According to data from SOFTSWISS, crypto iGaming betting has increased by over 20% in 2023

In 2023, crypto betting has increased by more than 20%, SOFTSWISS reports. The iGaming technology solutions provider has shared its analysis of the evolving crypto landscape.

According to industry research, the global iGaming market is expected to double 2030 with an average annual growth rate of 11.7%. Revenue is expected to exceed 140 billion euros ($151.8 billion), with a significant share coming from crypto gambling.

SOFTSWISS, as a crypto iGaming software provider, regularly conducts research to track the dynamics of crypto in the iGaming market. The experts analyze using extrapolation, comparative and correlative analysis The data comes from over 600 crypto-friendly brands operated by the company.

Overview of the iGaming market

Based on SOFTSWISS data, The iGaming market recorded stable growth in 2023. Expressed absolutely in euros, The total stake amount increased by 38.2% compared to the previous year. At the same time it is In total Number of bets recorded an even greater increase, over 51.2%.

The average stake is slightly declining for several reasons. A key factor is the wider reach of online gambling, driven by advanced technology and increased internet availability. This trend is more evident in emerging markets such as Latin America and Africa, where the stakes are typically lower. In addition, the increasing number of players under the age of 30 with limited budgets is contributing to the decline in the average bet size.

State of crypto

This is shown by the detailed quarterly analysis that was started at the beginning of 2022 Fiat betting is seeing stronger growth compared to crypto betting. In Q4 2023, crypto betting total saw an increase of 8.2% in absolute termswhile Fiat bet amount streamed past 16.4% compared to Q3’23. The end of 2023 will be Crypto stock in the total bet amount (27.5%) reduced by 3.9 p.

Comparative Analysis of 2023 Crypto Betting Total YoY Shows Growth of 21.1%. At the same time, the number of crypto bets has been increased bj 50.5% Year for year. The growing number of bets suggests increasing interest in crypto gaming, but the greater availability of digital currencies could lead to slightly cheaper bets.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, explained: The advantages of using digital currencies, such as fast transactions and anonymity, are key drivers for many players. Given these dynamics, the market is demanding an expansion of the possibilities of iGaming projects for crypto players.”

In-game currency conversion, for example, allows operators to engage players with cryptocurrency holdings in games originally designed for fiat transactions. The projects that take advantage of such opportunities continue to capture more advantageous market positions.”

Stabilizing crypto bets

The average fiat stake remained stable at around 0.82 euros ($0.89). throughout the previous year. Despite fluctuations in the average crypto stake in 2023, in the area of 1.59 to 1.88 euros (1.72 to 2.04 US dollars)Compared to the two-fold decline in average crypto stake in the fourth quarter of 2022, which reached 1.56 euros ($1.69), the changes appear modest. This suggests some stabilization in the average crypto bet over the course of 2023.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, commented: “The dynamics of the average crypto bet are consistent with the fluctuations of the crypto market. As digital currency values ​​stabilized in the second half of 2022, the average crypto bet also stabilized.”

Another thing is that the average crypto bet is almost twice the average fiat bet. This attests to the potential use of digital currencies by higher-income gamers. Operators should take this into account to increase project profitability.”

Evaluation of cryptocurrencies

The five most commonly operated digital coins in the iGaming landscape have remained stable over the past two years.

In 2023, the structure of the cryptocurrency will look like this:

  • Bitcoin – 73.3%
  • Ethereum – 9.9%
  • Litecoin – 6.6%
  • Connection – 4.6%
  • Dogecoin – 3.1%

In the fourth quarter of 2023 Bitcoin recorded a slight decline of 5.7 percentage points compared to the third quarter of 2023. In contrast, Ethereum and Litecoin recorded growth of 4.7 percentage points and 2.2 percentage points, respectively, over the same period.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarized: “The digital currency market is growing rapidly, with capitalization estimated to grow by over 50% in 2023.”

Despite the risks posed by the high volatility of cryptocurrencies and their dependence on various factors, the use of cryptocurrencies can bring operators additional profits. The iGaming industry is promising for investment due to growth in both fiat and crypto markets, but success depends on trusted and experienced partners.”

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