83% Crypto Growth: SOFTSWISS Reveals iGaming Insights

GZIRA, Malta, Aug. 10, 2023 /PRNewswire/ -- SOFTSWISS, an innovative tech provider offering iGaming solutions, presents its latest crypto gaming trends report, derived from the data collected across five hundred brands powered by the сompany.

The presented analysis considers in-game currency conversion capabilities. In 2022, the SOFTSWISS Online Casino Platform introduced a crypto-centric feature, heralding a new paradigm where players possessing crypto holdings could partake in games designed for fiat currency transactions. 

H1 2023: THE BIG PICTURE

During the first half of 2023, the iGaming market exhibited a consistent pattern of growth. In absolute terms, the total wagered amount demonstrated a 37% increase compared to the first half of the previous year, while the number of bets underscored even more remarkable growth of 49%. 

STATE OF CRYPTO

When comparing digital coin bets between H1 2023 and H1 2022, the analysis shows stable 16.5% growth in monetary terms. Notably, the number of crypto bets has soared by 83.6% since the second half of 2022. At the same time, they remained consistent at 29.5% of the total wagered amount in the last six months, which indicates a continued player interest in this option regardless of fluctuations in cryptocurrency rates.

AVERAGE BET

Intriguing trends emerge as part of the average bet analysis 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 drops from 2.84 euro in the first half of 2022 to 1.69 euro in its second half, but then rebounds to 1.80 euro in the first half of 2023. Notably, the average crypto bet demonstrates a rapid decline during the first six months of the year despite the concurrent rise in the number of crypto bets. 

Andrey Starovoitov, Co-CEO at SOFTSWISS comments: "The crypto market is rather sensitive to changes in the global environment. The 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, business indicators remain precisely high."

PREVALENT CRYPTOCURRENCIES IN IGAMING

The Top 5 most used digital coins according to the 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 seen the most growth, with its share increasing by 7.9 p.p. compared to the first half of the previous year. On the other hand, Ethereum and Litecoin have lost 5.5 and 2.5 p.p. respectively.

Andrey Starovoitov, Co-CEO at SOFTSWISS summarises: "Despite fluctuations in cryptocurrency rates and changes in their shares in the iGaming market, digital coins continue to be popular among players. SOFTSWISS, as the 'number one' provider offering cutting-edge crypto solutions, creates a robust ecosystem for the iGaming industry. We believe that implementing innovative crypto-centric technologies along with highly customised approaches will empower industry representatives to deliver the most exciting player experience, thereby fostering continued growth. In a rapidly changing digital landscape, success will favour only those adept at harnessing emerging trends and quickly adapting to the escalating demands of sophisticated audiences."

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SOURCE SOFTSWISS