GZIRA, Malta, October 27, 2023 /PRNewswire/ -- The latest analysis from SOFTSWISS indicates that the cryptocurrency segment is experiencing slower growth compared to the overall iGaming industry. The pioneer in offering cutting-edge crypto iGaming software, presents information on the latest trends in crypto gaming.
The analysis is based on data collected from more than 530 brands powered by the company. It takes into account the game's currency conversion capabilities, allowing SOFTSWISS customers to engage players with cryptocurrencies in games originally designed for fiat.
IGAMING MARKET GROWTH
During the first three quarters of 2023, the iGaming market grew steadily. In absolute terms, the total amount bet showed an increase of 36.6% compared to the same period last year, while the number of bets saw an even more impressive growth of almost 50%.
CRYPTO STATE
In the comparative analysis of crypto betting, which covers 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. At the same time, the share of cryptocurrencies in the total sum of bets demonstrated a slight decrease of 4.3 p.p. to finally stand at 28.5%.
Digging deeper into the analysis, which has been ongoing since early 2022, it becomes clear that crypto betting sums saw quarter-over-quarter growth during this period. But its share of total bets decreased slightly, mainly due to the more impressive quarterly increase in total trust bets.
Andrey Starovoitov, Co-CEO of SOFTSWISS, commented: "An 18% increase in crypto betting sums may seem very modest when juxtaposed with a substantial 45% expansion in fiat betting 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 could be assessed as comparatively stable at this time."
FLUCTUATING CRYPTO BET
While the average fiat bet 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 bet lost almost 30 p.p. on average, showing quarterly variability. It initially increased from 1.56 euros at the end of 2022 to 1.88 euros in the second quarter of 2023, but subsequently decreased to 1.59 euros in the third quarter of 2023. These fluctuations can be attributed to the inherent volatility of interest rates. cryptocurrencies and market expectations.
MAIN CRYPTOCURRENCIES
The 5 most used digital currencies in iGaming have remained unchanged since the beginning of 2022.
During the first three quarters of 2023, the cryptocurrency usage distribution structure is as follows:
Bitcoin has witnessed the most substantial growth, marked by a 3.9 p.p. of its participation compared to the first three quarters of the previous year. On the contrary, Ethereum experienced a drop, losing 6.3 p.p. in its market share during the same period.
Andrey Starovoitov, Co-CEO of SOFTSWISS, concluded: "Due to their technological nature and relatively recent emergence, cryptocurrencies are developing in a rapidly changing landscape, depending on various economic and social factors. At the moment, we observe their moderate popularity among players in the growing fiat segment, with the results of the last quarter of 2023 arousing increasing fascination. Being the 'number one' crypto solutions provider, SOFTSWISS remains committed to imparting its expertise on relevant trends in iGaming. "
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