Crypto Gambling Market Remains Strong in First Half of 2023

Crypto Gambling Market Remains Strong in First Half of 2023

Last updated on August 12th, 2023 at 08:53 am

The results are in. The crypto gambling market posted a 16.5 percent year-on-year increase in the first half of 2023. Also, players made 83.6 percent more crypto bets than in the second half 2022.

SOFTSWISS released a report involving over 500 companies using its solutions and platforms. In addition, there was an overall increase in crypto gambling volume. According to gambling reports, cryptocurrencies comprised 29.5 percent of the total amount wagered during H1 of 2023. Also, SOFTSWISS pointed out an increased interest in betting using cryptocurrencies.

Andrey Starovoitov, the co-CEO of SOFTSWISS, was also happy with the report’s findings but cautioned that the cryptocurrency market is highly volatile due to changes in world events.

Crypto Gambling Market Share

Regarding specific cryptocurrencies and trends, Bitcoin remained the preferred betting currency among most online bookie software operators and customers.

Bitcoin was used in 76.2 percent of all cryptocurrency wagers, with Ethereum dropping to 9 percent and Litecoin taking third place with 5.5 percent. Tether accounted for 4.7 percent of all betting volume, with Dogecoin at 2.6 percent. One of the features of a bookie pay per head is the use of cryptocurrencies.

Starovoitov said there have been swings, but the fascination with crypto betting has remained constant. Because of this, the company is optimistic that adopting crypto-centric solutions would be suitable for business all around, as it will help both consumers and operators thrive in the new environment.

Starovoitov further by saying that Bitcoin gaming is here to stay. Therefore, operators need to look closely at this trend and respond appropriately. SOFTSWISS recently hired Carla Dualib to aid the company’s development throughout Latin America.

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