The latest analysis from SOFTSWISS indicates that the cryptocurrency segment is experiencing slower growth compared to the broader iGaming industry.
The pioneer in offering cutting-edge crypto iGaming software delivers insights into the latest crypto gaming trends.
Thus, the analysis is based on data collected from more than 530 brands developed by the company.
It takes into account in-game currency conversion capabilities, allowing SOFTSWISS customers to seamlessly engage players with cryptocurrency holdings in games originally tailored for fiat currency only.
Growth of the igaming market
During the first three quarters of 2023, the iGaming market has grown consistently.
In absolute terms, the total amount bet increased by 36.6% compared to the same period of the previous year, while the number of bets recorded an even more impressive growth of almost 50%.
In the comparative analysis of crypto bets between the first nine months of 2023 and the same period of the previous year, a notable monetary growth of 18.7% is observed.
At the same time, the number of crypto bets has increased by 66.4% since 2022. Simultaneously, the share of cryptocurrencies in the Total Sum of Bets demonstrated a slight decrease of 4.3 p.p. to finally settle at 28.5%.
Delving deeper into the analysis, which has been ongoing since early 2021, it becomes evident that crypto betting sums have experienced incremental growth from quarter to quarter during this period.
But its share in the Total Betting Sum decreased slightly, mainly due to the more impressive quarterly increase in fiat betting sums.
Andrey Starovoitov, co-CEO of SOFTSWISS, comments: “An 18% increase in crypto staking sums may seem very modest when compared to a more substantial 45% expansion in fiat staking during the first three quarters of 2023.”
“Taking into account the state of cryptocurrencies in other spheres such as fundraising, where the third quarter showed its worst results since the end of 2020, the position of cryptocurrencies in iGaming can be assessed as comparatively stable at the moment.”
Floating Crypto Betting
Average bet analysis paints a captivating picture.
While the average fiat stake remains stable, hovering around 0.82 euros during the first three quarters of 2023, as well as in the same period of 2022, the average crypto stake has lost almost 30 p.p. on average, showing quarter-to-quarter variability.
It initially increased from €1.56 at the end of 2022 to €1.88 in the second quarter of 2023, but subsequently decreased to €1.59 in the third quarter of 2023.
While such fluctuations can be attributed to the volatility inherent in cryptocurrency rates and market expectations.
SOFTSWISS research shows Top 5 Cryptocurrencies
The 5 most used digital currencies in iGaming have remained unchanged since the beginning of 2021.
During the first three quarters of 2023, the cryptocurrency distribution structure is as follows:
- Bitcoin – 74,9%
- Ethereum – 8,9%
- Litecoin – 6,0%
- Amarração – 4,6%
- Dogecoin – 3,0%
In the world of digital currencies, Bitcoin has witnessed the most substantial increase. Marked by a 3.9 p.p. increase in its share compared to the first three quarters of the previous year.
On the other hand, Ethereum suffered a decline, losing 6.3 pp in its market share during the same period.
Andrey Starovoitov, Co-CEO of SOFTSWISS, summarizes: “Due to their technological nature and relatively recent emergence, cryptocurrencies are developing in a rapidly changing scenario, articulating across diverse economic and social factors.”
At the moment, we observe its moderate popularity among participants in the growing fiat segment, and the results of the last quarter of 2023 arouse increasing fascination
As the ‘number one’ provider of cryptographic solutions, SOFTSWISS remains committed to imparting its expertise on relevant trends in iGaming.”
SOFTSWISS is an international iGaming company providing ISO 27001 certified software solutions for managing gambling operations.
Furthermore, the team of experts, which has 1,400 employees, is based in Malta, Poland, Georgia and Belarus.
Therefore, SOFTSWISS holds a number of gaming licenses and provides complete iGaming software solutions.
The company has a vast portfolio of products. Including the Online Casino Platform, Game Aggregator with thousands of casino games, Affilka affiliate platform, Sportsbook Software and Jackpot Aggregator.
In 2013, SOFTSWISS was the first in the world to introduce an online casino solution optimized for Bitcoin.