The first quarter of 2023 kicked off with a marked increase in Total Bets in the iGaming industry, demonstrating a promising upward trend. A recent quarterly analysis by SOFTSWISS, the distinguished unveiled compelling insights about the rising crypto gaming market.
Their data shows that the Total Bets indicator had surged by an impressive 44.66% year-on-year and 2.24% quarter-on-quarter, underlining the steady growth trend in the iGaming market. These figures derive from over 700 brands that utilise the SOFTSWISS Game Aggregator and the SOFTSWISS Casino Platform.
In terms of cryptocurrency, the share of bets placed using digital coins leaped to 30% in the first quarter of 2023, compared to only 9% in Q4 2022. The quarter also witnessed a considerable volume growth of 19%.
Andrey Starovoitov, Co-CEO at SOFTSWISS, remarked, “Despite the global events of 2022, which have undoubtedly caused most digital coins to fall in value, we are now seeing them rise in value again. We expect digital coins to remain in stable use by players in 2023.“
Power Rankings: The Top Crypto Contenders
In the race of digital currencies, the top three contenders remained unchanged from the previous quarter: Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). However, their respective shares in the market varied. Bitcoin saw an increase of 1.9 p.p., whilst Ethereum held steady.
When considering the changes over a more extended period, the changes become more pronounced. Since Q1 2022, BTC increased by 3.72 p.p., whereas ETH experienced a reduction of 5.01 p.p. Meanwhile, LTC’s share dipped slightly by 1.36 p.p.
By the end of Q1 2023, the final shares stood as follows:
- BTC – 76.5%
- ETH – 8.4%
- LTC – 5.1%
The Modern Crypto Player: A Snapshot
Drawing upon Q1 data and player profiles, the crypto gaming audience appears to be predominantly male, with a ratio of 65:35. This group’s primary age bracket is the 31-50 range, representing 70% of the crypto using audience.
Max Trafimovich, Chief Commercial Officer at SOFTSWISS, concluded, “Over the last few years we have seen a steady increase in demand for crypto-ready solutions, be it for launching a casino or a sports betting venture.”
Implications for the iGaming Industry
The crypto surge paints a clear picture of the future of iGaming:
- Crypto Adoption: The steady increase in crypto bets underscores a growing acceptance and utilisation of digital currencies. This trend could encourage more iGaming platforms to adopt crypto and develop their services accordingly.
- Demographic Shifts: The growing popularity of crypto among the 31-50 age bracket suggests a new, mature market for iGaming businesses to tap into. As this demographic may have more disposable income, companies may see a higher return on investment in targeting these players.
- New Technologies and Services: With the rise of crypto bets, there is a push for new crypto-ready solutions. This evolution may open the door for more innovative technologies and services, furthering the industry’s growth and dynamism.