The total number of bets placed using cryptocurrencies in the first three months of 2023 increased by 44.6% year-on-year and by 2.3% quarter-on-quarter, according to a study by leading technology provider to the iGaming industry, SOFTSWISS.
The platform provider also found that the share in total bets placed using crypto had reached 30%, with 19% volume growth in Q1.
The Q1 crypto results are based on the data from over 700 brands powered by the SOFTSWISS Game Aggregator and the SOFTSWISS Casino Platform.
“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,” said Andrey Starovoitov, Co-CEO at SOFTSWISS.
“For that reason, we are observing both growth in the iGaming market in general and also an increase in the sum of bets made by crypto players. We expect digital coins to remain in stable use by players in 2023 and could see more significant growth with a combination of two factors: competent retention of players and the absence of strong volatility in the crypto market.”
The most used cryptocurrencies are still Bitcoin, representing 76.5% of all digital coin use on its platforms, followed by Ethereum at 8.4% and Litecoin at 5.1%, SOFTSWISS said, with Bitcoin increasing its dominance compared to the same period in 2022.
The company has also delved into player profiles, revealing that 65% of crypto users for iGaming are male and 35% female, while 70% of users are aged between 31 and 50, including 45% between 31 and 40.
Of bets placed 64% were placed via mobile and 32% via desktop.
“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,” said Max Trafimovich, Chief Commercial Officer at SOFTSWISS.
“It’s undeniable that some crypto iGaming operators have drawn much attention and accolades on a global level. Besides crypto, such operators also happen to be at the forefront of various other innovations, those going beyond the payments aspect. SOFTSWISS will remain the ultimate partner on this frontier with new crypto-oriented technologies, top-level service, and security.”
