SOFTSWISS, the established international provider of software and content for online casinos and sports betting, has published the results of its research showing that the cryptocurrency segment experienced slower growth in the first nine months of 2023 compared to the overall iGaming industry.
The analysis conducted by SOFTSWISS was based on data from more than 530 Online Casinos and sports betting brands that currently use the provider’s online gaming platform. In addition, the company also considered in-game currency conversion options, as SOFTSWISS customers can play fiat-only games even if they only have cryptocurrencies in their balance.
The global iGaming market recorded steady growth in the first three quarters of 2023. The total amount of funds staked increased by 36.6 percent compared to the first nine months of 2022, and the number of bets also increased by 50 percent year-on-year.
However, cryptocurrency betting only saw an 18.7 percent year-on-year increase in the first nine months of 2023. However, the number of cryptocurrency bets increased by 66.4 percent compared to 2022. The share of cryptocurrency bets in the total bet amount fell by 4.3 percent and ended up at 28.5 percent.
SOFTSWISS’s analysis also notes that cryptocurrency betting totals have seen incremental growth quarter-on-quarter since the start of 2022, but their share of total betting totals have declined, primarily due to larger increases in escrow betting totals.
Andrey Starovoitov, Co-CEO of SOFTSWISS, highlighted that cryptocurrencies are also showing signs of weakness in other areas, such as fundraising: “where the third quarter showed the worst results since the end of 2020.” However, Starovoitov came to the conclusion “The position of cryptocurrencies in iGaming can currently be assessed as comparatively stable.”
The 5 most commonly used cryptocurrencies
SOFTSWISS also revealed which digital currencies were most used in the iGaming industry in the first three quarters of 2023. The top 5 bring no surprises, they remain unchanged from the beginning of 2022 Bitcoin dominate the market with a share of 74.9 percent, ether reached 8.9 percent, Litecoin followed with 6 percent, Tether came in at 4.6 percent, while Dogecoin landed in the top five with 3 percent.
Bitcoin also recorded a share increase of 3.9 percent compared to the first nine months of 2022. Ethereum, on the other hand, lost 6.3 percent of its market share in the first three quarters of 2023.
Spring: “9M 2023 Crypto in the iGaming Landscape: Moderate Growth Amid the Rise of Fiat“. SOFTSWISS. October 24, 2023