Crypto in iGaming: 2023 Overview by SOFTSWISS

Is now the time to invest in Cryptocurrency? Insights from SOFTSWISS, a leading iGaming Company.

It is anticipated that the digital gaming industry would continue to expand in 2023. Both the overall number of bets and the total amount of euro-denominated bets have significantly increased from the previous year by 51.2% and 38.2%, respectively. Online gambling is becoming more and more popular, despite a minor decline in the average wager amount, which can be ascribed to technology improvements and easier access to the internet. In developing nations like Latin America and Africa, where people frequently have little extra money to spend, this tendency is especially noticeable. Not only that, but younger players—who usually have lower budgets—are participating in gaming activities, with the average age of gamblers dropping.

Encryption Insights

According to a quarterly analysis from early 2022, the growth rate of fiat currency gaming is higher than that of cryptocurrency gambling. Overall fiat betting increased by 16.4% between Q3 and Q4 of 2023, while overall crypto betting increased by 8.2%. The percentage of all bets on cryptocurrencies fell to 3.9% by the end of 2023. In spite of this, there is a growing interest in cryptocurrency gaming as seen by the 21.1% yearly growth in total cryptocurrency deposits and the 50.5% annual increase in the number of cryptocurrency wallets.

Vitali Matsukevich, COO of SOFTSWISS, has emphasized the benefits of digital currencies in iGaming and the need to provide options for cryptocurrency gamers. He brought up in-game currency exchanges as a tactic used by operators to entice users to use cryptocurrency assets.

Stable Crypto Bets

The average legal bet over the past year hovered around €0.82, with the average crypto wallet balance remaining relatively stable. Matsukevich attributed this stability to the volatility of the cryptocurrency market, predicting that as digital currency values stabilize, so too will the average cryptocurrency bet. He highlighted that the average cryptocurrency bet is nearly double the average fiat bet, indicating its appeal to players seeking higher returns.

Cryptocurrency Ratings

Cryptocurrency Ratings In terms of cryptocurrency ratings, Bitcoin remains the dominant player in the iGaming space, accounting for 73.3% of the market. Ethereum follows at 9.9%, with Litecoin, Ties, and Dogecoin making up smaller percentages. While Bitcoin experienced a slight decrease in the fourth quarter of 2023, Litecoin and Ethereum saw increases.

The CEO of SOFTSWISS observed the swift expansion of the digital currency business and predicted capital growth above 50% by 2023. Notwithstanding difficulties arising from exchange rate fluctuations, he stressed that greater utilization can result in more stable circumstances. The expansion of the fiat and cryptocurrency markets presents opportunities for investment in the iGaming sector, but success depends on having trustworthy and knowledgeable partners.