{"id":57262,"date":"2023-10-25T08:45:13","date_gmt":"2023-10-25T08:45:13","guid":{"rendered":"https:\/\/gaming-awards.com\/NEWS\/?p=57262"},"modified":"2023-10-25T08:45:13","modified_gmt":"2023-10-25T08:45:13","slug":"softswiss-cryptocurrency-segment-is-experiencing-slower-growth","status":"publish","type":"post","link":"https:\/\/gaming-awards.com\/NEWS\/softswiss-cryptocurrency-segment-is-experiencing-slower-growth\/","title":{"rendered":"SOFTSWISS: Cryptocurrency Segment is Experiencing Slower Growth"},"content":{"rendered":"

\"\"SOFTSWISS\u2019 latest analysis indicates that the cryptocurrency segment is experiencing slower growth compared to the broader iGaming industry. The pioneer in offering cutting-edge crypto iGaming software<\/a> presents insights into the latest crypto gaming trends.<\/p>\n

The analysis is founded on the data collected across 530+ brands powered by the company. It takes into account the in-game currency conversion capabilities<\/a>, enabling SOFTSWISS clients to seamlessly involve players with cryptocurrency holdings in games originally tailored for fiat only.<\/p>\n

IGAMING MARKET GROWTH<\/strong>\u00a0<\/strong><\/p>\n

During the first three quarters of 2023, the iGaming market<\/strong> consistently grew. In absolute terms, the total wagered amount<\/strong> showed a 36.6%<\/strong> increase compared to the same period of the previous year, while the number of bets<\/strong> saw an even more impressive growth of almost 50%<\/strong>.\u00a0<\/strong><\/p>\n

STATE OF CRYPTO<\/strong>\u00a0<\/strong><\/p>\n

In the comparative analysis of crypto bets<\/strong> spanning the first nine months of 2023 and the same period of the previous year, a noteworthy 18.7% monetary growth<\/strong> is observed. At the same time, the number of crypto bets<\/strong> has surged by 66.4%<\/strong> since 2022. Simultaneously, the share of crypto in the Total Bets Sum demonstrated a slight decrease by 4.3 p.p. to finally settle at 28.5%.<\/p>\n

Diving deeper into the analysis, which has been ongoing since the beginning of 2022, it becomes evident that the sums of crypto bets experienced incremental growth from quarter to quarter during this period, but their share in the Total Bets Sum decreased slightly, primarily due to the more impressive quarter-to-quarter increase in the sums of fiat bets.<\/p>\n

Andrey Starovoitov, Co-CEO at SOFTSWISS, comments:<\/strong> \u201cAn 18% increase in crypto bet sums may appear very modest when juxtaposed against a more substantial 45% expansion in fiat bets during the first three quarters of 2023. Taking into account the state of crypto in other spheres, such as fundraising, where the third quarter showed its worst results since the end of 2020, the position of cryptocurrencies in iGaming could be evaluated as comparatively stable at the moment.\u201d<\/p>\n

FLUCTUATING CRYPTO BET<\/strong><\/p>\n

The analysis of the average bet <\/strong>presents an engrossing picture. While the average fiat bet<\/strong> remains stable, hovering around 0.82 euro<\/strong> during the first three quarters of 2023 as well as in the same period of 2022, the average crypto bet<\/strong> lost almost 30 p.p. on average, displaying a quarter-to-quarter variability. It initially increased from 1.56 euro at the end of 2022 to 1.88 euro in Q2 2023 but subsequently declined to 1.59 euro<\/strong> in Q3 2023. Such fluctuations can be attributed to the inherent volatility in cryptocurrency rates and market expectations.<\/p>\n

SOLID TOP OF CRYPTOCURRENCIES <\/strong>\u00a0<\/strong><\/p>\n

The Top 5 most used digital coins<\/strong> in iGaming remained unchanged since the beginning of 2022.<\/p>\n

During the first three quarters of 2023, the cryptocurrency distribution structure is as follows:<\/p>\n