Online casino and technology provider SoftSwiss has announced its quarterly analyses of the crypto gaming market.
Its research showed an escalation in the total number of online bets placed using cryptocurrencies in the first three months of 2023.
Crypto bets increased by 45% year-on-year and by 2.3% quarter-on-quarter, according to the case study.
Additionally, SoftSwiss found a 30% rise in the share of total bets placed using crypto, indicating a 19% volume growth in Q1.
When looking into the most used cryptocurrencies in the sector, Bitcoin remains the most favoured coin among users, representing 77% of all digital coin use on its platforms, followed by Ethereum at 8% and Litecoin at 5%.
“Despite the global events of 2022, which have undoubtedly caused most digital coins to fall in value, we are now seeing them rise in value again,” said SoftSwiss co-chief executive Andrey Starovoitov.
“For that reason, we are observing both growth in the igaming market in general and also an increase in the sum of bets made by crypto players. We expect digital coins to remain in stable use by players in 2023 and could see more significant growth with a combination of two factors: competent retention of players and the absence of strong volatility in the crypto market.”
The firm also looked into player profiles, with research indicating the ratio of crypto users stood at 65% male and 35% female. Additionally, 70% of users were aged between 31 and 50, and 45% were aged between 31 and 40.
SoftSwiss chief commercial officer Max Trafimovich said: “Over the last few years we have seen a steady increase in demand for crypto-ready solutions, be it for launching a casino or a sports betting venture.
“Besides crypto, such operators also happen to be at the forefront of various other innovations, those going beyond the payments aspect. SoftSwiss will remain the ultimate partner on this frontier with new crypto-oriented technologies, top-level service, and security.”
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