A fresh report by SOFTSWISS throws light on evolving trends within the crypto gaming industry. This analysis is based on data from 500 brands under the SOFTSWISS umbrella.
In 2022, the SOFTSWISS Online Casino Platform broke new ground, introducing a feature allowing players with cryptocurrency to engage in games traditionally meant for fiat currency. This shift signifies a more inclusive iGaming landscape, acknowledging the growing clout of digital assets.
H1 2023: Growth Patterns in iGaming
The iGaming sector observed considerable growth during the first half of 2023. A 37% rise in the total wagered amount was registered compared to the same period last year. More impressively, there was a 49% spike in the total number of bets placed.
State of Crypto in iGaming
Digging deeper into crypto-specific trends, H1 2023 versus H1 2022 saw a 16.5% increase in digital coin bets in monetary terms.
The number of crypto bets skyrocketed by an impressive 83.6% since the latter half of 2022. Despite crypto rate fluctuations, these bets maintained a steady 29.5% of the total wagered amount, underscoring a sustained player interest in crypto.
However, there’s a twist when analyzing the average crypto bet. Despite a surge in the number of crypto bets, the average bet value saw a drop. It plunged from 2.84 euro in H1 2022’s beginning, dipping to 1.69 euro by the end, only to rise slightly to 1.80 euro in H1 2023.
Andrey Starovoitov, Co-CEO at SOFTSWISS, provided insights, stating, “The crypto market is rather sensitive to changes in the global environment. Even amid apprehensions in the cryptocurrency market, business indicators remain decidedly high.“
The roster of prevalent digital coins in the iGaming space from 2022 to 2023 remains consistent:
- Bitcoin – 76.2% (7.9 p.p. growth)
- Ethereum – 9.0%
- Litecoin – 5.5%
- Tether – 4.7%
- Dogecoin – 2.6%
While Bitcoin surged, Ethereum and Litecoin saw declines of 5.5 and 2.5 p.p. respectively.
Starovoitov added, “In a rapidly changing digital landscape, success will favour only those adept at harnessing emerging trends and quickly adapting to the escalating demands of sophisticated audiences.“
Implications for the iGaming Industry
- Adaptability is Key: With rapidly changing trends in the industry, iGaming platforms must evolve rapidly to remain competitive and relevant.
- Crypto’s Growing Influence: The substantial growth of crypto bets underscores the importance of incorporating crypto solutions for the wider audience.
- Need for Stable Platforms: Given the volatile nature of the crypto market, robust ecosystems like those offered by SOFTSWISS are crucial for consistent growth and player satisfaction.