There has been a slight drop in the popularity of using cryptocurrencies in iGaming projects over the last nine months, but about 28.5% of all bets are still made with digital assets.

BTC Remains Most Popular Cryptocurrency in iGaming

SOFTSWISS has shared data on the state of the iGaming industry over the last nine months. This year, the online gambling market keeps demonstrating a steady growth. Compared to the same period last year, the total amount of bets has grown by 36.6%, with a 50% rise in their number.

As for the use of cryptocurrencies for betting, their number has grown by 18.7% compared to the same period last year. In comparison with the annual figures, the growth in the number of bets with cryptocurrencies is 66.4%. 

Comparing the current data with the figures given in the company’s report for H1 2023, one can conclude that the scale of crypto usage by the iGaming community has slightly decreased. However, the share of crypto betting remains stable at around 30%. 

According to Andrey Starovoitov, Co-CEO of SOFTSWISS, the increased number of crypto bets may seem modest when juxtaposed against a more significant growth of fiat bets. However, Andrey believes that when considering the global downward trend in the adoption of digital assets in other areas, the stance of cryptocurrencies in iGaming is relatively stable.

Meanwhile, the average crypto bet size is marked by extreme instability, which SOFTSWISS analysts attribute to market fluctuations and the volatility of digital assets. For instance, the average crypto bet was €1.56 at the end of 2022 and rose to €1.88 mid-year, but it fell back to €1.59 in Q3 2023.

The top five most used cryptocurrencies in the iGaming industry remain the same since early 2022:

  • BTC — 74,9%;
  • ETH — 8,9%;
  • LTC — 6,0%;
  • USDT — 4,6%;
  • DOGE — 3,0%. 

Compared to the half-year numbers, there’s a slight decrease in Bitcoin’s popularity, from 76.2% to 74.9%. However, the asset still remains the most popular cryptocurrency in iGaming.

Due to their technological nature and relatively recent emergence, cryptocurrencies are developing within a rapidly changing landscape, pivoting on diverse economic and societal factors. 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,” summarizes Andrey Starovoitov.

SOFTSWISS is a large tech company that manages over 530 brands in the iGaming market. The company’s products seamlessly attract players using crypto-assets to games originally designed only for fiat. The company was recognized as the “Platform Provider of the Year” at the prestigious SiGMA Americas Awards 2023. 

Author: Nataly Antonenko
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