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Bitcoin will reach a new high in March 2024. It is expected to be near 70,000 euros per coin. What is the impact on the iGaming industry? SOFTSWISS, a technology company with more than 15 years’ experience in the development of crypto-iGaming applications and software, shares its expectations in a quarterly analysis.
In the first quarter 2024, over 220 brands that are powered by this company conducted crypto transactions. This is 12 more than in the quarter before. SOFTSWISS analysts analyse data from brands that are crypto-friendly by using extrapolation and comparative analysis.
Overview of the iGaming market: Unveiling anticipated growth
Statista predicts that the size of online gaming and sports betting will grow significantly, and surpass 170 billion euros by 2032. According to SOFTSWISS, the online gaming market is growing steadily year-after-year.
In absolute euro terms, the Bet Total increased by 5.8%in comparison to the fourth quarter of 2023. Comparing Q1’24 to Q1’23 and analyzing the growth year-on-year, it is clear that the growth was more significant, with a 47.2%.
Simultaneously the Total Bet Count, fiat and cryptocurrency, showed a slight larger gain in 2024’s first quarter compared with the quarter before, exceeding 6.1%. The boost of the indicator is more noticeable, with a 57.2 % rise.
In recent years, the popularity of iGaming has grown due to its accessibility and global reach. This is because technology advances are constantly improving. The quality of Internet connectivity is increasing, and new payment methods, which simplify payment processes, are also emerging.
In-depth, quarterly analyses, which have been ongoing since 2022, reveal that crypto bets continue to grow at a faster rate than fiat bets. Fiat Bet Sum grew 6.9% in Q1’24 compared with Q4’23. Crypto Bet Sum grew by 2.4%.
A slight decline in crypto was caused by the more aggressive growth of fiat betting. The share of crypto in the Total Bets Sum was 24,4%. This is a decrease of 8 percentage points (p.p.) from the previous quarter.
How is crypto used in iGaming today?
When analyzing crypto bets it’s important to note that nearly 93% are made possible by the currency conversion, which has been gaining popularity. The tool allows operators to allow players to use cryptocurrency in games that were initially designed for fiat currency only. These options give operators a competitive edge in the marketplace.
The Q1’2024 Crypto Bet sum displays a modest 2,4% increase compared to previous quarters, but the analysis year-on-year shows an impressive 20.8% growth. The Crypto Bets Count remained the same as in Q1’24, compared with previous quarter’s indicator. The metric also increased by 21,3% on an annual basis. These figures are a testament to the interest that players have in crypto-gaming.
This trend is similar to what happened in the first quarter of last year when the Bitcoin rate surged after a decline at the end of 2022. The trend is similar to the one seen in the last quarter when Bitcoin’s exchange rate surged after a drop at the end 2022.
What is the average crypto bet?
In the first quarter, the average bet on crypto increased from 1.66 euros in 2023 to 1,71 euro. The growth of this market is correlated with the significant increase in the Bitcoin price during the first three months of 2024.
In Q1’24, and Q4’23, the average bet was around 0,81 euro . Since the second half last year, the average bet has remained constant at 0,93 euro.
The average cryptocurrency betis twice that of fiat. It is clear that higher-income gamers prefer digital currencies.
Why did Bitcoin share price drop?
In iGaming, the Top Five Most Operated Digital Coins have remained unchanged for two years. The ranking has only changed slightly. Bitcoin, Ethereum Litecoin Dogecoin and Tether are still at the top.
In the first quarter of 2024, Bitcoin suffered a significant drop by 9.4 percent in comparison to Q4 2012. The Bitcoin rate is on the rise and more players are taking a cautious approach to it.
The shares of digital coins that are not Bitcoin have grown. Ethereum and Litecoin both showed growth rates of 4.0 p.p. The same time period saw a growth of 4.0 p.p. Tether fell to the bottom of the rankings as Dogecoin rose up.
Vitali Mattsukevich summarises the benefits of digital currencies. “The advantages, like fast transactions and anonymity are still attractive to many players. Despite their volatility, cryptocurrencies can increase operator profits.
The average cryptocurrency bet may have a significant impact on projected gains and the Bitcoin rate, as it is anticipated that the Bitcoin price will increase after the Bitcoin Halving. It is important to work with experienced and reliable partners during such exciting times.
about SOFTSWISS
SOFTSWISS, an international technology company, provides software for the management of iGaming project. Over 2,000 experts are based out of Malta, Poland and Georgia. SOFTSWISS is a holder of a variety gaming licenses, and offers iGaming solutions in ONE STOP SHOP. It has an extensive product range, which includes the Online Casino Platform with its thousands of games, Affilka Affiliate Platform, Sportsbook Platform and Jackpot Aggregator. SOFTSWISS introduced the world’s first Bitcoin-optimized online casino software in 2013.
