SOFTSWISS investigates the popularity of crypto in the iGaming market

As technology advances, cryptocurrencies are becoming more and more popular. According to the recent SOFTSWISS study, the number of people using cryptocurrencies to place their bets has increased by more than 20% in 2023.

Changes in the iGaming landscape

time_to_invest_in_crypt_softswiss_2023_igaming_market_overview (1)Current forecasts predict that the iGaming market will double in size by 2030 annual growth rate were 11.7%. As for sales, it is estimated that it will be achieved 140 billion euros.

SOFTSWISS, one of the leaders in crypto iGaming software development, has researched and collected data from the crypto market more than 600 brands. According to the study, the iGaming market is thriving on a global scale – Total bet amount recorded annual growth of 38.2%while Total number of missions increased by 51.2%.

However, the average stake has decreased and one of the main reasons for this is an expansion of iGaming into smaller marketsTherefore, the decline is more pronounced in markets such as Latin America and Africa. In addition, increasing Internet availability around the world as well as the integration of modern technologies influenced the bottom line. Another important factor is the growing popularity of iGaming among players under 30 who are on a budget.

As research begun in 2022 has proven, Fiat betting are still more popular and their number is growing faster than Crypto betting. Crypto bet amount increased by 8.2% in the fourth quarter of 2023 and Fiat bet amount recorded an increase of 16.4% annually. Crypto betting was 27.5% the total stake amount in 2023, which corresponds to a decrease of 3.9 percentage points

Comparing 2023 to 2022, the crypto betting amount has increased by 21.1%while the Crypto Bet Count rose by 50.5%.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, commented: “The advantages of using digital currencies, such as fast transactions and anonymity, are important drivers for many players. Given this dynamic, 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.”

The most popular cryptocurrencies

In 2023, the average fiat bet was approx 0.82 eurosand the crypto bet fluctuated between 1.59 and 1.88 eurosbut it was more stable than in 2022.

The most popular cryptocurrencies in 2023 were Bitcoin (73.3%), ether (9.9%), Litecoin (6.6%), Connection (4.6%), and Dogecoin (3.1%).

Bitcoin is still the most popular cryptocurrency, but it is down 5.7 percentage points compared to the third quarter of 2023. Ethereum, on the other hand, grew by 4.7 percentage points and Litecoin increased by 2.2 percentage points

Matsukevich commented on this: The digital currency market is growing rapidly, with estimates predicting capitalization growth of over 50% in 2023. Despite the risks caused by the high volatility of cryptocurrencies and their dependence on various factors, the use of these cryptocurrencies can bring additional profits to operators. The iGaming industry is promising for investment due to growth in both fiat and crypto markets, but success depends on trusted and experienced partners.”

source: “Time to invest in crypto? SOFTSWISS 2023 iGaming Market Overview”. Soft Swiss. February 28, 2024.

Source link