The online gambling industry has witnessed a significant rise in the adoption of cryptocurrencies as a preferred payment method. As digital currencies continue to gain prominence, it becomes crucial for operators and industry experts to analyze market trends and understand player behavior. In this article, we explore the valuable insights provided by SOFTSWISS‘ “The State of Crypto Q1 2023 Results” report. SOFTSWISS, recognized as the Crypto Company of the Year at the International Gaming Awards, leverages data from 700 brands powered by their namesake SOFTSWISS Game Aggregator and SOFTSWISS Casino Platform to compile this report.
Trends & Demographics
According to the full report, Q1 2023 experienced a remarkable 45% increase in cryptocurrency usage compared to the previous year. This growth not only signifies the growing popularity of digital coins but also reflects the overall expansion of the iGaming market. The rise in total bets further demonstrates the promising trend for the industry.
The resurgence of digital coins following the market volatility of 2022 has had a significant impact on boosting player engagement in the iGaming industry. As cryptocurrencies regain strength, there is a renewed interest among players in using digital assets for betting purposes. Andrey Starovoitov, Co-CEO of SOFTSWISS, emphasizes the positive connection between the recovery of digital coins and the increased betting activity by crypto players in the report. In his comments, Andrey Starovoitov states, “Despite the global events of 2022, which caused a decline in the value of most digital coins, we are now witnessing their value rising again. As a result, we observe growth in the overall iGaming market and an upsurge in the total amount of bets placed by crypto players.”
Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) continue to dominate the cryptocurrency landscape in online gambling, with BTC being the most widely used digital coin, accounting for 76.5% of all digital coin wagers during Q1 2023. The market has also seen the emergence of alternative cryptocurrencies, including Tether (USDT), Dogecoin (DOGE), Ripple (XRP), Tron (TRX), and Cardano (ADA), indicating a diversification of cryptocurrency preferences among players.
Analyzing the demographic composition of crypto players reveals valuable insights. Male players constitute 65% of the crypto audience, while females make up the remaining 35%. The core audience of digital coins in the iGaming sector falls within the 31-50 age range, comprising a substantial 70% of crypto users. The report also highlights growing interest from players aged 51-60, showcasing the expanding appeal of cryptocurrencies across different age groups.
The Future of Cryptocurrencies in iGaming
In the “State of Crypto Q1 2023 Results” report, Max Trafimovich, Chief Commercial Officer of SOFTSWISS, expresses optimism about the future of cryptocurrencies in the iGaming industry. He highlights the increasing demand for crypto-ready solutions and the global recognition received by crypto iGaming operators. Trafimovich emphasizes the importance of embracing digital assets as a crucial factor for operators to thrive in the ever-evolving iGaming landscape. He states, “In recent years, we have witnessed a growing demand for crypto-ready solutions in launching casinos or sports betting ventures. It’s undeniable that certain crypto iGaming operators have gained significant attention and worldwide accolades. Moreover, these operators are at the forefront of innovation, extending beyond just payments.”
The “State of Crypto Q1 2023 Results” report provides valuable insights into the current landscape of cryptocurrency usage in online gambling. Operators and industry stakeholders can leverage these insights to enhance their strategies and maintain a competitive edge in the dynamic iGaming market. Embracing cryptocurrencies is not only essential for meeting player demands but also for driving growth and fostering innovation. As the industry evolves, staying ahead by embracing digital assets and their use will be instrumental in shaping the future of online gambling.
