Crypto gambling has witnessed a significant surge, with the total value of all crypto bets placed at online casinos increasing by an impressive 21.1% in 2023 alone.SOFTSWISS, a prominent iGaming software provider, conducted an analysis of over 600 brands that support cryptocurrencies. The research findings indicated a substantial growth of cryptocurrencies in the iGaming sector, accounting for 27.5% of the total bets sum during 2023.
Crypto Betting on the Rise
Despite the high volatility of cryptocurrencies posing a certain risk, digital payments have found a comfortable niche in the iGaming world.Vitali Matsukevich, the COO of SOFTSWISS, stated in a press release that the benefits of using digital currencies, such as fast transactions and anonymity, are major attractions for many players. Given these factors, there is a growing demand for expanding iGaming projects’ opportunities for crypto players.Matsukevich further explained that in-game currency conversions are instrumental in bridging the gap between fiat and cryptocurrencies in games that were initially designed for fiat play only. He suggested that such projects are continually gaining better market positions, implying that it’s a profitable direction for providers and casinos seeking greater financial success.
Crypto Gambling Statistics
There has been a noticeable shift in the betting patterns of crypto gamers. According to Q1 2022 data, the average crypto bet amount is lower, but it’s more stable.In 2023, crypto gambling sites observed a stabilization of bets within the range of €1.59 to €1.88, down from €3 in early 2022. Analysts attribute this trend of more conservative betting to the wider availability of cryptocurrencies.While the average bet nearly halved, the number of crypto bets saw a remarkable increase of 50.5% compared to the previous year. Matsukevich also commented on this data, advising casino owners to take this information into account if they wish to boost their profits.
Top Cryptocurrencies for Betting
Here are the top 5 cryptocurrencies that players predominantly used for betting at casinos throughout 2023:
- Bitcoin: 73.3%
- Ethereum: 9.9%
- Litecoin: 6.6%
- Tether: 4.6%
- Dogecoin: 3.1%
