Cryptocurrency
9M 2023 Crypto in iGaming Landscape: Moderate Growth Amidst Fiat Rise
SOFTSWISS’ latest analysis indicates that the cryptocurrency segment is experiencing slower growth compared to the broader iGaming industry. The pioneer in offering cutting-edge crypto iGaming software presents insights into the latest crypto gaming trends.
The analysis is founded on the data collected across 530+ brands powered by the company. It takes into account the in-game currency conversion capabilities, enabling SOFTSWISS clients to seamlessly involve players with cryptocurrency holdings in games originally tailored for fiat only.
IGAMING MARKET GROWTH
During the first three quarters of 2023, the iGaming market consistently grew. In absolute terms, the total wagered amount showed a 36.6% increase compared to the same period of the previous year, while the number of bets saw an even more impressive growth of almost 50%.
STATE OF CRYPTO
In the comparative analysis of crypto bets spanning the first nine months of 2023 and the same period of the previous year, a noteworthy 18.7% monetary growth is observed. At the same time, the number of crypto bets has surged by 66.4% since 2022. Simultaneously, the share of crypto in the Total Bets Sum demonstrated a slight decrease by 4.3 p.p. to finally settle at 28.5%.
Diving deeper into the analysis, which has been ongoing since the beginning of 2022, it becomes evident that the sums of crypto bets experienced incremental growth from quarter to quarter during this period, but their share in the Total Bets Sum decreased slightly, primarily due to the more impressive quarter-to-quarter increase in the sums of fiat bets.
Andrey Starovoitov, Co-CEO at SOFTSWISS, comments: “An 18% increase in crypto bet sums may appear very modest when juxtaposed against a more substantial 45% expansion in fiat bets during the first three quarters of 2023. Taking into account the state of crypto in other spheres, such as fundraising, where the third quarter showed its worst results since the end of 2020, the position of cryptocurrencies in iGaming could be evaluated as comparatively stable at the moment.”
FLUCTUATING CRYPTO BET
The analysis of the average bet presents an engrossing picture. While the average fiat bet remains stable, hovering around 0.82 euro during the first three quarters of 2023 as well as in the same period of 2022, the average crypto bet lost almost 30 p.p. on average, displaying a quarter-to-quarter variability. It initially increased from 1.56 euro at the end of 2022 to 1.88 euro in Q2 2023 but subsequently declined to 1.59 euro in Q3 2023. Such fluctuations can be attributed to the inherent volatility in cryptocurrency rates and market expectations.
SOLID TOP OF CRYPTOCURRENCIES
The Top 5 most used digital coins in iGaming remained unchanged since the beginning of 2022.
During the first three quarters of 2023, the cryptocurrency distribution structure is as follows:
- Bitcoin – 74.9%
- Ethereum – 8.9%
- Litecoin – 6.0%
- Tether – 4.6%
- Dogecoin – 3.0%
In the world of digital currencies, Bitcoin has witnessed the most substantial growth, marked by a 3.9 p.p. increase in its share compared to the first three quarters of the previous year. Conversely, Ethereum experienced a decline, losing 6.3 p.p. in its market share during the same period.
Andrey Starovoitov, Co-CEO at SOFTSWISS, summarises: “Due to their technological nature and relatively recent emergence, cryptocurrencies are developing within a rapidly changing landscape, pivoting on diverse economic and societal factors. At the moment, we are observing their moderate popularity among players in the growing fiat segment, and the results of the final quarter of 2023 hold increasing fascination. Being the ‘number one’ crypto solutions provider, SOFTSWISS remains committed to imparting its expertise on the relevant trends in iGaming.”
About SOFTSWISS
SOFTSWISS is an international iGaming company supplying ISO 27001-certified software solutions for managing gambling operations. The expert team, which counts 1,400 employees, is based in Malta, Poland, Georgia, and Belarus. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Software and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.
As the European crypto community prepares for the implementation of the MiCA, Kyrrex is organizing an online X panel to discuss the potential impact and future trajectory of the industry under this new regulatory framework.
The panel “Is MiCA that Bad? The Future of Crypto in Europe,” will take place on November 14, 2024, at 12:00 CET on X Spaces.
This event aims to offer an in-depth examination of the challenges and opportunities that MiCA presents, drawing on the expertise of industry leaders and stakeholders.
Key speakers for the discussion include Mike Romanenko and Kevin Plumpton from Kyrrex,
Tomer Warschauer Nuni from Kima Network, Andrea Zapparoli Manzoni from H4ckManac, Thanos Tsavlis from Cyberscope, and Anoop Nannra from Trugard Labs. Their insights will help attendees understand how MiCA may reshape the crypto landscape and what this means for different segments of the market.
“As MiCA ushers in a new regulatory era for the crypto industry, open discussions are crucial for navigating this transition effectively. By bringing together voices from various sectors, we aim to foster a deeper understanding and proactive approach to the opportunities and challenges ahead,” said Mike Romanenko, CVO & co-founder of Kyrrex. “Engaging in conversations like these helps ensure that the community is informed and prepared for the future of crypto in Europe.”
The panel will be structured to encourage interaction and participation, allowing attendees to submit questions and engage in a discussion with the panel. Topics are expected to include compliance, innovation, and strategies for navigating the evolving regulatory environment.
This event offers professionals, enthusiasts, and stakeholders an opportunity to gain a clearer perspective on what lies ahead as MiCA begins to take effect. It will also provide a space for dialogue and knowledge-sharing, fostering a greater understanding of the potential impacts on the crypto sector in Europe.
Panel “Is MiCA that Bad? The Future of Crypto in Europe” details:
- Date: November 14, 2024
- Time: 12:00 CET
- Platform: X Spaces
The post Kyrrex to host online panel discussion on MiCA and the future of crypto in Europe appeared first on European Gaming Industry News.
SCCG Management, a leading advisory firm in the global gaming industry, has announced a sponsorship partnership with Hoppa! Card, a pioneer in crypto payments and banking solutions. This collaboration is set to revolutionize the payment landscape for the gambling industry with a strong focus on crypto technology, leveraging SCCG’s extensive ecosystem of over 120+ client partners and its global presence across all major regions.
Through this partnership, SCCG Management will support Hoppa! Card in delivering their innovative crypto payment and banking solutions to a wider audience within the gaming industry. The synergy between SCCG’s expansive network of client partners and Hoppa! Card’s cutting-edge financial technology aims to enhance the efficiency and security of managing complex payment needs in the gambling sector.
Hoppa! Card’s flagship products, including the Exclusive Global Soft KYC High Limit Crypto Offramp VISA Card and the Unique Payment Gateway, are designed to meet the most challenging payment requirements. The VISA Card offers high limits and the highest possible privacy standards with anonymous cards, ensuring global accessibility with both virtual and physical card options. The Payment Gateway provides seamless processing for various crypto and fiat transactions, eliminating chargebacks and non-acceptance of cards, while catering to all gaming licenses and jurisdictions.
Stephen Crystal, Founder and CEO of SCCG Management, said: “Partnering with Hoppa Card allows us to provide our clients, as well as our global network of operators and platform providers, with crypto-focused payment solutions that are crucial in today’s fast-evolving gaming industry. Their innovative products align perfectly with our mission to drive strategic growth and maximize revenue for our partners.”
Igor Lavrih, CEO of Hoppa Card, said: “We are excited to kick off the partnership with SCCG, merging our payments expertise with their deep market insights to explore new opportunities and drive innovation. We look forward to the synergies our partnership with SCCG will bring forward, delivering unique payment solutions in the gaming industry to an array of growing and established businesses.”
Compliance Updates
Payhound Selects Chainalysis’ Crypto Compliance Solution for Regulatory and Operational Safety
Fintech crypto company Payhound has selected Chainalysis, the blockchain data platform, to safeguard operations from exposure to malicious activity and uphold strict compliance standards.
With a strong commitment to combating illicit activities and a regulatory obligation to safeguard its customers, Payhound has chosen Chainalysis as part of its compliance and risk management strategy. This collaboration underscores Payhound’s dedication to maintaining top-tier regulatory compliance and security standards within the industry.
Chainalysis is leading the way in establishing a safe global economy built on blockchains through its blockchain data platform, which assists businesses and governments in making informed decisions and protecting their customers. By implementing Chainalysis solutions, companies gain access to a suite of investigation, compliance and risk management tools.
Michele Santulin, Regional Director Mediterranean Area at Chainalysis, said: “In today’s crypto market, where trust is key to success, companies like Payhound need to take advantage of blockchain’s built-in transparency and use advanced blockchain analysis solutions to maintain strict adherence to regulations, protect their brands, and last but not least, offer reliable services to their customers. We are thrilled to support Payhound in that mission.”
Elton Dimech, Managing Director at Payhound, said: “Chainalysis is an invaluable resource for companies such as Payhound. Their forensic data and analytical approach, allowing for continuous crypto transaction monitoring, has proven indispensable in an effort to adhere to our own AML and Compliance obligations.”
The post Payhound Selects Chainalysis’ Crypto Compliance Solution for Regulatory and Operational Safety appeared first on European Gaming Industry News.
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