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Exploring SOFTSWISS’ Remarkable 83% Cryptocurrency Growth

Exploring SOFTSWISS' Remarkable 83% Cryptocurrency Growth
by
August 10, 2023
in Finance News, iGaming News
169

The realm of iGaming has undergone a remarkable transformation, with SOFTSWISS emerging as a pioneer of these shifts. In their latest report, the company unveils intriguing trends in the realm of crypto gaming. Drawing from data across a network of over five hundred brands operated by SOFTSWISS, this analysis sheds light on the fascinating interplay between cryptocurrencies and gaming. In this article, we will delve deep into this insightful analysis and highlight key takeaways.

Cryptogaming Trends and the Era of In-Game Currency Conversion

A significant stride was taken by SOFTSWISS’ online casino platform in 2022 – the introduction of a crypto-centric feature. This innovation ushered in a new era of gameplay, enabling individuals with crypto holdings to seamlessly dive into traditionally fiat-based games. This merging of crypto and gaming has fundamentally transformed how players engage with their favorite titles.

Painting the Bigger Picture of iGaming Growth in H1 2023

The first half of 2023 has showcased an astonishing growth trend in the iGaming market. Placed wager amounts surged by an impressive 37% compared to the first half of the previous year. Even more notable is the 49% increase in the number of wagers placed. These figures mirror the robust expansion of the industry and offer insights into positive developments.

Deciphering the State of Cryptocurrency Bets

A closer look at cryptocurrency bets between H1 2023 and H1 2022 reveals a notable 16.5% growth in monetary value. Particularly impressive is the 83.6% surge in the number of cryptocurrency bets since the second half of 2022. Even in the face of cryptocurrency price fluctuations, crypto bets remained steady at 29.5% of the total wagered amount.

Unraveling Average Bets: A Tale of Fluctuations and Upswings

The world of average bets from 2022 to 2023 unveils captivating trends. While overall bets and fiat bets displayed only marginal fluctuations, the average crypto bet exhibited remarkable evolution. From 2.84 euros in the first half of 2022, it dropped to 1.69 euros in the second half. However, in the first half of 2023, this trend reversed, experiencing an increase to 1.80 euros. This seemingly contradictory development warrants a deeper analysis.

Insights from Correlation: Cryptocurrency Market and Business Indicators

Andrey Starovoitov, Co-CEO of SOFTSWISS, provides valuable insights into the dynamics of the cryptocurrency market. Through meticulous correlation analysis, player activities were linked to the Fear and Greed Index. Surprisingly, business indicators remained consistently high even during times of heightened uncertainty in the cryptocurrency realm. This underscores the resilience of the iGaming industry.

Leading Cryptocurrencies in iGaming

Revealing the predominant cryptocurrencies on the SOFTSWISS online casino platform during 2022-2023 yields fascinating results. The top five digital coins that have conquered the iGaming landscape remained steady:

  • Bitcoin – 76.2%
  • Ethereum – 9.0%
  • Litecoin – 5.5%
  • Tether – 4.7%
  • Dogecoin – 2.6%

The dominance of Bitcoin particularly stands out, having increased its share by a significant 7.9 percentage points compared to the first half of the previous year. In contrast, Ethereum and Litecoin experienced declines of 5.5 and 2.5 percentage points respectively. This nuanced interplay between cryptocurrencies underscores the ever-changing nature of the landscape.

Conclusion: Shaping the Future of Crypto iGaming

SOFTSWISS’ comprehensive insights underscore the symbiotic relationship between the crypto world and the iGaming industry. The data not only showcases impressive growth figures but also the resilience of player interest in crypto bets, despite the volatile nature of cryptocurrencies. As SOFTSWISS continues to drive innovations, the convergence of crypto and gaming promises an exciting future for both players and the industry as a whole.

Frequently Asked Questions

How did SOFTSWISS gather data for this report?

The data was collected from over five hundred brands operated by SOFTSWISS’s iGaming solutions.

Why are crypto bets popular among players?

Crypto bets offer players a unique and seamless way to participate in iGaming, regardless of cryptocurrency price fluctuations.

What significance does the Fear and Greed Index hold in the analysis?

The Fear and Greed Index was utilized to correlate player activity with market sentiment, highlighting the industry’s resilience.

How has Bitcoin’s share changed over the years?

Bitcoin’s share has increased by 7.9%.

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