Bitcoin still dominant at crypto casinos
Bitcoin is still by far the most used cryptocurrency for online gambling, says a new report.
More than three-quarters (76.2%) of cryptocurrency used for online gambling in the first six months of 2023 was Bitcoin, according to the Softswiss Online Casino Platform.
Its new research showed the top five most used cryptocurrencies for gambling online remained the same, with Ethereum in second with a 9.0% share. Litecoin rounded out the top three on 5.5% and it was then followed by Tether on 4.7% and Dogecoin, which had just 2.6%.
The use of Bitcoin has also expanded during the six-month period while opting for Ethereum and Litecoin has become less popular – they dropped by 5.5pp and 2.5pp respectively. Bitcoin’s share of the crypto casino market was up by 7.9pp according to the Softswiss data.
“Despite fluctuations in cryptocurrency rates and changes in their shares in the igaming market, digital coins continue to be popular among players,” said the Softswiss co-chief executive Andrey Starovoitov in a statement released alongside the company’s new report.
Among the most interesting nuggets of information contained within the report is the fact that the number of crypto bets has continued to see a massive rise. Crypto bets were up by a huge 83.6% between January and July compared to the second half of 2022.
“The crypto market is rather sensitive to changes in the global environment,” added Starovoitov. “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.”
In monetary terms, Softswiss found that the total amount of cryptocurrency that was used for online gambling has grown by 37% in 2023 compared to the first six months of last year.
There was also a spike of 49% in the number of bets that were placed using crypto during the same period of time, indicating that crypto sports betting and crypto casinos are still on the rise.
Softswiss collected the information for its new report by analysing data relating to crypto usage from the 500 gambling brands that are currently being powered by the сompany.
“We believe that implementing innovative crypto-centric technologies along with highly customised approaches will empower industry representatives to deliver the most exciting player experience, thereby fostering continued growth,” added Starovoitov.