In 2023, crypto bets expanded by more than 20%, as reported by SOFTSWISS. The iGaming technology solutions provider has shared its analysis of the evolving crypto landscape.
According to industry research, the global iGaming market is projected to double by 2030 at a compound annual growth rate of 11.7%. Revenues are expected to exceed 140 billion euros ($151.8 billion), with a significant share attributed to crypto gambling.
SOFTSWISS, as a crypto iGaming software provider, regularly conducts research to track the dynamics of crypto within the iGaming market. Using extrapolation, comparative and correlative analysis, its experts analyze the data gathered from over 600 crypto-friendly brands powered by the company.
iGaming Market Overview
Based on SOFTSWISS data, the iGaming market had a stable expansion in 2023. In absolute terms in euro, the Total Bet Sum grew by 38.2% year-on-year. At the same time, the Total Bet Count displayed an even stronger increase, surpassing 51.2%.
The average bet is slightly decreasing for several reasons. One significant factor is the broader reach of online gaming, fueled by advanced technology and increased internet availability. This trend is more evident in emerging markets like LatAm and Africa, where bets are usually smaller. Additionally, the increasing number of players under 30 with budget constraints adds to the decline in the average bet size.
State of Crypto
The in-depth quarterly analysis, initiated at the beginning of 2022, reveals that fiat bets are undergoing more substantial growth compared to crypto bets. In Q4’23, the Crypto Bet Sum saw an 8.2% rise in absolute terms, while the Fiat Bet Sum surged by 16.4% compared to Q3’23. At the end of 2023, the crypto share in the Total Bets Sum (27.5%) decreased by 3.9 p.p.
The comparative analysis of the 2023 Crypto Bet Sum against the previous year shows 21.1% growth. Simultaneously, the Crypto Bet Count increased by 50.5% year-on-year. The growing number of bets indicates rising interest in crypto gaming, but the greater availability of digital currencies may lead to slightly more economical bets.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS stated: “The advantages of employing digital currencies, such as swift transactions and anonymity, are key drivers for many players. Given these dynamics, the market demands expanding iGaming projects’ opportunities for crypto players.”
“The in-game currency conversion, for example, allows operators to engage players with cryptocurrency assets in games initially designed for fiat transactions. The projects that embrace such possibilities continue gaining more advantageous market positions.”
Crypto Bet Stabilisation
The average fiat bet remained steady at around 0.82 euro ($0.89) throughout the previous year. Despite fluctuations in the average crypto bet during 2023, ranging from 1.59 to 1.88 euro ($1.72 to $2.04), the changes appear modest compared to the twofold drop observed in the average crypto bet during Q4’22, which reached 1.56 euros ($1.69). This indicates a certain level of stabilization in the average crypto bet throughout 2023.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, commented: “The dynamics of the average crypto bet align with crypto market fluctuations. When digital currency values stabilised in H2 2022, the average crypto bet also levelled out.”
“Another thing is that the average crypto bet is almost two times higher than the average fiat bet, which testifies that digital currencies are potentially used by players with higher incomes. Operators should consider this to increase project profitability.”
Cryptocurrencies Rating
The Top Five most operated digital coins in the iGaming landscape have remained stable during the last two years.
In 2023, the cryptocurrency structure looks as follows:
- Bitcoin – 73.3%
- Ethereum – 9.9%
- Litecoin – 6.6%
- Tether – 4.6%
- Dogecoin – 3.1%
In Q4 2023, Bitcoin experienced a slight decline by a 5.7 p.p. compared to Q3 2023. Conversely, Ethereum and Litecoin showed growth of 4.7 p.p. and 2.2 p.p., respectively, during the same period.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarised: “The digital currencies market is rapidly expanding, with estimates showing over 50% growth in capitalization in 2023.”
“Despite the risks caused by the high volatility of crypto and its dependence on various factors, using it can bring extra profits for operators. The iGaming industry is promising for investments due to growth in both fiat and crypto markets, but success depends on trustworthy and experienced partners.”
Original article: https://www.yogonet.com/international/noticias/2024/03/05/71054-crypto-igaming-bets-expanded-by-over-20-in-2023-shows-softswiss-data
