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In the first quarter of 2024, the volume of cryptocurrency wagers within the iGaming sector experienced a 2.4% increase. Concurrently, players have begun to utilize BTC for betting less often, with only approximately 58% of crypto wagers being placed with Bitcoin.
SOFTSWISS, a prominent provider of technological solutions for the iGaming sector, released a report detailing the gambling market’s status in Q1 2024. The findings indicate that the volume of bets made with digital currencies rose by 2.4% compared to the fourth quarter of 2023.
Additionally, SOFTSWISS analysts highlight that nearly 93% of cryptocurrency betting within the iGaming industry utilizes in-game digital asset conversion tools. These mechanisms are gaining traction among iGaming operators, as they facilitate the attraction of crypto users to games intended for fiat currency, providing a straightforward and beneficial exchange of digital assets directly on their platforms.
The average value of crypto bets at the start of this year increased by 3%, rising from €1.66 in Q4 2023 to €1.71 in Q1 2024. The average wager in fiat currency remained stable from the previous year at €0.93.
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The ranking of the most favored cryptocurrencies in the gambling sector remained unchanged; however, iGaming users have become less inclined to use BTC for betting. In Q4 2023, Bitcoin represented 73.3% of all crypto wagers in the industry, whereas in Q1 2024, only 58.4% of bets were placed using BTC.
SOFTSWISS analysts attribute the decrease in player interest in BTC to the increase in its value at the beginning of 2024. Vitali Matsukevich, Chief Operating Officer of SOFTSWISS, noted that the rise in BTC this year has led players to exercise greater caution when using cryptocurrencies for betting. Vitali remarked that a similar pattern was observed in the first quarter of the previous year, when Bitcoin values began to rise following a significant drop at the end of 2022.
Despite the reduced popularity of Bitcoin for betting, altcoins have demonstrated notable growth. Ethereum and Litecoin comprised 17.2% and 12.3% of all crypto bets in the sector, respectively. In the prior quarter, only 9.9% and 6.6% of bets were made in ETH and LTC, respectively.
Approximately one-third of bets in iGaming projects are placed using cryptocurrencies, and in 2023, the appeal of crypto betting surged by 19%.
Сообщение iGaming Users Used BTC for Betting Less Regularly появились сначала на CoinsPaid Media.
