The cryptocurrency segment in iGaming is experiencing slower growth

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

Leave a Reply

Your email address will not be published. Required fields are marked *

Casino Magazine

An upcoming series of impressive video game events in Spain

This year’s edition of the popular La Conference 2024 Gaming in Spain will take place on May 6, 2024 in Madrid. The flagship event is expected to attract a wide group of industry stakeholders and gaming enthusiasts to showcase the latest trends and developments in the lucrative Spanish market. Iconic event series In addition, this […]

Read More
Casino Magazine

Pragmatic Play launches daily Blackjack tournaments

Pragmatic Play, one of the leading content providers for the iGaming industry, has launched the Blackjack League daily tournament series to offer an impressive monthly prize pool of €1,000,000. The exclusive tournament series dedicated to the popular live casino card game began on April 1st and runs until June 30th, 2024, with Pragmatic committing to […]

Read More
Casino Magazine

Thunderkick signs an agreement with Paf for the Spanish market

Thunderkick, the innovative Swedish company developing games for online casinos, has announced that its presence in the Spanish market has been strengthened by signing an agreement with Paf, one of the largest online casino operators in Europe. The deal will allow Paf to gain access to Thunderkick’s impressive portfolio of games, including hugely popular titles […]

Read More