The largest casino-entertainment company in the United States and operator with one of the most diversified casino-entertainment providers in the world, Caesars Entertainment, announced the completion of the acquisition of WynnBET’s iGaming business in Michigan. The move represents a major expansion of the company in an important online gambling market.

Besides acquiring WynnBET’s iGaming operations, Caesars also closed a long-term extension of an iGaming market access deal with the Sault Ste. Marie Tribe of Chippewa Indians.

Upon announcing the completion of the acquisition, the company said that existing WynnBET brand users won’t experience any interruptions. Assuming the ownership of the WynnBET iGaming business in the state, Caesars said that it plans to keep the existing platform’s name, at least for the moment.

Eric Hession, Caesars Digital’s President, acknowledged the importance of the latest announcement. He thanked the gambling regulator in the state, the Michigan Gaming Control Board, as well as the Sault Ste. Marie Tribe of Chippewa Indians, for their efforts that ultimately resulted in the closing of this landmark acquisition.

“Caesars Entertainment would like to thank the Sault Ste. Marie Tribe of Chippewa Indians and the Michigan Gaming Control Board for their collaboration through this process.“

Eric Hession, president of Caesars Digital

Transitioning from WynnBET to a New Brand Expected Later This Year

Although initially, Caesars will retain the existing platform by using the WynnBET brand in Michigan, the company hinted at the possibility of introducing a new online casino brand. Once this is completed, the company said it will proceed with the transitioning of the existing WynnBET customers to the new iGaming brand.

Still, Caesars confirmed that such a move remains subject to the relevant regulatory approvals. The company disclosed that it expects to complete the aforementioned processes at some point during the second half of this year.

Still, a solid date or an exact name for the new iGaming brand in Michigan was not disclosed.

Recently, Caesars’ shareholders rejected a proposal to study the benefits of going smoke-free. The announcement came despite the growing opposition from anti-smoke organizations who have repeatedly raised concerns about the negative impact of smoking on casino patrons and employees.

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Ontario’s regulated iGaming market has made significant economic strides, generating more than CAD$2 billion in revenue for the provincial government since its inception two years ago. According to a recent report by Deloitte, in its second year, Ontario’s competitive iGaming market (excluding the Ontario Lottery and Gaming Corporation’s iGaming offering) has sustained nearly 15,000 full-time equivalent jobs, marking an increase of 2,800 jobs from the first year.

A Recognized Leader in iGaming

“Our made-in-Ontario iGaming sector is being recognized internationally for its success as a leader in this space,” said Ontario Attorney General Doug Downey. “Working together with our partners and industry, we will continue to drive innovation and deliver robust player protections, all while displacing the unregulated market. Our iGaming sector is not only a job creator here in Ontario but it shows the world our ongoing commitment to building a sustainable and responsible iGaming industry.”

Deloitte’s report highlights that the total government revenue generated through the iGaming market reached $1.24 billion in the second year. This revenue includes $790 million supporting provincial government revenue, $75 million bolstering municipal government revenues, and $380 million aiding federal government revenue.

“This report puts Ontario’s iGaming market government revenue contribution at over $2 billion since it launched and with job contribution up by 24% from its first year, the benefits to Ontarians are significant,” said Heidi Reinhart, chair of the iGaming Ontario board.

Economic Contributions and Growth

Ontario’s iGaming market contributed $2.7 billion to Ontario’s GDP in its second year of operation, up from $1.58 billion in the first year. For every dollar spent by iGaming operations, an estimated $1.40 of GDP was supported in the Ontario economy, an increase from $1.14 in the first year.

The iGaming market has already achieved or nearly reached many of Deloitte’s year-five projections in its second year, with government revenue at 94%, direct jobs sustained at 120%, total full-time jobs sustained at 9%, and GDP contributions at 93% of the initial expectations.

“Through the development and growth of Ontario’s regulated iGaming market, we’re helping achieve the government’s goals in terms of job creation, innovation, and development while providing a safer experience for consumers,” added Martha Otton, executive director of iGaming Ontario.

Detailed Economic Impact

The report from Deloitte indicates that Ontario’s regulated iGaming market sustained 14,935 full-time equivalent jobs in its second year, a significant increase from the previous year. The market’s contribution to the GDP amounted to $2.7 billion, with a notable portion of $1.3 billion supporting labor income. This economic activity resulted from both operational activities and capital investments by licensed iGaming operators.

The breakdown of government revenue supported by the iGaming market is substantial: $790 million in provincial government revenue, $75 million in municipal government revenue, and $380 million in federal government revenue. These revenues include various taxes such as the Harmonized Sales Tax (HST), property taxes, and corporate and personal income taxes.

Comparing Year 1 and Year 2 Results

The growth from Year 1 to Year 2 of Ontario’s regulated iGaming market is significant. The estimated contribution to Ontario’s GDP grew by 70%, from $1.6 billion to $2.7 billion. The contribution to labor income increased by 45%, rising from $905 million to $1.3 billion. Employment contributions saw a 24% rise, growing from 12,070 full-time equivalent jobs to 14,935. Additionally, the contribution to provincial and municipal government revenue in Ontario increased by 66%, from $525 million to $865 million.

This robust growth illustrates the dynamic impact of Ontario’s regulated iGaming market on the province’s economy. The sector not only creates jobs but also drives significant revenue for the government, supporting a variety of public services and initiatives.

Source:

ONTARIO IGAMING MARKET SUSTAINING 15,000 JOBS IN SECOND YEAR SINCE LAUNCH, gamingintelligence.com, June 20, 2024.

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Alberta, the Canadian province, has been actively moving forward to ensure that it slashes the amount of red tape companies have to jump through in order to start offering legitimate iGaming products in the province.

Alberta Seeks to Expand Online Gambling to Private Companies

Yet, for the time being, the only legitimate online casino games you can get are offered by Play Alberta, run by the Alberta Gaming, Liquor and Cannabis (AGLC). Many other brands claim to technically be offering grey area products, similar to what the case was in Ontario prior to the changes in the law in 2022, Play Alberta alleges they are illegal.

So, what if, argues Minister of Service Alberta and Red Tape Reduction Dalley Nally, this could change? According to Nally, Alberta can transform itself into an iGaming hub, in a manner similar to Ontario.

“We have low corporate taxes, streamlined regulations, and high disposable incomes. These conditions will allow us to establish ourselves as a premier destination for the igaming industry,” Nally explained.

The provincial government is said to be actively involved with negotiations throughout June and July in order to establish a gambling regulatory framework, that will focus on the overall online gambling strategy, will also foresee safeguards for responsible gambling, and also address any lingering fear about Indigenous revenue generation.

In a statement for the government, a spokesperson said that the expansion of iGaming in Alberta is an important step forward for the province and in the best interest of Albertans.

“As part of our policy development process, and as we look at moving to a more open regulated online gaming market, we will continue to examine best practices from other jurisdictions, including Ontario,” the statement added.

Regulated Gambling Market to Get a Boost in Alberta

This should give a significant boost to the regulated market in the province. Presently, Play Alberta accounts for an estimated 45% of the total market, with the rest going to offshore websites which are not obligated to pay tax locally and are therefore not bound by the same rules, giving them more leeway to offer better games, jackpots, promotions, and more.

Since it established Play Alberta, the AGLC had to address a legal challenge as to whether the website was actually legal. Courts decided that it was in 2023, and Ontario has just closed the book on a similar challenge to the online gambling operators involving casino games of chance.

As to the AGLC’s view of expanding the regulated market, the regulator is very much aligned with what Nally thinks. However, lawmakers should also acknowledge that delays in introducing a regulated iGaming market leave it in a state of limbo.

“But until such time as that happens, the remainder of the market is really the illegal market that’s capturing the remainder of that share,” AGLC VP of Gaming Dan Keene said.

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LuckyStreak, a leading iGaming services provider based in Riga since 2014, has announced a strategic partnership with Nemesis, a prominent iGaming solution provider.

This comprehensive agreement allows both companies to offer their world-class games through each other’s content aggregation platforms.

Expanded Content Reach

LuckyStreak’s high-quality live dealer games and aggregated third-party content will now be accessible to Nemesis’s extensive network of major platforms and operators, particularly in the regulated Italian market and beyond.

Nemesis, known for its impressive portfolio of 34 (and counting) engaging and well-crafted slots games tailored for the Italian and .com markets, will join other top-tier providers on LuckyStreak’s content aggregation API, LuckyConnect. This collaboration will make Nemesis’s games available to over 1000 online casinos worldwide. Notably, Nemesis is the fourth new provider to integrate with LuckyConnect in 2024, following recent additions such as Rogue, PG SOFT, and Playnetic.

High Standards and Innovation

LuckyStreak has been a pioneer in producing and streaming exceptional live casino games since 2014. The company is committed to delivering the highest quality gameplay experience, supported by well-trained Games Presenters and the best standards of production, streaming, and reliability. LuckyStreak’s games are enjoyed by players at online casinos globally.

Through the LuckyConnect casino API, casino operators receive a comprehensive solution for all their iGaming needs. This includes content management, reporting, billing, as well as promotions, marketing, and technical support.

Nemesis, a Romanian-based iGaming service provider established in 2019, has quickly made a name for itself in the global market. The company offers a range of in-house developed software solutions combined with extensive operational experience. Its games are now available in over 10 countries, and its RGS can produce up to 50 online slot machine models.

The company prides itself on providing custom products that are stable, secure, and perfectly tailored to any client’s needs. The team at Nemesis includes graphic designers, animators, musicians, mathematicians, developers, analysts, marketers, and technical support staff, constantly growing to meet market opportunities.

Statements from Key Leaders

Rory Kimber, LuckyStreak Commercial Director, stated: “This partnership is a key step in our 2024 growth strategy. Nemesis produces great slots with original, engaging, and unique executions to a very high standard, adding depth to our aggregation solution. Our players and operator customers will love them. Additionally, Nemesis provides invaluable access to the Italian regulated market – crucial for our business – and .com markets, offering an introduction to their impressive network of casino operators for our high-quality live games.”

Jennifer Meli, Nemesis CEO, added: “This partnership with an established and professional iGaming specialist like LuckyStreak continues our trajectory of growth since our launch. It validates what we know – that our games are high quality and original, and players love to play them. Extending that distribution through LuckyConnect is a logical and essential step. We’re also thrilled to bring LuckyStreak’s proven, premium content to our customers in Italy and other markets. We are confident that it will further enhance their propositions and revenues.”

This partnership marks a significant milestone for both LuckyStreak and Nemesis, promising to deliver enhanced gaming experiences to a broader audience and driving growth in the iGaming industry.

Source: “LuckyStreak Partners with iGaming Nemesis to Boost Business”. LuckyStreak. May 30, 2024.

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As the Illinois legislative session came to a close last week, efforts to legalize online casinos in the state encountered another setback. Two significant proposals — House Bill 2239, presented by State Rep. Edgar Gonzalez Jr., and Senate Bill 1565, sponsored by State Sen. Cristina Castro — were unable to progress beyond the committee stage, effectively halting any movement on the issue until the next legislative session begins in January 2025.

Proposed iGaming Tax Revenue in Illinois Fails to Advance Amid Legislative Gridlock

Both bills aimed to establish a legal framework for online casinos in Illinois, proposing a 15% tax on the revenue generated by these operators. The sponsors of these bills emphasized the potential tax revenue as a crucial benefit, especially in light of the state’s ongoing budgetary needs.

Despite these arguments, the Subcommittee on Gaming, Wagering, and Racing in the Illinois State Senate and the Gaming Committee in the Illinois State House did not advance the proposals. The lack of consensus among lawmakers meant that neither bill reached the floor for debate or a vote before the session ended.

This legislative impasse is not new to Illinois. Gonzalez and Castro have previously introduced similar bills, only to see them repeatedly stalled in committee. The lawmakers’ consistent efforts reflect a broader debate on the role and regulation of iGaming within the state. Online casinos have been more contentious than sports betting, which is already legal in Illinois and over 30 other states. In contrast, only six states currently have legal iGaming markets.

Physical Casinos in Illinois Resist iGaming Integration, Citing Competitive Concerns

One major point of contention against iGaming has been the potential impact that internet gambling could have on brick-and-mortar establishments. Some states have demonstrated that iGaming can complement or even enhance traditional gambling operations without harming income flows. 

However, this is not what Illinois’ physical casinos believe. They are against internet gaming and want to know where they fit into any further expanded gaming market. They are seeking clarification about license permissions as well.

Findings from studies undertaken in Michigan indicate that the introduction of online betting has not impeded post-COVID-19 recovery of retail casino revenues. Nevertheless, caution prevails among Illinois’ physical gambling facilities which fear a different story might unfold should they find themselves operating alongside a new highly competitive virtual arena.

It may not be until January 2025 when Illinois legislators get another chance to reconsider their stance on internet gambling laws. It is expected that Gonzalez as well as Castro will need to reintroduce their bills. 

Consequently, debate over advantages and disadvantages of bringing iGaming to Illinois shall continue while the state itself remains an onlooker in an industry which keeps growing bigger day by day.

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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.

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Brazil, one of the largest regulated iGaming markets in the world, has set new rules which ban the use of credit cards and crypto currencies for payments related to gambling and sports betting.

The new rules were published by the Regulatory Policy of the Prizes and Betting Secretariat and the Ministry of Finance on 18 April in the national Official Diary of the Union, in the form of Normative Ordinance Number 615.

This new set of rules represents the beginning of the first stage of a four-part regulatory campaign that was presented last week by the country’s Ministry of Finance. This campaign will ultimately implement Bill 3,626, which was ratified by the Brazilian president in December 2023. The first stage is expected to be completed by the end of April and it will establish new rules regarding payments, technical aspects and security regulations.

Normative Ordinance Number 615 has established several new rules, with the first and most important being that iGaming operators in Brazil can no longer accept payments from credit cards, payments in crypto currencies or in cash. Moreover, payments in the form of payment slips or cheques are also prohibited.

All bets, withdrawals and payouts can be executed only through electronic transfers between the operators and their customers’ accounts. Moreover, the respective accounts have to be previously authorized by the Central Bank of Brazil. Operators will also have the obligation to deny payments from accounts not registered with the respective customer or from third parties.

Intermediaries between players and operators are strictly prohibited, but certain institutions authorized by the Central Bank are allowed to offer accounts on behalf of iGaming operators in some situations, for example to allow players to receive a prize that they won.

Winning Bets Paid Out in Less Than 2 Hours

Normative Ordinance Number 615 has also set a time limit for receiving prize payments on winning bets, operators must deliver that into the player’s account in at most 120 minutes.

The new rules also obligate operators to set up a virtual account for players in which they will be able to analyze details regarding their betting habits. This is expected to allow players to have a better understanding of their financial and betting information and make better decisions when it comes to managing their gameplay.

The respective virtual accounts will display the respective player’s betting history over the previous three years, with key aspects such as the total value of open bets and their financial balance on display.

Operators will also be in charge of managing their liquidity risk, including establishing a financial reserve of at least 5 million Brazilian Real, which would convert in around 950,000 U.S. dollars.

Source: “Credit cards and crypto banned under Brazil payment rules“. iGaming Business. April 18, 2024.

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In an era marked by the convergence of technology and entertainment, the gambling industry is undergoing a digital transformation, with more US states considering the legalization of online casino games. 

Industry Experts Forecast Expansion of iGaming to New York, Maryland, and California

Panelists at the Next.io forum on internet gambling and sports betting projected that New York, Maryland, and potentially California could soon join the ranks of states offering internet gambling.

Despite the challenges, including legislative hurdles and concerns about the impact on traditional brick-and-mortar casinos, the allure of tapping into a lucrative market is undeniable. 

Rob Heller, CEO of Spectrum Gaming Capital, noted that while certain dreams in the industry remain unfulfilled, they also present opportunities for expansion, reported the Associated Press.

Shawn Fluharty, a West Virginia state delegate, highlighted New York and Maryland as probable candidates for embracing internet gambling in the near future. 

Brandt Iden, vice president of government affairs for Fanatics Betting and Gaming, echoed this sentiment, recognizing the complexities of passing online casino legislation and the need for lawmakers to better understand the industry.

Legislators Debate Impact of Online Gambling on Traditional Casinos Amid Industry Shift

The debate surrounding the potential cannibalization of revenue from physical casinos persists among legislators. However, industry executives argue that online gambling can complement traditional gambling establishments. Fluharty pointed out that Pennsylvania experienced an increase in casino openings after introducing internet casino gambling.

Maryland‘s prospective move towards legalizing internet gambling is accompanied by considerations of tax revenue and job creation. 

Meanwhile, New York lawmakers have advocated for internet gambling, although it was not included in Gov. Kathy Hochul’s budget proposal.

At the same time, a recent study conducted by Eilers & Krejcik Gaming (EKG) and commissioned by the iDevelopment and Economic Association (iDEA Growth) reveals that introducing online gaming in the six regulated US states boosts traditional casino revenue by an average of 2.44% quarterly. 

Edward King, co-founding partner of Acies Investments, expressed confidence in California eventually embracing online gambling due to its sheer market size. 

However, Adam Greenblatt, CEO of BetMGM, offered a differing perspective, suggesting that California may not approve online gambling soon, citing the state’s historical resistance. 

Similarly, Texas, another potentially lucrative market, has remained steadfast against online gambling for two decades.However, with Rhode Island recently joining the ranks of states offering internet gambling, the momentum for expansion appears unstoppable, with more states likely to follow suit in the coming years.

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Bally’s Corporation continues its expansion across the US, and the newest casino is in Rhode Island.

Bally’s monopoly in the market

The state legalized iGaming eight months ago, and now it’s time for operators to expand their businesses to this new market. Bally’s is introducing its impressive portfolio of slot and table games to Rhode Island players, so gamers can enjoy the impressive portfolio of 170 captivating slot releases. To play, they must be at least 21 and create an account on Bally’s platform.

Before the official launch, the company conducted a technical trial that lasted for four days to make sure everything was working properly. On top of that, Stakelogic incorporated its live dealer and table games software studio technology in its portfolio.

Back in 2021, Rhode Island legislators approved Bally’s and its IGT supplier a 20-year contract for land-based casinos Bally’s Twin Rivers Lincoln Casino Resort and Bally’s Tiverton Casino & Hotel, so the company has a monopoly in this market. Now, this monopoly will also be transferred to the iGaming industry. Gamesys, Bally’s online arm, might be the only operator who is able to offer its services in Rhode Island.

According to the state’s law, Bally’s and IGT will be obligated to pay 50% of online slot revenue to the state. Tax revenue imposed on table games is 18%.

The industry giant is prepared for launch, so the company has built a Live Dealer Table Studio placed across 4,000 square feet at Twin Rivers.

The state established a body to regulate all iGaming operations, the Rhode Island Division of the Lottery. Now, the body oversees two of Bally’s casinos in the state.

Sports betting revenue decrease

The law ensured that geolocation technology could be used to confirm that players were located inside the state’s borders. If the state has a reciprocal agreement with another state regulator, it might lead to allowing the players to play outside Rhode Island. Sports betting used to be very popular in the state, but according to the revenue reports, its popularity started to decrease. In January, the sports betting handle was $44.8 million. In December 2023, it was $47.9 million, and not only is this figure lower than December’s, but it’s also the lowest handle since September 2023. So far, the handle in the 2024 financial year decreased to $267.2 million, since in 2023 it was $332.8 million. Bally’s interactive iGaming business might help in increasing the revenue in the state since iGaming increased the revenue in the whole country. Apart from Rhode Island, six states legalized iGaming operations: New Jersey, Delaware, West Virginia, Pennsylvania, Michigan, and Connecticut.

Source: iGB Editorial Team. “Rhode Island becomes seventh US state to launch iGaming”, igamingbusiness.com, March 5, 2024.

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As technology advances, cryptocurrencies become more and more popular. According to the recent SOFTSWISS research, in 2023 the number of people who use crypto to place their bets increased by more than 20%.

Changes in the iGaming landscape

Current predictions say that by 2030 the iGaming market will double, and the estimated compound annual growth rate would be 11.7%. When it comes to revenue, it is estimated that it will reach 140 billion euros.

SOFTSWISS, one of the leaders in the field of crypto iGaming software development, researched the crypto market and gathered data from more than 600 brands. According to the research, the iGaming market is thriving on a global level – Total Bet Sum recorded annual growth of 38.2%, while Total Bet Count increased by 51.2%.

However, the average bet decreased, and one of the main reasons is an expansion of iGaming across smaller markets, so the decrease is more significant in markets such as Latin America and Africa. On top of that, increased internet availability across the globe, as well as incorporating modern technologies, affected the final result. Another important factor is the growing popularity of iGaming among players under 30, who have limited budgets.

As the research, which began in 2022, has proven, fiat bets are still more popular, and their number is growing faster than crypto bets. Crypto Bet Sum increased by 8.2% in Q4 of 2023, and Fiat Bet Sum recorded an increase of 16.4% annually. Crypto bets were 27.5% of Total Bets Sum in 2023, which is a decrease of 3.9 p.p.

Comparing 2023 to 2022, the Crypto Bet Sum increased by 21.1%, while the Crypto Bet Count increased by 50.5%.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, commented: “The advantages of employing digital currencies, such as swift transactions and anonymity, are key drivers for many players. Given these dynamics, the market demands expanding iGaming projects’ opportunities for crypto players. The in-game currency conversion, for example, allows operators to engage players with cryptocurrency assets in games initially designed for fiat transactions. The projects that embrace such possibilities continue gaining more advantageous market positions.”

Most popular cryptocurrencies

In 2023, the average fiat bet was around 0.82 euros, and the crypto bet has been fluctuating between 1.59 and 1.88 euros, but it was more stable than it was in 2022.

The most popular cryptocurrencies in 2023 were Bitcoin (73.3%), Ethereum (9.9%), Litecoin (6.6%), Tether (4.6%), and Dogecoin (3.1%).

Bitcoin is still the most popular cryptocurrency, but compared to the third quarter of 2023, it decreased by 5.7 p.p. On the other hand, Ethereum grew by 4.7 p.p. and Litecoin increased by 2.2 p.p.

Matsukevich commented on this: “The digital currencies market is rapidly expanding, with estimates showing over 50% growth in capitalization in 2023. Despite the risks caused by the high volatility of crypto and its dependence on various factors, using it can bring extra profits for operators. The iGaming industry is promising for investments due to growth in both fiat and crypto markets, but success depends on trustworthy and experienced partners.”

Source: “Time to Invest in Crypto? SOFTSWISS 2023 iGaming Market Overview”. Softswiss. February 28, 2024.

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