Research has revealed that crypto gambling is stronger than ever - the sum of all crypto bets placed at online casinos increased by an astounding 21.1% last year alone.
SOFTSWISS, a developer of innovative iGaming software products for online casino and sports betting, analyzed 600+ brands that were associated with cryptocurrencies. The results of the research indicated overall growth of cryptocurrencies in the iGaming landscape - it accounted for 27.5% of total bets during the year 2023.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, said:
"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."
Cryptocurrencies Rating 2023
The Top Five most-operated digital coins in the iGaming space have remained stable during the last two years.
In 2023, here's the breakdown of cryptocurrencies that players mostly used to bet at online gambling sites:
- Bitcoin - 73.3%
- Ethereum - 9.9%
- Litecoin - 6.6%
- Tether - 4.6%
- Dogecoin - 3.1%
- Others - 2.6%
Matsukevich commented:
"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."
According to industry research, the iGaming market worldwide is projected to double by the year 2030, at a compound yearly growth rate of 11.7%. It is expected that revenues will exceed €140 billion, with a significant share attributed to crypto gambling.
Source:
https://www.askgamblers.com/gambling-news/industry/softswiss-research-unveils-crypto-betting-grew-by-20percent-in-2023
https://www.softswiss.com/news/state-of-crypto-2023-report/
