As technology advances, cryptocurrencies are becoming more and more popular. According to a recent study by SOFTSWISS, the number of people using cryptocurrencies to place bets increased by more than 20% in 2023.
Changes in the iGaming landscape
Current forecasts predict that the iGaming market will double in size by 2030 estimated average annual growth rate would come from 11.7%. As for income, it is estimated that they will achieve it 140 billion euros.
SOFTSWISSone of the leading providers of iGaming cryptocurrency software development, investigated the cryptocurrency market and collected data from more than 600 brands. According to a study, the iGaming market is flourishing worldwide – the total amount of bets recorded annual growth of 38.2%while the total amount of bets increases a 51.2%.
However, the average bet has dropped and this is one of the main reasons why the expansion of iGaming into smaller marketsTherefore, the decline is more pronounced in markets such as Latin America and Africa. In addition, the increasing availability of the Internet worldwide and the use of modern technologies had a negative impact on the result. Another important factor is the growing popularity of iGaming among players under 30 who are on a budget.
As the investigation started in 2022 showed, Trust bets are still more popular and their number is growing faster than Betting on cryptocurrencies. The sum of bets with cryptocurrencies increases a 8.2% in the fourth quarter of 2023 and the sum of fiat bets recorded an increase 16.4% annually. Cryptocurrency bets depicted 27.5% of total bets in 2023, a decrease of 3.9 percentage points.
Comparing 2023 with 2022, the amount of cryptocurrency bets increased by 21.1%while the number of cryptocurrency bets increased by 50.5%.
Vitali Matsukevich, COO of SOFTSWISS, commented: “The advantages of using digital currencies, such as fast transactions and anonymity, are crucial factors for many players. Given this dynamic, the market is demanding an expansion of the capabilities of iGaming projects for cryptocurrency gamers. In-game currency conversion, for example, allows operators to engage players with cryptocurrency holdings in games originally designed for fiat transactions. “Projects that take advantage of such opportunities continue to capture more advantageous market positions.”
The most popular cryptocurrencies
In 2023, the average fiat bet was approx 0.82 eurosand cryptocurrency betting fluctuated between 1.59 and 1.88 eurosbut it was more stable than in 2022.
Cryptocurrencies were most popular in 2023 Bitcoin (73.3%), ether (9.9%), Litecoin (6.6%), Connection (4.6%) and Dogecoin (3.1%).
Bitcoin remains the most popular cryptocurrency, but it has fallen by 5.7 percentage points compared to the third quarter of 2023. On the other hand, Ethereum grew by 4.7 percentage points and Litecoin by 2.2 percentage points.
Matsukevich commented on this: “The digital currency market is growing rapidly, with estimates predicting capitalization growth of more than 50% in 2023. Despite the risks caused by the high volatility of cryptocurrencies and their dependence on various factors, their use can bring additional profits to operators.” The iGaming industry is promising for due to the growth in both fiat and crypto markets investments, but success depends on trustworthy and experienced partners.”
Spring: “Time to invest in crypto? SOFTSWISS 2023 iGaming Market Overview”. softswiss. February 28, 2024.
