SOFTSWISS Says Crypto Gambling Market Remains Strong in H1 2023
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The purpose of the half-year cryptocurrency report is to see how likely cryptocurrencies are to remain part of the gambling industry. The results have been so far promising, with cryptocurrency gambling posting a 16.5% year-over-year in the first half-year of 2023.
Another Successful Period for Crypto Gambling
There were 83.6% more crypto bets placed in H1 2023 compared to H2 2022, SOFTSWISS’ report stated. The data used by the company is from a large swathe of partner operators, as the latest figures come from more than 500 companies that are using the SOFTSWISS platform, and its solutions.
Another noteworthy trend was the overall increase in the bulk volume of crypto gambling. According to SOFTSWISS, as of H1 2023, cryptocurrencies accounted for 29.5% of the total amount wagered during the first half of the year. SOFTSWISS has pointed out a sustained and increasing interest to place wagers with cryptocurrencies.
SOFTSWISS Co-CEO Andrey Starovoitov was similarly pleased with the findings of the report but pointed out that the crypto market still remains sensitive to changes in global events. Business, though, has not been too impacted by the Fear and Greed Index, the company’s boss said:
The SOFTSWISS analysts conducted a correlation analysis between key player activity indicators and the Fear and Greed Index. The analysis revealed that even during the period of relative apprehension in the cryptocurrency market, business indicators remain precisely high.
SOFTSWISS Co-CEO Andrey Starovoitov
When looking into individual cryptocurrencies and trends, Bitcoin continued to be the dominant betting currency for the majority of operators and consumers.
Bitcoin Consolidates Market Dominance
Bitcoin accounted for 76.2% of all betting crypto volume, with Ethereum contracting a little at 9% and Litecoin coming in third with 5.5%. Tether posted 4.7% and Dogecoin accounted for 2.6% of the total betting volume.
Starovoitov acknowledged that there have been some fluctuations but interest in crypto betting has remained unchanged. That is why the company is confident that implementing crypto-centric technologies would benefit not only customers but also operators, ensuring that they continue to grow in the best way possible and benefit fully from this new landscape of opportunities.
Adaptation to emerging trends is particularly important to operators and their audiences, Starovoitov continued and added that cryptocurrency gambling is definitely here to stay, necessitating a closer look and a tailored response to this trend. SOFTSWISS recently appointed Carla Dualib to help with the company’s operations in Latin America, part of SOFTSWISS’ global expansion bid.
Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.
