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The latest analysis from SOFTSWISS indicates that the crypto sector is experiencing slower growth compared to the broader iGaming industry. Pioneers Offering State-of-the-art Cryptocurrency iGaming Software Offer Insights On Latest Crypto Game Trends.

The analysis is based on data collected across more than 530 brands operated by the company, and takes into account in-game currency conversion capabilities, allowing SOFTSWISS customers to seamlessly engage cryptocurrency holding players in original Fiat-only games.

Game Market Growth

During the first three quarters of 2023, the iGaming market continued to grow. In absolute terms, total bets increased 36.6% year-over-year, while the number of bets showed remarkable growth of nearly 50%.

Encrypted status

A comparative analysis of cryptocurrency bets over the January-September 2023 period and the same period last year shows a remarkable 18.7% monetary growth, while the number of cryptocurrency bets has surged 66.4% since 2022, while at the same time the share of cryptocurrencies in total bets decreased slightly by 4.3 pp, ultimately settling at 28.5%.

If we dig deeper into the analysis that has been going on since the beginning of 2022, it is clear that cryptocurrency betting amounts have experienced gradual quarterly growth during this period, but their share of total betting amounts has decreased slightly, primarily due to the quarterly increase in statutory betting amounts.

SOFTSWISS Co-CEO Andrey Starovoitov says:

"An 18% increase in cryptocurrency bets may be very modest compared to a 45% increase in statutory bets during the first three quarters of 2023. Considering the status of cryptocurrencies in other areas, such as financing, which has had its worst results in Q3 since late 2020, the current position of cryptocurrencies in iGaming could be considered relatively stable

Volatility Cryptocurrency Betting

An analysis of the average bet presents a concentrated picture. Average statutory bets remain stable, hovering near €0.82 during the first and third quarters of 2023, as well as the same period of 2022, but average crypto bets have shown quarterly volatility, falling nearly 30 pp on average. Initially, it increased from 1.56 euros at the end of 2022 to 1.88 euros in the second quarter of 2023, but then decreased to 1.59 euros in the third quarter of 2023. These fluctuations can be attributed to the inherent volatility of cryptocurrency interest rates and market expectations.

the solid top tier of cryptocurrencies

The top five most used digital coins in iGaming were unchanged from early 2022.

Here's How Cryptocurrency Distribution Works During Q1-3 2023:

Bitcoin – 74.9%

Ethereum – 8.9%

Litecoin – 6.0%

Tether – 4.6%

Dogecoin – 3.0%

In the digital currency world, Bitcoin is showing the biggest growth, with a 3.9 pp rise in share compared to the first three quarters of the previous year, while Ethereum is on the decline, with a 6.3 pp drop in share over the same period.

Andrey Starovitov, co-CEO of SOFTSWISS, summarizes:

"Due to its technical characteristics and relatively recent emergence, cryptocurrency is developing in a rapidly changing environment around various economic and social factors. Right now, we're observing their moderate popularity among players in the growing Fiat segment, and the results in the last quarter of 2023 are increasingly attractive. SOFTSWISS, as a provider of 'number one' crypto solutions, is dedicated to conveying expertise in iGaming's relevant trends."