Growth and Trends of Crypto Betting in Q1 2023

In the dynamic world of iGaming, Softswiss, the renowned technology provider, has emerged as a frontrunner in the crypto gaming industry. Their recent recognition as the ‘Crypto Company of the Year’ at the prestigious International Gaming Awards further solidifies their position. With a commitment to transparency and industry insights, Softswiss regularly analyzes the crypto gaming market. In this article, we delve into their Q1 2023 findings, uncovering remarkable growth in crypto bets and shedding light on the average crypto player profile.

Table of Contents

• Growth in crypto betting
• Popular cryptocurrecies
• The crypto casino player profile
• Implications and future opportunities
• Conclusion

Growth in crypto betting

The Q1 2023 results reveal a steady growth trend in the iGaming market. A remarkable 44.66% increase in total bets compared to the same period last year and a 2,44% increase from the previous quarter was observed. This data showcases the rising popularity of crypto betting.

Additionally, the sum of wagers in digital coins experienced positive growth over the past year.    In Q1 2023, 30% of all bets were based on cryptocurrencies and representing a 19% increase from the previous quarter. These figures highlight the enduring appeal of crypto despite the challenges faced in 2022.

Andrey Starovoitov, Co-CEO at Softswiss, notes the resurgence of cryptocurrency, stating that they have regained value. As a result, the iGaming market is witnessing growth, and crypto players are placing increased bets. He predicts that cryptocurrency will continue to be utilized by players in 2023, especially if players are retained competently and volatility in the crypto market remains stable.

Popular cryptocurrecies

Bitcoin, Ethereum, and Litecoin continue to dominate the crypto gambling scene. 

In Q1 2023, Bitcoin’s market share increased by 1.9 percent, primarily at the expense of smaller digital currencies, while Ethereum’s share remained constant.

Taking a broader perspective, BTC gained 3.72 percentage points since Q1 2022, while ETH experienced a decline of 5.01 percentage points. 

The market share of the third leading digital coin, LTC, decreased by 1.36 percentage points.

The final market shares for Q1 2023 are as follows:

Cryptocurrency:	Market Share:
BTC:	76.5%
ETH:	8.4%
LTC:	5.1%

Notably, Tether achieved a 5.1% share for the first time, while Dogecoin experienced a 1% point decrease compared to the previous quarter before, settling at a 2.5% share by the end of Q1 2023.

Furthermore, other digital currencies like Ripple (XRP), Tron (TRX), and Cardano (ADA) demonstrated an increase in their share of Total Bets.

The crypto casino player profile

Based on Q1 data and player profiles, Softswiss provides insights into the average crypto player. Overall, 65% of the sampled audience was male and 35% female from the insights.

When examining the age distribution of crypto players who disclosed their age on their online casino profiles, the following percentages were observed:

Age:	Percentage:
18-30 age range:	20%
31-50 age range:	70%
51 and above:	10%

Hence, the core audience of digital coins in iGaming primarily falls within the 31-50 age range, constituting 70% of the crypto user base.

Moreover, mobile devices played a significant role in crypto betting, accounting for more than half of the Gross Gaming Revenue (GGR) in Q1.  In comparison to 32% on the desktop, approximately 64% of bets took place via Mobile Devices.

Implications and future opportunities

These valuable insights should guide strategic decision-making for existing iGaming brands or those planning to enter the market. Despite the inherent volatility of the crypto market, the interest in starting crypto projects remains high. The Q1 statistics indicate a promising year ahead for projects related to cryptocurrency in 2023.

Conclusion

Softswiss’s Q1 2023 analysis showcases the impressive growth of crypto betting, indicating a thriving iGaming market. The dominance of Bitcoin, Ethereum, and Litecoin as preferred cryptocurrencies is evident, although market shares continue to fluctuate. 

Understanding the average crypto player’s profile and their preference for mobile betting is crucial for crafting successful strategies in the evolving landscape of iGaming. 

As we move forward, the future holds great potential for the expansion and positive development of cryptocurrency projects.