SOFTSWISS, a leading tech provider in the iGaming industry, published a report analyzing the use of cryptocurrencies in the gambling market in Q1 2023. The data shows that users of online casinos, betting platforms, and other similar platforms are increasingly using digital assets. 

Cryptocurrencies Account for 30% of Bets in iGaming

For example, according to a SOFTSWISS study, crypto betting accounted for 30% of total betting in the sector in Q1 2023. Compared to Q1 2022, cryptocurrency betting grew by 19%, indicating a positive trend. Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) remain the most popular digital assets, with Bitcoin’s share increasing by 1.9%. Overall, BTC accounted for 76.5% of total bets in Q1 2023, ETH — for 8.4%, and LTC — for 5.1%.

The report also provides a portrait of an average player, analyzing age groups and device preferences for gaming. It turns out that 65% of crypto bets are made by men and 35% by women. The main audience of iGaming using digital assets for betting are from the age group of 31 to 50 years old, who make up 70% of the total number of cryptocurrency users in iGaming. Meanwhile, about 45% of players are between the ages of 31 and 40. 

SOFTSWISS analysts noted that more than half of total crypto betting was done from mobile devices (64%) and only 32% from stationary devices.

Moreover, the report noted that total betting volume was up 44.66% over the same period last year and 2.24% over the previous quarter, indicating steady growth in the iGaming industry. The report is based on data from over 700 brands using the SOFTSWISS Game Aggregator and SOFTSWISS Casino Platform.

According to Max Trafimovich, Chief Commercial Officer of SOFTSWISS, demand for crypto-ready solutions, whether for online casinos or sports betting startups, has also seen steady growth in recent years. “SOFTSWISS will remain the ultimate partner on this frontier with new crypto-oriented technologies, top-level service, and security,” concludes Max.

SOFTSWISS is an international company providing certified software solutions for operations management in the iGaming industry. SOFTSWISS offers comprehensive iGaming software including an online casino platform, a game aggregator with thousands of gaming slots, an affiliate platform, and a sports betting platform. In 2013, SOFTSWISS was the first company to introduce an optimized Bitcoin-based online casino solution, and in January 2023, it won the Best Crypto Company of the Year Award at the prestigious International Gaming Awards.

Earlier, CP Media published an article about new possibilities for the iGaming industry offered by DeFi and how blockchain technology can improve sports betting.

Author: Ana Bustos García
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