GZIRA, Malta, Aug. 11, 2023/PRNewswire/ -- SOFTSWISS, an innovative technology provider offering iGaming solutions, presents its latest Crypto Gaming Trends Report, derived from data collected from five hundred company-powered brands.
The analysis presented considers the in-game currency conversion capabilities. In 2022, the SOFTSWISS online casino platform introduced a cryptocurrency-based feature, heralding a new paradigm in which players holding cryptocurrency could participate in games designed for fiat currency transactions.
FIRST HALF OF 2023: THE BIG PICTURE
During the first half of 2023, the iGaming market exhibited a steady pattern of growth. In absolute terms, the total amount wagered showed an increase of 37% compared to the first half of the previous year, while the number of bets highlighted an even more remarkable growth of 49%.
STATE OF CRYPTO
Comparing bets with digital currencies between the first half of 2023 and the first half of 2022, the analysis shows a stable growth of 16.5% in monetary terms. In particular, the amount of crypto bets has skyrocketed by 83.6% since the second half of 2022. At the same time, they remained constant at 29.5% of the total amount bet in the last six months, indicating a continued player interest in this option, regardless of fluctuations in cryptocurrency rates.
Intriguing trends emerge as part of the analysis of the average bet spanning 2022 to 2023. While the average total and fiat bets show minor fluctuations within the 4-9 p.p. range, the average crypto bet follows a different trajectory. It initially falls from €2.84 in the first half of 2022 to €1.69 in the second half, but then rebounds to €1.80 in the first half of 2023. In particular, the average cryptocurrency stake shows a rapid decline over the first six months of the year despite the simultaneous increase in the number of bets with cryptocurrencies.
Andrey Starovoitov, Co-CEO at SOFTSWISS commented: “The crypto market is quite sensitive to changes in the global environment. SOFTSWISS analysts conducted a correlation analysis between key player activity indicators and the Fear and Greed Index. The analysis revealed that even during the period of relative apprehension in the cryptocurrency market, trading indicators remain precisely high."
PREVALENT CRYPTOCURRENCIES IN IGAMING
The Top 5 most used digital currencies according to SOFTSWISS Online Casino Platform remained unchanged in 2022-2023.
As of the first half of the current year, the cryptocurrency distribution structure is as follows:
Bitcoin – 76.2%Ethereum – 9.0%Litecoin – 5.5%Tether – 4.7%Dogecoin – 2.6%
Bitcoin has experienced the highest growth, with its share increasing by 7.9 p.p. compared to the first half of the previous year. For their part, Ethereum and Litecoin have lost 5.5 and 2.5 p.p. respectively.
Andrey Starovoitov, Co-CEO at SOFTSWISS highlighted: 'Despite fluctuations in cryptocurrency rates and changes in its shares in the iGaming market, digital currencies continue to be popular among players. SOFTSWISS, as the provider' number one' offering cutting-edge crypto solutions, creates a strong ecosystem for the iGaming industry.We believe that the implementation of innovative cryptocurrency-focused technologies coupled with highly personalized approaches will enable industry representatives to deliver the most exciting player experience , thereby fostering continued growth. In a rapidly changing digital landscape, success will favor only those adept at taking advantage of emerging trends and quickly adapting to the growing demands of sophisticated audiences."
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