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The online gaming world has witnessed unprecedented growth in the adoption of cryptocurrencies, cementing its position in the iGaming space stronger than ever. In the last year, the cryptocurrency gaming industry experienced a remarkable 21.1% increase in the total sum of bets placed in online casinos, evidencing an upward trend in the use of digital currencies.
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Key Statistics at a Glance
SOFTSWISS, one of the leading iGaming software companies in the market, conducted a comprehensive analysis of more than 600 brands aligned with the use of cryptocurrencies. The results shed light on the widespread growth of cryptocurrencies in the iGaming arena, accounting for 27.5% of the total sums wagered during 2023.
Crypto Betting: Ascent to the Moon
Despite the volatility inherent in cryptocurrencies, the cryptocurrency market continues its expansion phase, finding fertile ground in the iGaming world. Digital payments, with their advantages of fast transactions and anonymity, have become a significant attraction for players.
Vitali Matsukevich, COO of SOFTSWISS, stressed the importance of adapting iGaming projects to the needs of cryptocurrency players, thus improving the market position of these projects.
The Economics of Cryptocurrency Gaming
The betting patterns of cryptocurrency players have evolved. At the beginning of 2022, the average amount of crypto bets was higher, but by 2023, this stabilized in a range of €1.59 to €1.88, showing a trend towards cheaper but stable bets. This stability is attributed to the increased availability and acceptance of cryptocurrencies.
Despite the decrease in the average betting amount, the number of bets on cryptocurrencies grew by 50.5% compared to the previous year, underlining the growing popularity of this betting modality.
The next phase of the same curve
The growth described above is one phase: casinos learning to accept crypto. It moved deposits from days to minutes and cut the fees, and that is genuinely most of why the numbers climbed.
The phase after it is already running, and it is smaller but structurally different: platforms that never take the coins at all. On Keyhouse the wallet is the account — funds stay on-chain, the platform holds no keys, and each round settles as it ends. Nothing to deposit into a house account, nothing to request back. If the first phase was crypto as a faster payment method, the second is crypto used for what it was built for.
Preferred Cryptocurrencies in Casinos
The most used cryptocurrencies by players in casinos during 2023 were:
- Bitcoin: 73.3%
- Ethereum: 9.9%
- Litecoin: 6.6%
- Tether: 4.6%
- Dogecoin: 3.1%
These statistics reflect current preferences and trends in the cryptocurrency gambling space, providing valuable insights for operators and casinos interested in capitalizing on this growing market.
The integration of cryptocurrencies into iGaming has not only revolutionized the way players gamble, but has also opened up new avenues for innovation and growth in the industry. As cryptocurrencies continue to gain traction, adaptation and innovation will be key for operators looking to attract and retain an increasingly diverse and technologically inclined player base.
