As know-how advances, cryptocurrencies turn out to be an increasing number of standard. According to the current SOFTSWISS analysis, in 2023 the quantity of individuals who use crypto to position their bets elevated by greater than 20%.
Changes in the iGaming panorama
Current predictions say that by 2030 the iGaming market will double, and the estimated compound annual development charge can be 11.7%. When it involves income, it’s estimated that it’s going to attain 140 billion euros.
SOFTSWISS, one of the leaders in the sphere of crypto iGaming software program improvement, researched the crypto market and gathered information from greater than 600 manufacturers. According to the analysis, the iGaming market is flourishing on a worldwide degree – Total Bet Sum recorded annual development of 38.2%, whereas Total Bet Count elevated by 51.2%.
However, the common guess decreased, and one of the principle causes is an enlargement of iGaming throughout smaller markets, so the lower is extra important in markets akin to Latin America and Africa. On prime of that, elevated web availability throughout the globe, in addition to incorporating fashionable applied sciences, affected the ultimate outcome. Another essential issue is the rising reputation of iGaming amongst gamers beneath 30, who’ve restricted budgets.
As the analysis, which started in 2022, has confirmed, fiat bets are nonetheless extra standard, and their quantity is rising sooner than crypto bets. Crypto Bet Sum elevated by 8.2% in This fall of 2023, and Fiat Bet Sum recorded a rise of 16.4% yearly. Crypto bets had been 27.5% of Total Bets Sum in 2023, which is a lower of 3.9 p.p.
Comparing 2023 to 2022, the Crypto Bet Sum elevated by 21.1%, whereas the Crypto Bet Count elevated by 50.5%.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, commented: “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.”
Most standard cryptocurrencies
In 2023, the common fiat guess was round 0.82 euros, and the crypto guess has been fluctuating between 1.59 and 1.88 euros, nevertheless it was extra steady than it was in 2022.
The hottest cryptocurrencies in 2023 had been Bitcoin (73.3%), Ethereum (9.9%), Litecoin (6.6%), Tether (4.6%), and Dogecoin (3.1%).
Bitcoin continues to be the most well-liked cryptocurrency, however in comparison with the third quarter of 2023, it decreased by 5.7 p.p. On the opposite hand, Ethereum grew by 4.7 p.p. and Litecoin elevated by 2.2 p.p.
Matsukevich commented on this: “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.”
Source: “Time to Invest in Crypto? SOFTSWISS 2023 iGaming Market Overview”. Softswiss. February 28, 2024.
