casino was already in existence but as a separate entity. It was not until 2020-2021 when significant changes occurred with the creation of ‘dice sites’ that weren’t online casinos as such, but offered players in-house games such as roulette and slots among others. A big feature of such firms was their provably fair feature that was based on cryptographic algorithms allowed bettors to verify the outcome of their bets. Stake and BC.Game is an apt example of such crypto gambling giants.

Andrey further noted that dice casino sites have long been known in the online sports betting scene, though they’ve occupied an isolated place across other iGaming projects. Andrey asserts that SOFTSWISS saw a huge potential in forging collaborations with them and expanding their gaming offering at the same time. To do this, they decided to use the little knowledge they had and offer players a completely new system of new products such as Afflika, Game Aggregator, and a sportsbook.

Last year in 2020, SOFTSWISS Game Aggregator forged partnerships with several crypto projects such as Roobet, Rollbit, Stake.com, and BC.Game. Since their partnership together, the performance has been a success. In the first few months of business, they reported a huge revenue in millions of Gross Gaming Revenue.

“We started communicating with them, offering to diversify their content with SOFTSWISS, adding to their existing games hundreds of new brands, brought together in the SOFTSWISS Game Aggregator. We had a large set of providers that, thanks to their cooperation with SOFTSWISS, were open to cryptocurrency betting. Since our partnership, crypto betting rates have been breaking one record after the other,” adds Ivan Montik.

A primary advantage that comes with dice sites is the use of more effective marketing tools that are associated primarily with cybersports. Created by experts with a clear understanding of such games along with their audience from inside, they sorted out plenty of the needs of the younger generation: skills demonstration, engagement and elements of competition with other rivals, as opposed to slots that come up with results that one can’t influence. Now, new operators seem to have mastered the art of attracting and retaining this audience in online casinos by coming up with new formats, gamification and fringe social platforms such as Twitch streaming.

“We are seeing a landmark shift in the gambling audience. It is getting younger whereas classic casino brands are mainly geared towards the mature player. The competitive element is much in favor of and attracts the younger generation,” Andrey said. “It can be easily seen by the popularity of eSports and games where several people can play at the same time. And while marketing experts in many companies are struggling with the question of how to attract a young audience, the new brands have already found a way to do it,” concludes Andrey.

What we are witnessing now is wave two of crypto betting and it’s now with us. Cryptocurrencies are the new reality that cannot be wished away. There are many untapped opportunities for further development in this field. But again, the space for innovation looks somewhat slim, mostly due to strict regulations and licensing, something that leaves the entire industry at a disadvantaged position.

Luckily, enough, SOFTSWISS is at the forefront of offering the much-needed innovative and desirable solutions for crypto gambling. The only thing that you need to do is seize the opportunity, as opposed to sitting by the fence and watching everything unfold before your eyes.