Time to invest in crypto? SOFTSWISS 2023 iGaming market overview

In 2023, crypto betting has increased by more than 20%, SOFTSWISS reports. The leading technology company with over 15 years of experience in iGaming and number one in crypto-optimized software shares its analysis of the dynamic crypto landscape.

According to industry research, the global iGaming market is expected to double by 2030, with a compound annual growth rate of 11.7%. Revenue is expected to exceed €140 billion, with a significant share coming from crypto gambling.

SOFTSWISS, as an innovator in crypto iGaming software development, regularly conducts research to track the dynamics of crypto in the iGaming market. Using extrapolation, comparison and correlation analysis, experts analyze the data collected from over 600 crypto-friendly brands of the company.

Overview of the iGaming market

Based on SOFTSWISS data, the iGaming market recorded stable growth in 2023. In absolute figures in euros, the total stake grew by 38.2% year-on-year. At the same time, the total number of bets recorded an even greater increase, exceeding 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 30 with limited budgets is contributing to the decline in average bet size.

State of crypto

The in-depth quarterly analysis started in early 2022 shows that fiat betting is experiencing stronger growth compared to crypto betting. In the fourth quarter of 2023, the crypto betting amount recorded an increase of 8.2% in absolute terms, while the fiat betting amount increased by 16.4% compared to the third quarter of 2023. At the end of 2023, the crypto share of the total bets sum (27.5%) fell by 3.9 percentage points

The comparative analysis of the crypto betting amount in 2023 compared to the previous year shows a growth of 21.1%. At the same time, the Crypto Bet Count increased by 50.5% year-on-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.

“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 gain more advantageous market positions,” says Vitali Matsukevich, Chief Operating Officer at SOFTSWISS.

Stabilizing crypto bets

The average Fiat stake was constant at around 0.82 euros throughout the previous year. Despite the fluctuations in the average crypto stake in 2023, which ranged between 1.59 and 1.88 euros, the changes appear modest compared to the two-fold decrease in the average crypto stake in the fourth quarter of 2022, which reached 1.56 euros . This suggests some stabilization in the average crypto bet over the course of 2023.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, comments: “The dynamics of the average crypto bet coincides 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, proving that digital currencies may be used by higher income players. Operators should take this into account to increase project profitability.”

Evaluation of cryptocurrencies

The five most widely operated digital coins in the iGaming space 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. Conversely, Ethereum and Litecoin recorded growth of 4.7 percentage points and 2.2 percentage points, respectively, during the same period.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarizes: “The digital currency market is growing rapidly and estimates suggest capitalization growth of over 50% in 2023, which 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.”

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