In a significant upswing, the initial half of 2023 has experienced an impressive 83.6% surge in crypto bets, as revealed by iGaming software solutions provider SOFTSWISS in its latest report on crypto gaming trends.
These conclusions were drawn from data gathered across five hundred brands that are powered by SOFTSWISS. The analysis considers in-game currency conversion capabilities. In 2022, the SOFTSWISS Online Casino Platform introduced a crypto-centric feature that allows players possessing crypto holdings to partake in games originally designed for fiat currency transactions.
During the first half of the year, the iGaming market exhibited a consistent pattern of overall 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 an even more remarkable growth of 49%.
Comparing digital coin bets in specific from the first half of 2023 to the same period in 2022, there has been a steady 16.5% increase in terms of money spent. 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.”
“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,” Andrey Starovoitov, Co-CEO at SOFTSWISS, said.
Amidst slight fluctuations ranging from 4 to 9 percentage points, the averages for total and fiat bets remained relatively stable. However, the trajectory for the average crypto bet took a distinct path. Starting at 2.84 euros in the first half of 2022, it dipped to 1.69 euros in the latter half, only to rebound to 1.80 euros in the first six months of 2023. Interestingly, the average crypto bet experiences a swift decrease in the H1 of the year, even as the number of bets grew concurrently.
As per SOFTSWISS Online Casino Platform, the roster of the most frequently used digital coins remained consistent throughout 2022-2023. For the first half of the present year, the distribution of cryptocurrencies is as outlined:
- Bitcoin: 76.2%
- Ethereum: 9.0%
- Litecoin: 5.5%
- Tether: 4.7%
- Dogecoin: 2.6%
Bitcoin has demonstrated the most substantial growth, expanding its share by 7.9 percentage points when compared to the initial half of the preceding year. In contrast, Ethereum and Litecoin have experienced decreases of 5.5 and 2.5 percentage points, respectively.
Andrey Starovoitov added: “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.”