SOFTSWISS reports 45% surge in crypto bets in Q1, 2023

SOFTSWISS has released its latest data about interest in cryptocurrencies as some of the available payment options for casino operators. The company was recently nominated and won the Crypto Company of the Year distinction at the InternationalGaming Awards.

Now, SOFTSWISS is sharing some of its insights for the first quarter of the year, with the company registering a surge in the use of cryptocurrencies by nearly 45% over the first three months ended on March 31. SOFTSWISS is using data collated from 700 brands powered by the company’s namesake SOFTSWISS Game Aggregator and SOFTSWISS Casino Platform.

SOFTSWISS explained that it saw an increase of 44.66% compared to Q1 2022 in the number of bets placed, but a nominal gain of 2.24% from Q4 2022. In the first quarter of this year, SOFTSWISS reported that digital coins accounted for 30% of all bets placed through its platforms.

Commenting on this performance, SOFTSWISS co-CEO Andrey Starovoitov said that 2022 was a year during which currencies fell in value but they were now bouncing back once again. "For that reason, we are observing both growth in the iGamingmarket in general and also an increase in the sum of bets made by crypto players," Starovoitov said.

He also said that SOFTSWISS expected cryptocurrencies to remain popular with players, providing platforms are also capable of retaining such customers and that the crypto market remains fairly calm and free of rapid price swings. The bulk of cryptocurrencies used was Bitcoin which accounted for 76.5% of all digital coin wagers placed during the first quarter.

ETH was second with 8.4% and LTC came in third with 5.1% of the total. The full report provided further information. Tether actually too got 5.1% of the total bets with Dogecoin bringing in 2.5% of the total in the first quarter of 2023. The majority of crypto users by age were in their 31-40, with 44.9% of all users in that age group.

The second biggest audience was in their 41-50 with 25.7% of all people placing bets with crypto in that age cohort. The third largest was people in their 51-60 with 12.7% closely followed by people in their 25.30 by 12.4%. Only 1.6% was placed by people 61+ and 2.6% by consumers aged 18-24.

SOFTSWISS CCO Max Trafimovich was similarly optimistic about the future of cryptocurrencies in iGaming. "It’s undeniable that some crypto iGaming operators have drawn much attention and accolades on a global level," he said.

Image credit: SOFTSWISS