The use of cryptocurrencies in online casinos has experiences slower growth compared to the broader iGaming industry through the first nine months of the year, primarily due to particularly strong growth in fiat betting, according to industry solutions provider SOFTSWISS,
In its latest analysis of the cryptocurrency market, based on data collected from more than 530 brands powered by SOFTSWISS, it was found that the total amount wagered across all forms through September 2023 had grown by 36.6% year-on-year, while the number of bets saw an even stronger growth of almost 50%.
However, the amount wagered using crypto grew by only 18.7%, suggesting fiat betting has surged at a much faster rate. Notably, while total wager was down, the number of bets using crypto surged by 66.4% compared with the same period in 2022. The share of crypto in the Total Bets Sum fell by 4.3 percentage points to 28.5%.
It is therefore evident, SOFTSWISS explained, that the sums of crypto bets experienced incremental growth from quarter-to-quarter during this period, but their share in the Total Bets Sum decreased slightly, primarily due to the more impressive quarter-to-quarter increase in the sums of fiat bets.
Andrey Starovoitov, Co-CEO at SOFTSWISS, said, “An 18% increase in crypto bet sums may appear very modest when juxtaposed against a more substantial 45% expansion in fiat bets during the first three quarters of 2023. Taking into account the state of crypto in other spheres, such as fundraising, where the third quarter showed its worst results since the end of 2020, the position of cryptocurrencies in iGaming could be evaluated as comparatively stable at the moment.”
SOFTSWISS also revealed that the average fiat bet through September held steady at EUR0.82 while the average crypto bet fell from EUR1.88 in 2Q23 to EUR1.59 in 3Q23
Such fluctuations can be attributed to the inherent volatility in cryptocurrency rates and market expectations, the company said.
“Due to their technological nature and relatively recent emergence, cryptocurrencies are developing within a rapidly changing landscape, pivoting on diverse economic and societal factors,” said Starovoitov.
“At the moment, we are observing their moderate popularity among players in the growing fiat segment, and the results of the final quarter of 2023 hold increasing fascination. Being the ‘number one’ crypto solutions provider, SOFTSWISS remains committed to imparting its expertise on the relevant trends in iGaming.”
