iGaming solutions provider SOFTSWISS has released its half-yearly cryptocurrency report, revealing 16.5% year-on-year growth in the amount of money bet during 1H23 and 83.6% more bets placed using crypto than in the second half of last year.
The figures have been compiled using data from around 500 online gaming brands currently powered by SOFTSWISS platforms.
In total cryptocurrencies accounted for 29.5% of the total wagered amount during the first half of the year, steady with the same period in 2022 and indicating “continued player interest in this option regardless of fluctuations in cryptocurrency rates.”
The average bet using crypto continues to fluctuate however, falling from €2.84 in 1H22 to €1.69 in 2H22 before rising back to €1.80 in 1H23.
“The crypto market is rather sensitive to changes in the global environment,” said SOFTSWISS Co-CEO, Andrey Starovoitov.
“The SOFTSWISS analysts conducted a correlation analysis between key player activity indicators and the Fear and Greed Index. The analysis revealed that even during the period of relative apprehension in the cryptocurrency market, business indicators remain precisely high.”
By cryptocurrency, Bitcoin continues to grow its dominance with its share of bets received rising to 76.2%. Ethereum, which lost share, came in next with 9.0% followed by Litecoin with 5.5%, Tether with 4.7% and Dogecoin with 2.6%.
Starovoitov added, “Despite fluctuations in cryptocurrency rates and changes in their shares in the iGaming market, digital coins continue to be popular among players. SOFTSWISS, as the ‘number one’ provider offering cutting-edge crypto solutions, creates a robust ecosystem for the iGaming industry.
“We believe that implementing innovative crypto-centric technologies along with highly customised approaches will empower industry representatives to deliver the most exciting player experience, thereby fostering continued growth. In a rapidly changing digital landscape, success will favor only those adept at harnessing emerging trends and quickly adapting to the escalating demands of sophisticated audiences.”
