19% increase in crypto betting SOFTSWISS reveals digital currency results for Q1 2023

In January 2023, SOFTSWISS, the leading technology provider for iGaming, was recognized as the “Cryptocurrency Company of the Year” by the prestigious International Gaming Awards.

As a pioneer in crypto gaming, every quarter the company analyzes the crypto gaming market and shares valuable industry insights. This time, among the main indicators, the team of experts reveals the average portrait of the cryptoplayer.

First quarter results are based on data from over 700 brands provided by SOFTSWISS Game Aggregator and SOFTSWISS Casino Platform.

Q1 2023: the big picture

In the first quarter of 2023, the Total Bets indicator increased by 44.66% compared to the same quarter of the previous year and 2.24% compared to the previous quarter. This data demonstrates a steady growth trend in the iGaming market.

In absolute terms, the sum of crypto bets also shows positive growth over the last year. In the first quarter of 2023, the share of bets on digital currencies represented 30%.

Q4 2022 saw 9% volume growth in total crypto stakes compared to Q1 of the same year. The first quarter of 2023, on the other hand, saw more significant volume growth – 19%.

Andrey Starovoitov, Co-CEO of SOFTSWISS comments: “Despite the global events of 2022, which undoubtedly caused the value of most digital currencies to drop, we are now seeing their value rise again. So we are seeing both growth in the overall iGaming market and an increase in the sum of bets being placed by cryptoplayers.”

“We expect digital currencies to remain in steady use by players in 2023 and we may see more significant growth with a combination of two factors: competent player retention and the absence of strong volatility in the cryptocurrency market,” he adds.

Most used digital currencies

Compared to Q4 2022, the top 3 most used digital currencies remain the same: Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). However, its actions have changed – Bitcoin is up 1.9 p.p. at the expense of smaller digital currencies, while Ethereum has remained the same.

Looking at the development of digital currencies over a longer period, the changes in digital currency holdings are more substantial. Since the first quarter of 2022, BTC has increased by 3.72 p.p., while ETH has lost 5.01 p.p. The share drop of the third largest digital currency, LTC, occurred by 1.36 p.p.

The final actions for the first quarter of 2023 are as follows:

BTC – 76,5%

ETH – 8,4%

LTC – 5,1%

Tether (USDT) took a 5.1% share for the first time, while Dogecoin (DOGE) fees fell by 1 p.p. compared to the previous quarter, obtaining a share of 2.5% at the end of the first quarter of 2023.

Among other currencies that showed an increase in the share of Total Bets – Ripple (XRP), Tron (TRX) and Cardano (ADA).

The Cryptoplayer’s Portrait

Diving deeper into industry insights, SOFTSWISS defined the average cryptoplayer portrait. Based on Q1 data and available data from player profiles, 65% of the crypto audience is male and 35% female. The percentage of age groups of crypto players who have indicated their age in their online casino profile is as follows:

Thus, the main audience for digital currencies in iGaming is in the 31-50 age group. It makes up 70% of the public that uses cryptography. Furthermore, more than half of GGR crypto in the first quarter was made up of bets placed on mobile devices: 64% of mobile users versus 32% of desktops.

This data can become crucial when choosing a strategy to grow an existing iGaming brand or launch a new one. As SOFTSWISS experts note, the interest in starting cryptography projects is high, even when cryptography demonstrates rapid changes and can be unpredictable. However, Q1 statistics indicate that 2023 is shaping up to be a year of positive development for digital currency related projects.

Max Trafimovich, Commercial Director at SOFTSWISS, summarizes: “Over the last few years, we have seen a steady increase in demand for crypto-ready solutions, whether it’s launching a casino or a sports betting venture. It’s undeniable that some crypto iGaming operators have attracted a lot of attention and accolades on a global level”.

“In addition to cryptography, these operators are also at the forefront of several other innovations, which go beyond the payment aspect. SOFTSWISS will continue to be the definitive partner in this frontier with new technologies oriented towards cryptography, high level of service and security”, he adds.


SOFTSWISS is an international iGaming company that provides certified software solutions for managing gaming operations. The expert team, which has 1,400 employees, is based in Malta, Poland, Georgia and Belarus. The company holds multiple gaming licenses and provides complete iGaming software solutions.

The group has a vast portfolio of products, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka Affiliate Platform, the Sports Betting Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a bitcoin-optimized online casino solution.