Crypto gambling is stronger than ever and the sum of all crypto bets placed at online casinos grew by a whopping 21.1% last year alone.
SOFTSWISS, one of the leading iGaming software companies, analyzed over 600 brands that aligned with cryptocurrencies. The results of the research showed overall growth of cryptocurrencies in the iGaming space, accounting for 27.5% of total bets sum during 2023.
Crypto Betting to the Moon
The crypto market as a whole is still in an expansion phase. Even though the high volatility of cryptocurrencies is still a risk of sorts, digital payments are definitely at home in the iGaming world.
In a press statement, Vitali Matsukevich, the COO of SOFTSWISS, said the following:
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.
Matsukevich proceeded to explain how in-game currency conversions help bridge the gap between fiat and cryptocurrencies in games that were originally designed for fiat play alone. He added that such projects continually get better market positions, suggesting that it’s the way to go for providers and casinos that wish to garner bigger monetary success.
Crypto Gambling in Numbers
It’s interesting to note how different crypto gamers bet today, compared to just a couple of years ago. According to Q1 2022 data, the average crypto bet amount is lower, but there’s a caveat - it’s way more stable.
In 2023 crypto gambling sites saw a stabilization of bets to a range from €1.59 to €1.88, down from €3 in early 2022. Analysts believe that this trend in more economical betting is because cryptocurrencies are more widely available.
While the average bet almost halved, the number of crypto bets has seen a significant growth - 50.5% compared to the previous year. Matsukevich commented on this piece of data, too, calling for casino owners to consider this information if they’re to increase their profits.
Finally, here are the top 5 cryptocurrencies players mostly used to bet at casinos throughout 2023:
- Bitcoin – 73.3%
- Ethereum – 9.9%
- Litecoin – 6.6%
- Tether – 4.6%
- Dogecoin – 3.1%
