iGaming software solutions provider SOFTSWISS has released its quarterly analysis of the crypto gaming market. In the first quarter of 2023, the company's Total Bets indicator exhibited a 44.66% surge compared to the corresponding period the previous year, with crypto gambling also gaining momentum. Total Bets were also up by 2.24% compared to the preceding quarter, showing growth in the iGaming market.
Drawing from data gathered from more than 700 brands utilizing the SOFTSWISS Game Aggregator and the SOFTSWISS Casino Platform, the Q1 2023 results provide a comprehensive overview of the state of the crypto gaming industry. The data reveals positive growth in the sum of wagers placed in cryptocurrencies over the past year. During Q1, the share of bets made in digital coins accounted for 30% of the total.
In a comparison between Q1 and Q4 of 2022, the volume of Total Bets in crypto experienced a notable 9% increase by the last quarter of the year. However, Q1 of 2023 witnessed an even more substantial growth, with a surge of 19%.
Andrey Starovoitov, Co-CEO at SOFTSWISS
Andrey Starovoitov, Co-CEO at SOFTSWISS, emphasized the resurgence of digital coin values, stating: "Despite the global events of 2022, which have undoubtedly caused most digital coins to fall in value, we are now seeing them rise in value again."
He added: "For that reason, we are observing both growths in the iGaming market in general and also an increase in the sum of bets made by crypto players. We expect digital coins to remain in stable use by players in 2023 and could see more significant growth with a combination of two factors: competent retention of players and the absence of strong volatility in the crypto market."
Regarding the most frequently used digital coins, Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) retained their positions in Q1 2023 as the top three choices, a picture also observed in Q4 2022.
However, there were slight shifts in their market shares. Bitcoin's share increased by 1.9 percentage points at the expense of smaller digital currencies, while Ethereum maintained its position without any change.
Taking a broader perspective on the development of digital coins, significant changes in their market shares were witnessed from Q1 2022. Bitcoin experienced a 3.72% increase, while Ethereum encountered a decline of 5.01%. The share of Litecoin, the third most popular digital coin, dropped by 1.36%. The final market shares for Q1 2023 are as follows: BTC – 76.5%, ETH – 8.4%, LTC – 5.1%.
In terms of the crypto player portrait, the data collected during Q1, in conjunction with available player profiles, revealed that 65% of the crypto audience comprised males, while females accounted for the remaining 35%. The core audience using digital coins in iGaming was primarily in the age range of 31 to 50, constituting 70% of the crypto user base.
Max Trafimovich, Chief Commercial Officer at SOFTSWISS, concluded by acknowledging the growing demand for crypto-ready solutions in recent years.
He noted: "Over the last few years, we have seen a steady increase in demand for crypto-ready solutions, be it for launching a casino or a sports betting venture. Besides crypto, such operators also happen to be at the forefront of various other innovations, those going beyond the payments aspect."
He added: "SOFTSWISS will remain the ultimate partner on this frontier with new crypto-oriented technologies, top-level service, and security."