SOFTSWISS Report Reveals Rising Crypto Betting Trends

SOFTSWISS, a pioneering solutions provider for the iGaming and sports betting sectors, has unveiled its recent report focused on the escalating utilization of cryptocurrencies within the gambling industry.

The comprehensive report delves into data amassed during the six-month timeframe spanning from January 1 to June 30, 2023. It spotlights intriguing patterns related to cryptocurrency adoption, favoured tokens, and the dynamics of digital coin volumes.

Based on insights gleaned from 500 companies leveraging SOFTSWISS' cutting-edge solutions, this report offers an unparalleled perspective on prevailing market trends. According to the findings, the first half of 2023 witnessed a notable 16.5% surge in digital coin wagers compared to the corresponding period in 2022.

Remarkably, since the latter half of 2022, there has been an impressive 83.6% upswing in the volume of cryptocurrency bets placed. The report also examines the average value of cryptocurrency bets versus traditional fiat money bets, using the euro as a benchmark. Notably, the report highlights that the average bet size was 2.84 euros during H1 2022, subsequently declining to 1.80 euros in H2 2022. In H1 2023, the average value of cryptocurrency bets remained at 1.80 euros.

Andrey Starovoitov, co-CEO of SOFTSWISS, expressed his enthusiasm for the dynamic growth of the crypto market. He emphasised that even amid significant fluctuations in the broader crypto landscape, there persists a sustained interest in utilising digital coins for wagering. Starovoitov commented:

"Despite the volatility in cryptocurrency valuations and the shifting landscape within the iGaming sector, digital currencies remain a favoured choice among players."

During H1 2023, cryptocurrencies accounted for a substantial 29.5% of the total sports wagers processed by SOFTSWISS.

The report further dissects the crypto tokens based on their market share in the total crypto betting sector. Notably, Bitcoin maintains its dominance with a commanding 76.2% share. Ethereum emerges as the second most popular betting token, claiming around 9% of the market share, followed by Litecoin at 5.5%. Tether and Dogecoin trail behind, contributing 4.7% and 2.6% respectively.

Starovoitov also highlighted the imperative of businesses adapting to transformative market shifts, including the integration of technology that aligns with the ongoing trends in the iGaming realm. He specifically underscored the significance of "crypto-centric technologies" and stressed the importance of deploying customizable models to enhance player experiences, thereby fostering growth.