Casinos for youWe take a look at a SOFTSWISS report on the impact of cryptocurrencies on the online gambling industry. Join us as we determine which tokens are the most popular with casino players and which are in decline in 2023.
Whether it’s Stake being sued for its name in Australia or Bitcoin prices nose-diving 10% in a day, there is no doubt that cryptocurrencies, NFTs and the blockchain are swiftly becoming part of everyday life.
The one aspect of the industry that is more challenging to track is how crypto gambling is doing. However, thanks to a report by casino software and aggregation tool provider SoftSwiss, we know it is doing very well in 2023!
Andrey Starovoitov, Co-CEO at SOFTSWISS, summarises their findings as follows:Quote
“Despite fluctuations in cryptocurrency rates and changes in their shares in the iGaming market, digital coins continue to be popular among players. In a rapidly changing digital landscape, success will favour only those adept at harnessing emerging trends and quickly adapting to the escalating demands of sophisticated audiences.”
The value they perceive in the crypto casino and betting space is one of the reasons they continue to develop new tools and features aimed solely at catering to these players. One of the most successful SOFTSWISS tools is the one that allows crypto holders to enjoy games initially designed only with fiat players in mind.
The State of Crypto Gambling in 2023
The SOFTSWISS report collates its internal crypto gambling data for the year's first half and yields some interesting results.
The platform provider found that crypto casino revenues have continued to grow year on year, with the upward trend becoming especially noticeable when you compare the same 6-month period from 2021 to 2022 to 2023.
The total value of crypto wagers increased by 37% from 2022 to 2023, with the actual number of bets showing even more significant growth with a 49% increase.
Betting Behaviour Proves Market Trust
Digging a little deeper into the actual wagering, the report revealed that the number of bets placed using digital currencies increased by an astounding 83.6% from 2022 to 2023. Interestingly they remained a consistent 29.5% of the total wagered amount over the same period.
Andrey Starovoitov, Co-CEO at SOFTSWISS comments:Quote
“The crypto market is rather sensitive to changes in the global environment. 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.”
Another exciting trend in crypto staking values was their comparison to fiat bet values. While the average fiat currency bet size tends to stay relatively flat with minor variances over time, crypto bets started 2022 at an average of €2.84 but dropped to €1.69 by the end of the year. However, at the beginning of 2023, it suddenly jumped to €1.80.
They found that the size of the bets tended to decrease while the number of bets increased over the same period. This would indicate that gamblers are creating budgets and sticking to them, using smaller bet sizes to extend their gameplay while not overspending. This a great example of responsible gambling done right.
Which Cryptocurrencies Dominate the Scene?
Despite the incredible number of digital currencies launched each year, the top decentralised tokens still dominate the online casino market.
The SOFTSWISS reports tracked the top five by usage as follows:
- Bitcoin – 76.2%
- Ethereum – 9.0%
- Litecoin – 5.5%
- Tether – 4.7%
- Dogecoin – 2.6%
Digging into the data, we found that Bitcoin has been solidifying its position in the food chain. Over the past year, wagers in BTC have increased by 7.9% compared to their 2022 results.
While they are still in the second and third spots, Ethereum and Litecoin are beginning to lose users, with bets in these tokens declining by 5.5% and 2.5%, respectively.
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