SOFTSWISS: Online Gambling Sees 50% Increase in Crypto Bets in 2023

SOFTSWISS, a leading software provider for the iGaming industry, has released some interesting data on the volume of crypto bets in online gambling for the first three quarters of 2023.

The data is based on an analysis of over 530 iGaming brands that work with SOFTSWISS.

The results show that crypto bets are gaining popularity fast. The number of such bets from January to September increased by almost 50% compared to the same period in 2022, and the total value grew by 36.6%.

However, when comparing the share of online bets in crypto and fiat (or regular) currencies, it turns out that the latter still has the upper hand. The proportion of fiat bets actually increased over the year, from 67.2% to 71.5% (a 4.3% increase).

So, while crypto coins are on the rise, they are not keeping up with the positive trend in bets made with fiat money.

Digging deeper into the details of cryptocurrency use in online gambling, Bitcoin remains the top choice for payment, used in 74.9% of cases. Ethereum comes second (8.9%), followed by Litecoin (6%). The top 5 popular currencies in this segment have not changed since 2022.

The average bet size in cryptocurrency varies between €1.56 and €1.88 for the first nine months of this year. The average bet in fiat money is much lower, with a more stable level at €0.82. The fluctuations in crypto bets, according to SOFTSWISS, are due to the volatile nature of coin values in general.