Bitcoin
The9 to Purchase 2000 Bitcoin Miners for Over $6 Million
The9 Limited, the Shanghai-based online game operator, has revealed that the company is planning to acquire 2000 Canaan Avalonminers for over $6 million in a stock deal. The9’s binding memorandum of understanding (MOU) explains that the new units will give the company 0.1 exahash of bitcoin hashpower.
According to the announcement, The9 entered into a legally binding memorandum of understanding (MOU) with an “unrelated bitcoin mining machine owner.” The machines will be exchanged for Class A ordinary shares.
The9 said that the firm will issue approximately 8,127,390 shares based on the share price of around $24.81. But during the next six months, the number of shares could be reassessed.
But the new MOU is not the only deal The9 has established. The company also disclosed that it obtained 0.288 (EH/s) of hashpower. This deal took place when the company signed definitive agreements for 12,246 bitcoin mining rigs.
The announcement does not disclose whether or not the 12,246 mining rigs are Canaan Avalonminer brand miners. That specific deal was also completed with share calculations and an issuance agreement with a lock-up period of six months.
Bitcoin
Stake Colombia Partners with NetRefer for its Casino and Sportsbook Affiliate Marketing Platform
Stake Colombia, the Latin America division of Stake, has entrusted its Casino and Sportsbook brands to NetRefer’s Affiliate Marketing Platform.
Colombia serves as Stake’s operational base for expansion throughout Latin America. Their influence in the booming LatAm iGaming market began in 2023, through the strategic acquisition of Betfair Colombia and its license. “Expanding into the Colombian market is a strategic decision that aligns perfectly with our vision for growth and innovation,” said Brais Pena, Chief Strategy Officer at Stake.
This vision underscores Stake’s commitment to establish itself as a key player within Colombia’s market, increasing the assertion of the nation’s status as a home for innovative foreign investments.
Stake has multiple high-profile sponsorships, and missing the iGaming giant is almost impossible. It sponsors the likes of Everton FC, the UFC Franchise, and now in 2024, they announced their biggest move to date: their very own Stake F1 Team. The company’s redefining of brand partnerships also includes a deal with Megastar rapper Drake. Now, with the establishment of Stake Colombia, the company is accelerating its massive influence in the LatAm market.
In iGaming, it takes more than high-profile sponsorships to get to the top and stay there. To win that battle, Stake Colombia has an armada of popular Casino Games, Slots, Live Casino, Blackjack, and Drake’s favourite, Roulette, to accompany its extensive Sportsbook and keep the iGaming business skyrocketing to success. Apart from providing their customers with world-class games, how-to guides, and display boards promoting the best paying-out games, their easy-to-use platform allows players to place bets on various sporting events with minimal clicks and effort.
Stake works hard to maintain its dedication to fair play, legal operation, and transparency. This is demonstrated in their verified status with the Crypto Gambling Foundation and projects to promote responsible gambling. Their status as a ‘Crypto Casino’ is backed by all the cryptocurrency giants, such as Bitcoin, Ethereum, and Dogecoin, to name a few, in the jurisdictions in which this payment method is allowed.
Also noteworthy is the company’s commitment to security. State-of-the-art encryption methods and 24/7 customer support come as standard with Stake Colombia. Their priority to maintain player satisfaction is achieved through unique reward programs and campaigns, including their superb betting events with the rapping legend Drake, enhancing a better gambling experience and contributing to overall affiliate commission earnings.
Being a Stake.com.co Affiliate means earning commission for all bets placed on its Casino and Sportsbook, which, unlike traditional affiliate programs, means earning money even if players win. This ability to go above and beyond industry practices in various sectors has surely paid dividends to Stake’s rise to power.
Stake Colombia has partnered with NetRefer as their Affiliate Marketing Platform provider with Casino and Sportsbook brands. NetRefer expresses its delight to have such a renowned market leader join their client portfolio and become part of their journey to continued success.
Become a Stake Affiliate: https://stake.com.co/es/afiliados-resumen
Learn more about NetRefer: https://netrefer.com/
In March 2024, Bitcoin soared to a historical high, nearing 70,000 euro per coin. How does this impact the iGaming market? Being a tech company with over 15 years of experience and an innovator in crypto iGaming software development, SOFTSWISS shares anticipations in its quarterly crypto analysis.
Over 220 brands powered by the company engaged in crypto transactions during the first quarter of 2024, which is 12% higher than the previous quarter. SOFTSWISS experts analyse the data gathered from crypto-friendly brands by employing extrapolation, comparative, and correlative analysis.
iGaming Market Overview: Unveiling Anticipated Growth
The size of the global online gambling and sports betting industry is expected to rise significantly and exceed 170 billion euro by 2032, according to Statista. Based on SOFTSWISS data, the iGaming market has demonstrated a stable pattern of growth year after year.
In absolute terms in euro, the Total Bet Sum grew by 5.8% in the first quarter of the year compared to the last quarter of 2023. Analysing the year-on-year increase, comparing Q1’24 with Q1’23, the growth is more impressive, showcasing a 47.2% boost.
Simultaneously, the Total Bet Count, both fiat and crypto, displayed a slightly larger gain in the first quarter of 2024 compared to the previous quarter, surpassing 6.1%. The indicator’s year-on-year boost is much more notable, revealing a 57.2% increase.
The popularity of iGaming in recent years has been fuelled by its global reach and accessibility due to constant technological advancements. On one hand, the quality of internet connectivity continues to rise, while on the other, new payment methods are emerging, simplifying payment procedures.
The in-depth quarterly analysis, ongoing since the beginning of 2022, reveals that fiat bets are undergoing more substantial growth compared to crypto bets. In Q1’24, the Fiat Bet Sum increased by 6.9% compared to Q4’23, while the rise of Crypto Bet Sum was at 2.4%.
The more active growth of fiat bets led to a slight decrease in the share of crypto. In the first quarter of 2024, the crypto share in the Total Bets Sum settled at 24.4%, decreasing by 0.8 percentage points (p.p) compared to the last quarter of 2023.
What is the State of Crypto in iGaming?
Analysing crypto bets, it is crucial to highlight that almost 93% of them are facilitated through the in-game currency conversion tool, which is gaining traction. This mechanism allows operators to engage players with cryptocurrency assets in games initially tailored for fiat only. Operators that adopt such options are gaining more competitive advantages in the market.
While the Q1’2024 Crypto Bet Sum shows a moderate 2.4% growth compared to the previous quarter, the year-on-year analysis demonstrates a 20.8% increase. The Crypto Bet Count remained unchanged in Q1’24 compared to the previous quarter’s indicator. Simultaneously, the metric increased by 21.3% year-on-year. The figures speak volumes, showcasing a consistent interest among players in crypto gaming.
“The lack of a substantial increase in the number of crypto bets during Q1’24 can be partly attributed to the significant rise of the Bitcoin exchange rate during this period, leading players to be more cautious with their crypto bets. This trend mirrors the situation in the first quarter of the previous year when the Bitcoin exchange rate surged following a decline at the end of 2022,” comments Vitali Matsukevich, Chief Operating Officer at SOFTSWISS.
What Distinguishes the Average Crypto Bet?
The average crypto bet increased to 1.71 euro in the first quarter of the year from 1.66 euro in the last quarter of 2023. This growth correlates with a significant strengthening of the Bitcoin rate during the first quarter of 2024.
The average fiat bet remained steady at around 0.81 euro in Q1’24 and Q4’23. The average total bet stayed constant since the second half of the previous year and is equal to 0.93 euro.
Notably, the average crypto bet is double that of fiat. This indicates that digital currencies are preferred by higher-income players.
Why Did Bitcoin’s Share Drop?
The Top Five most operated digital coins in iGaming have remained stable during the last two years with minor changes in ranking order. The top still includes Bitcoin, Ethereum, Litecoin, Dogecoin, and Tether.
In Q1 2024, Bitcoin experienced a significant decline of 9.4 p.p. compared to Q4 2023. This could be attributed to the bolstering Bitcoin exchange rate and players exercising a more cautious approach towards it.
In contrast, the shares of other digital coins have increased. Ethereum and Litecoin showed growth of 4.0 p.p. and 3.8 p.p., respectively, during the same period. Simultaneously, Dogecoin rose to fourth place in the ranking, leaving Tether behind.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarises: “The benefits of employing digital currencies, such as fast transactions and anonymity, still attract many players. Embracing cryptocurrencies in iGaming can boost operator profits despite their volatile nature.
As the Bitcoin rate is expected to strengthen after the Bitcoin Halving, the average crypto bet and projected gains may see a notable impact. During such promising times, it is crucial to have reliable and experienced partners to navigate the path to success.”
About SOFTSWISS
SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform, and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.
The post Navigating Bitcoin’s Impact: SOFTSWISS’ iGaming Industry Overview appeared first on European Gaming Industry News.
In its LinkedIn newsletter, ‘The SOFTSWISS Special’, SOFTSWISS, a global tech expert with over 15 years of experience in iGaming, delves into the impact of Bitcoin Halving on the iGaming realm.
The recent historical moment of Bitcoin Halving took place on 19th April 2024. SOFTSWISS, a pioneer in crypto-friendly iGaming software, shares its insights and forecasts for how this event may shape the future of iGaming, shedding light on potential opportunities and challenges for industry stakeholders.
What is Bitcoin Halving?
The Bitcoin halving is a scheduled event that occurs approximately every four years or every 210,000 blocks. During this event, the reward for mining and verifying new blocks is reduced by 50%, resulting in miners earning only half the number of BTC per mined block.
Since its launch in 2009, Bitcoin’s mining reward has halved four times, occurring in 2012, 2016, 2020, and 2024. The recent April halving reduced the reward to 3.125 BTC per block. Such events are crucial for Bitcoin’s scarcity and inflation control, ensuring that the total supply never exceeds 21 million coins and aligning with its deflationary principles.
Historically, each halving event has resulted in a rise in Bitcoin’s price. This is attributed to the reduced supply and increased scarcity, although other market factors have also influenced these outcomes.
Exploring the Impact of Bitcoin Halving on the iGaming Industry
To provide an in-depth analysis of the Bitcoin Halving impact on iGaming, SOFTSWISS invited Bradley Peak, blockchain expert and tokenomics adviser, to share its anticipations.
- Bets rise: The halving is expected to lead to an increase in Bitcoin’s value. If the trend of impressive price surges persists, Bitcoin-friendly iGaming brands could see a positive impact.
- Crypto adoption increase: Implementing crypto-friendly models has the potential to boost player trust and transparency in iGaming. Additionally, it could rejuvenate unique gaming experiences like provably fair games and decentralised casinos.
- Regulatory frameworks improvement: The recent Bitcoin halving could prompt regulatory bodies to reassess their stance on cryptocurrency gambling. This could lead to new regulations ensuring fairness, responsible gambling, and anti-money laundering measures in the crypto-driven iGaming sector.
Bradley Peak, blockchain expert, comments on the recent changes: “Any transformation will not be without its challenges. It is important to adapt – invest in employee learning and development, onboard crypto processing, and make sure your platform remains secure in the process.”
Explore the influence of the 2024 Bitcoin Halving on the iGaming industry in the fourth edition of The SOFTSWISS Special newsletter on LinkedIn.
About SOFTSWISS
SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.
The post Should iGaming Be Worried About 2024 Bitcoin Halving? appeared first on European Gaming Industry News.
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