Cryptocurrency Segment Experiencing Slower Growth Compared to iGaming Industry

by | Oct 25, 2023 | casino | 0 comments

SOFTSWISS, the established international provider of software and content for online casinos and sportsbooks, has released the results of its research which shows that the cryptocurrency segment has experienced slower growth compared to the entire iGaming industry in the first nine months of 2023.

The analysis conducted by SOFTSWISS was based on data collected from the over 530 online casino and sportsbook brands which are currently using the supplier’s online gaming platform. Moreover, the company also took into account the in-game currency conversion possibilities as SOFTSWISS clients are able to play fiat only games even when holding just crypto currencies in their balance.

The global iGaming market has registered constant growth during the first three quarters of 2023. The total amount of money wagered went up by 36.6 percent compared to the first nine months of 2022, and the number of bets have also gone up by 50 percent year-on-year.

However, cryptocurrency bets during the first nine months of 2023 registered an increase of just 18.7 percent compared to the previous year. Nevertheless, the number of crypto bets went up by 66.4 percent compared to 2022. The share of crypto bets in the total bets amount decreased by 4.3 percent, ending up at 28.5 percent.

The analysis conducted by SOFTSWISS also points out that the sums of crypto bets registered incremental growth from quarter to quarter since the beginning of 2022, but their share in the total bets sum decreased, mainly due to larger increases registered by the sums of fiat bets.

Andrey Starovoitov, Co-Chief Executive Officer at SOFTSWISS, underlined that cryptocurrencies are showing signs of weakness in other fields as well, such as fundraising, “where the third quarter showed its worst results since the end of 2020”. However, Starovoitov concluded that “the position of cryptocurrencies in iGaming could be evaluated as comparatively stable at the moment.”

Top 5 Most Used Crypto Currencies

SOFTSWISS also revealed which were the most used digital coins in the iGaming industry during the first three quarters of 2023. The top five doesn’t bring any surprises, it remains unchanged since the beginning of 2022 with Bitcoin dominating the market with a 74.9 percent share, Ethereum gathered 8.9 percent, Litecoin followed with 6 percent, Tether had 4.6 percent while Dogecoin wrapped up the top five with 3 percent.

Bitcoin also managed to register an increase of 3.9 percent in its share compared to the first nine months of 2022. Ethereum on the other hand lost 6.3 percent from its market share during the first three quarters of 2023.

Source: “9M 2023 Crypto in iGaming Landscape: Moderate Growth Amidst Fiat Rise“. SOFTSWISS. October 24, 2023.

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