SOFTSWISS report shows crypto bets still gaining momentum

SOFTSWISS, a company that provides solutions for the iGaming and sports betting sectors, has revealed its latest report focusing on the use of cryptocurrencies in the gambling industry.

In the report, the company covered the six-month period from January 1 through June 30, 2023, and highlighted interesting trends that have to do with cryptocurrency use, preferred tokens, and fluctuations in the volume of digital coins.

This report is based on information collected from 500 companies that utilize SOFTSWISS’ solutions, giving it a unique insight into market trends such as they are. According to the company, during H1 2023, digital coin bets increased by 16.5% compared to H1 2022.

Since the second half of 2022, the number of crypto bets placed increased by 83.6%, a significant gain. SOFTSWISS also looked into the average value of a cryptocurrency bet compared to a fiat money bet, using the euro as a point of reference. In the report, SOFTSWISS noted that during H1 2022, the average size of the bet was 2.84 euro, but then dropped to 1.80 euro in H2 2022. In H1 2023, the value of cryptocurrency bets stood at 1.80 euro on average.

Meanwhile, SOFTSWISS co-CEO Andrey Starovoitov welcomed the opportunity to see the crypto market develop actively. He argued that even during more dramatic events in the crypto market in general, there seemed to be sustained interest in wagering using digital coins. Starovoitov said:

"Despite fluctuations in cryptocurrency rates and changes in their shares in the iGaming market, digital coins continue to be popular among players."

The total amount wagered in H1 2023 using cryptocurrencies amounted to 29.5% of the sports wagers processed by SOFTSWISS.

The company also broke down the tokens by share of the total crypto betting market, with Bitcoin remaining in the lead with 76.2%. The second most utilized token for betting was Ethereum with around 9% of the total market, and then Litecoin with 5.5%. Tether and Dogecoin brought up the rear with 4.7% and 2.6% respectively.

Starovoitov also spoke about the importance of having businesses adapt to significant changes in the market, such as the implementation of technology that follows existing trends in the iGaming industry. He specifically referred to those as "crypto-centric technologies" and further noted down the importance of utilizing customizable models to ensure that players get the best possible experience, and thus drive growth.

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