Get the lowdown on the SOFTSWISS Q1 2023 Crypto Update revealing crypto bets, genders & age stats cementing crypto gambling’s popularity! (Image Courtesy of SOFTSWISS)
Once again SOFTSWISS is back with another update on the latest cryptocurrency casino gaming figures in the SOFTSWISS Q1 2023 crypto update.
The figures show strong growth as cryptos continue to gain popularity – especially in the face of the latest financial woes with the US debt ceiling and the threat of depolarization putting fear into even the EU, UK, and other countries.
However, we don’t want to get into boring old financial news, this is all about the success of gambling online with cryptocurrencies.
In addition to the rise in popularity of cryptos such as Bitcoin, Ethereum and Litecoin, the SOFTSWISS Q1 2023 Crypto Update additionally reveals a gender and age analysis, which is interesting for companies looking to target different genders and age groups.
Hence this report is both interesting for you if you are a cryptocurrency video slot or live casino player and for operators as well as software providers designing the games.
If you would like to rewind back to the previous report, we delved into covering the last SOFTSWISS Crypto Report providing figures for Q1, Q2 and Q3 of 2022.
SOFTSWISS Q1 2023 Financial Highlights
SOFTSWISS, a leading technology provider for iGaming and an award-winning ‘Crypto Company of the Year,’ has released its Q1 2023 financial figures. These numbers indicate a solid and promising growth trajectory in the iGaming market with a special focus on the burgeoning crypto sector.
The Total Bets indicator saw a substantial increase of 44.66% compared to the same quarter in the previous year and a 2.24% hike compared to the previous quarter. The sum of wagers in crypto displayed an upward trend with a 30% contribution to total bets in Q1 2023, a significant volume growth of 19% compared to Q4 of 2022 which recorded a 9% volume growth.
You can compare these figures with the PDF directly from the SOFTSWISS State of Crypto in Q1 2022 report.
| Indicator | Q1 2023 |
|---|---|
| Total Bets Increase (%) | 19% |
| Bitcoin (BTC) Share (%) | 76.5% |
| Ethereum (ETH) Share (%) | 8.4% |
| Litecoin (LTC) Share (%) | 5.1% |
| Crypto Audience (Male) (%) | 65% |
| Crypto Audience (Female) (%) | 35% |
| Crypto Audience (Age 31-50) (%) | 70% |
| Bets made on Mobile Devices (%) | 64% |
Top Crypto Currencies in iGaming
The top 3 most used digital coins in Q1 2023 remained unchanged: Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). However, their shares fluctuated. Bitcoin’s share increased by 1.9 p.p, while Ethereum maintained its standing.
Compared to Q1 2022, Bitcoin’s share escalated by 3.72 p.p, while Ethereum declined by 5.01 p.p. The final shares for Q1 2023 are in the table below (mobile) or to the right (desktop).
| Crypto Currency | Q1 2023 Share (%) |
|---|---|
| Bitcoin (BTC) | 76.5% |
| Ethereum (ETH) | 8.4% |
| Litecoin (LTC) | 5.1% |
Demographics of Crypto Players in iGaming
The company also provided insightful data into the profile of the average crypto player. 65% of the crypto audience is male and 35% female. Age groups ranged primarily between 31-50, making up 70% of the audience.
More than half of crypto Gross Gaming Revenue (GGR) per Q1 was generated by bets made on mobile devices: 64% mobile users versus 32% desktop users.
| Demographic Parameter | Percentage |
|---|---|
| Male Audience | 65% |
| Female Audience | 35% |
| Age Group (31-50 years) | 70% |
| Bets from Mobile Users | 64% |
| Bets from Desktop Users | 32% |
Opinion on Q1 Figures and Company Outlook
SOFTSWISS’s Q1 figures demonstrate a strong upward trend, particularly in the crypto segment. The increase in Total Bets and growth in the use of crypto for wagers indicates a robust demand for crypto solutions in iGaming. On the flip side, the company’s dependency on Bitcoin, which holds a significant 76.5% share of the digital coins used, could pose a potential risk in case of volatility in Bitcoin’s value.
The gender and age data offered by the company paints a clear picture of the demographics, providing valuable insights for tailoring future marketing efforts. However, the dominance of male players hints at an opportunity for growth in the female demographic.
My Opinion: There has also been quite a few modifications to the SOFTSWISS platform, which I also think has contributed to the rise in crypto bet, which I believe SOFTSWISS does not give itself enough credit for. Check it out in the accompany highlight box.
SOFTSWISS Platform Modifications
- Metamask: Now a SOFTSWISS Metamask crypto wallet as a deposit and withdrawal method is available to operators using the iGaming aggregator’s platform. This is a non-custodial wallet option whereby you own the private key access to the crypto’s blockchain ecosystem.
- Crypto to Fiat Exchange: Another amazing new feature available to operators is the ‘Convert Crypto to Fiat‘ tool. At most online casinos with fiat and crypto games, some of the software providers like Playtech do not provide cryptocurrency betting options. However, now players with a crypto balance can temporarily convert their crypto to fiat, have access to fiat-only casino games, then convert back to crypto at the end of their gaming session.
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