SOFTSWISS Reflects on Moderate Growth of Crypto Transactions

SOFTSWISS, the award-winning and one of the fastest-growing providers of online casino and sports betting software solutions gives another informative report on crypto payments. Analyzing the data from the first nine months of the year, the company noticed a moderate growth in the number of crypto bets.

As far as the stats collected during the first three quarters of 2023 indicate, the global iGaming market experienced constant growth, displaying a significant increase of over 36% in the total wagered amount. Also, the number of bets during the same period saw an even higher increase of 50%, compared to the timeframe of the year behind us.

Modest, Yet Continuous Increase in Crypto Bets

The comprehensive report relies on data collected from SOFTSWISS-powered online casinos, which encompass a substantial network of more than 530+ online operators.

Worth noting is that the survey encompasses the capabilities of the company’s in-game currency conversion feature, which enables players to use crypto in games initially developed for fiat currencies only.

The powerful solution named in-game currency conversion feature, released in March 2022, initially supported USD. After a major update in November 2022, the selection of fiat options was expanded to support nine currencies, among which EUR, CAD, NZD, and more.

Comparing crypto bets made in the first nine months of 2022, to those placed in the same period of 2023, this year’s stats show a monetary growth of 18.7%. Despite the slight decline in the share of crypto in Total Bets Sum, the total number of crypto bets went up by over 66%. The minor decrease results from the Q-to-Q increase in the sums of fiat bets.

Bitcoin as an Undisputed Leader

Interestingly, comparing this year’s data with 2022 trends, the list of the top 5 most used cryptocurrencies remained the same. As assumed, most players still find BTC as the most convenient one, but they are opening for alternatives as well.

These are the most frequently selected currencies for crypto bets in online casinos operating under SOFTSWISS’ umbrella:

• Bitcoin – 74.9%
• Ethereum – 8.9%
• Litecoin – 6.0%
• Tether – 4.6%
• Dogecoin – 3.0%

Commenting on the report and not so big but still steady growth of crypto transactions in online casinos, Andrey Starovoitov, Co-CEO at SOFTSWISS, announced:

“Taking into account the state of crypto 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 evaluated as comparatively stable at the moment.”

Fluctuations in Average Value of Crypto Bets

When it comes to bets placed in fiat currencies, their value remained relatively the same in both periods analyzed, amounting to approximately 0.82 EUR.

On the other hand, the average crypto bet lost almost 30 p.p. on average during the same period. As explained, these fluctuations are mainly a result of the inherent volatility in cryptocurrency rates.

What SOFTSWISS concludes is that the popularity of cryptocurrencies willcontinue to increase within a rapidly changing iGaming landscape, establishing itself as a number one choice among gamblers. Even though the growth in the previous nine months is not sizable, it still goes in the upward direction, confirming that crypto is here to stay in the burgeoning online casino industry.

Source:

“SOFTSWISS Analysis 9M 2023 Crypto in iGaming Landscape: Moderate Growth Amidst Fiat Rise”, softswiss.com, October 24, 2023.