The crypto market is witnessing a steady resurgence for the first time since 2021. The industry is reaching new milestones as it also continues to grow in the iGaming domain.
A new report by a leading iGaming software solutions highlighted that crypto in the iGaming landscape is showing modest growth. The global blockchain gaming market accumulated over 4.6 billion dollars in revenue the previous year.
The latest findings indicate that these numbers will continue growing as more cryptocurrencies create a space in the iGaming circle.
Overview & iGaming Market Growth
In the current market, iGaming has achieved a whopping 63.53 billion dollars in market value. Despite the struggling global financial ecosystem, the industry is expected to grow at a CAGR of 11.7% till 2030.
The biggest player for iGaming companies is the US, as the nation offers better legalization and cultural approval. Moreover, the region is filled with celebrity endorsement opportunities and business sponsorships.
Both iGaming and cryptocurrencies pack immense potential for brands in the coming years. That is why the insights shared in the latest report hold a significant value. The report collected data from 530+ global brands, resulting in an understanding of the in-game currency conversion capabilities of the projects.
The report suggests that more brands are getting comfortable with accepting cryptocurrencies. Originally, these games were created to accept fiat only.
The iGaming market has witnessed a boost of 36.6% in total wagered amount after the fiat rise. Similarly, the number of bets in the market has grown by approximately 50%.
The State of Crypto in iGaming
As for the use of crypto in iGaming, the digital assets have witnessed a modest growth of 18.7% in 2023.
While the numbers seem feeble, cryptocurrencies have experienced a whopping 66.4% growth in the iGaming market since 2022. Despite the total bets sum decreasing slightly, the crypto bets grew significantly between quarters.
Differing Crypto Bets
Despite gaining more prominence, crypto bets recorded a fluctuating performance in iGaming. For instance, the average fiat bet across iGaming remained at 0.82 EUR.
However, the crypto sports betting is gaining a huge limelight and initially experienced a huge hike in 2023 Q1. However, the crypto bets dropped from 1.88 EUR to 1.59 EUR in third quarter.
Although the numbers seem to be dropping, the future seems bright for the industry. These numbers were posted at a time when the crypto market was struggling to find a foothold. Given the growing interest surrounding BTC ETFs, Q4 2023 is expected to bring a massive hike in crypto use in iGaming.
Top 5 Most Used Digital Coins in iGaming
The disparity between the most accepted cryptocurrencies in iGaming is astounding. Among the top 5 most used cryptos, Bitcoin makes up for a whopping 3/4th of the entire market.
Let’s take an overview of how these assets are being used:
Bitcoin (74.9%)
As expected, the world’s biggest crypto has a 74.9% use rate in the iGaming market. With BTC introducing a new ETF, the number of this coin powered by blockchain will certainly go higher.
Ethereum (8.9%)
Despite being the second-most-popular crypto, ETH only covers 8.9% of crypto in iGaming. The coin has lost over 6.3 p.p. in the first three quarters of 2023.
Litecoin (6.0%)
LTC is one of the original cryptos that entered the market, and much like ETH, it is paling in front of BTC. The coin covers 6% of the crypto being used in the iGaming industry.
Tether (4.6%)
USDT makes up for 4.6% of crypto being used in iGaming. The stablecoin offers more stability than most crypto and is the choice of players opting for safer gameplay.
Dogecoin (3.0%)
Despite being ranked the 9th most popular crypto, Doge is among the top 5 cryptos in iGaming. The memecoin has relatively limited use cases but boasts a massive user base worldwide.
Conclusion
The sudden rise in the crypto market has filled traders with hope. This rejuvenation is supported by SOFTSWISS’ latest report as well. Itsuggested that crypto in iGaming is witnessing steady growth. While this growth is steady, the difference in acceptance rate between cryptos is massive. Due to its popularity and stability, Bitcoin seems to be the most popular choice among iGaming users. This popularity is expected to soar higher, seeing how BlackRock is getting ready to get its BTC ETF approved by the SEC.