In March 2024, Bitcoin surged to an unprecedented high, approaching 70,000 euros per coin. This significant development has left a notable impact on the iGaming market. SOFTSWISS, a pioneering tech company with over 15 years of experience in crypto iGaming software development, offers insights in its quarterly crypto analysis.

Over 220 brands supported by the company conducted crypto transactions in the first quarter of 2024, marking a 12% increase from the previous quarter. SOFTSWISS experts utilized extrapolation, comparative, and correlative analysis to interpret data collected from crypto-friendly brands.

Anticipated Growth in the iGaming Market

According to Statista, the global online gambling and sports betting industry is projected to exceed 170 billion euros by 2032. SOFTSWISS data corroborates this optimistic outlook, showing consistent year-on-year growth in the iGaming market.

In the first quarter of 2024, the Total Bet Sum in euros rose by 5.8% compared to the final quarter of 2023. Year-on-year, comparing Q1 2024 to Q1 2023, this growth is even more striking at 47.2%.

Similarly, the Total Bet Count, encompassing both fiat and crypto bets, saw a slightly higher increase of 6.1% in Q1 2024 over the previous quarter. The year-on-year increase in this metric is remarkable, with a 57.2% rise.

Recent advancements in technology have driven the popularity of iGaming, enhancing its global reach and accessibility. Improvements in internet connectivity and the introduction of new payment methods have streamlined payment processes, contributing to this trend.

Ongoing quarterly analysis since early 2022 shows that fiat bets have been growing more robustly than crypto bets. In Q1 2024, the Fiat Bet Sum increased by 6.9% compared to Q4 2023, while the Crypto Bet Sum grew by 2.4%.

As a result of the more rapid growth of fiat bets, the share of crypto bets in the Total Bets Sum slightly decreased. In the first quarter of 2024, crypto bets constituted 24.4% of the Total Bets Sum, a 0.8 percentage point decline from Q4 2023.

Current Status of Crypto in iGaming

In examining crypto bets, it is essential to note that nearly 93% are facilitated through an in-game currency conversion tool, which is gaining popularity. This tool allows operators to engage players with cryptocurrency assets in games initially designed for fiat only. Operators leveraging such options are gaining a competitive edge in the market.

Despite a modest 2.4% growth in the Q1 2024 Crypto Bet Sum compared to the previous quarter, year-on-year analysis reveals a 20.8% increase. The Crypto Bet Count remained steady in Q1 2024 relative to the previous quarter, yet showed a 21.3% year-on-year rise. These figures indicate a sustained interest among players in crypto gaming.

The Average Crypto Bet: A Closer Look

The average crypto bet increased from 1.66 euros in Q4 2023 to 1.71 euros in Q1 2024, correlating with the significant appreciation of Bitcoin during this period.

Conversely, the average fiat bet remained steady at approximately 0.81 euros in both Q1 2024 and Q4 2023. The average total bet has remained unchanged since the second half of the previous year, at 0.93 euros.

The average crypto bet being double that of fiat bets indicates a preference for digital currencies among higher-income players.

Bitcoin’s Declining Share

The top five most utilized digital currencies in iGaming have remained stable over the past two years, with minor ranking shifts. Bitcoin, Ethereum, Litecoin, Dogecoin, and Tether continue to dominate the market.

In Q1 2024, Bitcoin’s share saw a notable drop of 9.4 percentage points compared to Q4 2023. This decline could be due to the strengthened Bitcoin exchange rate, prompting players to adopt a more cautious approach.

In contrast, the shares of other digital currencies have risen. Ethereum and Litecoin saw growth of 4.0 and 3.8 percentage points, respectively. Additionally, Dogecoin moved up to fourth place, surpassing Tether.

Source:

“Navigating Bitcoin’s Impact: SOFTSWISS’ iGaming Industry Overview”, softswiss.com, May 16, 2024.

The post Bitcoin’s Surge Impacts iGaming Market in Q1 2024: SOFTSWISS Analysis appeared first on Keno Wizard.

SOFTSWISS, a renowned supplier of certified software solutions, analyzes the trends in the online casino gaming industry to find out that slot games continue to hold the largest share in the online casino market. SOFTSWISS has measured the recent performance of Slot Games, Live Dealer Games, and Crash Games segment to reveal that the Slot Games segment still covers around 80 percent of the online casino market.

Slot Games Segment

For the purpose of the study, the provider of one-stop-shop casino and aggregation platforms and other solutions to international operators analyzes more than 300 customers and around 16,500 games. The study used parameters such as the gross gaming revenue and handle achieved by the SOFTSWISS Game Aggregator platform in 2023 and the beginning of 2024. The research finds that slot games took an 85.56% market share in 2023 and an 83% share at the beginning of 2024. This segment is therefore expected to stay above 80% in the forthcoming period.

Top-Performing Titles

In 2023, Pragmatic Play’s Gates of Olympus and Sweet Bonanza slots were constantly included in the top 10 most popular games. But Push Gaming’s Retro Tapes took over the lead at the beginning of 2024 to move Pragmatic’s title to the second and third place, respectively.

Live Dealer Games

This type of games gained popularity over the subject period. Unlike slots, these games attract players ready to place larger bets and contribute to the handle with a lower bet count than slots. Therefore the average bet placed on card games in 2023 was 49.95€, compared to 0.75€ average slot bet placed on the SOFTSWISS Game Aggregator over the same period.

The most popular games from the category were roulette and card games. The segment was ruled by live casino games such as Crazy Time in 2023 and Prive Lounge Blackjack 5 at the beginning of 2024. As for roulette games, Playtech’s blockbuster Roleta Brasileira was leading the sub-category in 2023 to extend a high ranking in 2024. It is notable that this game is the most popular online gaming vehicle among players in Latin America.

Crash Games Category

This segment of the online gaming market follows the live casino games segment in terms of gross revenue generated in 2023 and the beginning of 2024. In 2023, the most popular crash game was Aviator by the Spribe studio, to be replaced by other titles in 2024. The trend testifies about the dynamics of this market segment and the continuously evolving player preferences.

Tatyana Kaminskaya, Head of SOFTSWISS Game Aggregator, commented: “Analysing just the first month of the year doesn’t provide the full picture, yet we do this to predict emerging trends. While slots continue to reign supreme in the gaming world, the diversity we see among the top-ranked games highlights the varied interests of our players. It emphasises the critical need to maintain a diverse portfolio that meets different layer preferences, ensuring a rich gaming experience. Adopting this strategy helps attract a wider audience and retain players by offering them various options, reducing the likelihood of them seeking alternatives.”

Source: “Slot Dominance: Online Casino Games Snapshot 2024”. European Gaming. March 4, 2024.

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