The Impact of Bitcoin Soaring on the iGaming Market
In March 2024, Bitcoin hit a historical high, approaching 70,000 euros per coin. But how does this surge impact the iGaming sector? SOFTSWISS, a tech company with years of experience in crypto iGaming software development, shares insights in its quarterly analysis.
With over 220 brands engaging in crypto transactions during Q1 2024, showing a 12% increase from the previous quarter, SOFTSWISS experts analyze the data meticulously through extrapolation, comparative, and correlative techniques.
Predicted Growth in the iGaming Market
The global online gambling and sports betting industry is projected to exceed 170 billion euros by 2032, as indicated by Statista. SOFTSWISS data reveals a consistent growth pattern in the iGaming market year over year.
Comparing Q1 2024 to Q4 2023, the Total Bet Sum rose by 5.8%, while the year-on-year increase was an impressive 47.2%. Similarly, the Total Bet Count saw a 6.1% increase in Q1 2024 compared to the previous quarter, with a substantial 57.2% boost year-on-year.
Exploring the Crypto vs. Fiat Dynamic
Analysis shows that fiat bets are growing faster than crypto bets. In Q1 2024, Fiat Bet Sum surged by 6.9% compared to Q4 2023, while Crypto Bet Sum saw a 2.4% rise. Additionally, the crypto share in Total Bets Sum decreased by 0.8 percentage points, settling at 24.4%.
The State of Crypto in iGaming
Nearly 93% of crypto bets are facilitated through in-game currency conversion, a tool gaining traction among operators. While Q1 2024 saw a modest 2.4% growth in Crypto Bet Sum, the year-on-year increase was significant at 20.8%, showcasing enduring player interest in crypto gaming.
The average crypto bet increased to 1.71 euros in Q1 2024, reflecting a strengthening Bitcoin rate. Comparatively, the average fiat bet remained constant at around 0.81 euros, with digital currencies being favored by high-income players.