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9M 2023 Crypto in iGaming Landscape: Moderate Growth Amidst Fiat Rise

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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.

Cryptocurrency

REEVO Announces Partnership with Deuces

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REEVO has announced a new partnership with Deuces, the leading crypto rewards platform offering Slots, Live Casino and Sportsbook experiences. This collaboration marks another exciting step in REEVO’s global growth strategy, expanding its reach into the fast-evolving world of crypto gaming and digital entertainment.

Through this partnership, REEVO’s portfolio of innovative and high-performing games will now be available on Deuces, giving players access to a wide selection of REEVO’s most engaging and top-quality titles. The collaboration combines Deuces cutting-edge blockchain technology and player reward system with REEVO’s proven expertise in content creation and aggregation.

Together, REEVO and Deuces will redefine the player experience, delivering speed, variety and excitement through a seamless, tech-driven ecosystem that rewards engagement like never before.

Karl Grech, Head of Business Development at REEVO, said: “Partnering with Deuces represents an exciting step into the crypto gaming space for REEVO. We’re joining forces with a brand that shares our forward-thinking approach to technology, entertainment, and player satisfaction. This collaboration is about creating new possibilities, connecting innovation with opportunity, and ensuring our games reach new audiences in dynamic and rewarding ways.”

Lucas Lima, Chief Marketing Officer at Deuces, said: “We are delighted to join forces with REEVO, bringing together our shared vision for innovation and player entertainment. This partnership will drive new levels of engagement, speed of delivery, and market reach for both organisations.”

The post REEVO Announces Partnership with Deuces appeared first on European Gaming Industry News.

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BC.GAME

BC.GAME Wins “Best Crypto Casino” at SiGMA Central Europe Awards 2025

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Global crypto entertainment brand BC.GAME has been named “Best Crypto Casino 2025” at the SiGMA Central Europe B2C Awards, held this year in Rome. The result has been published via SiGMA’s official channels and industry media, with BC.GAME listed among the winners in the cryptocasino operator category.

As part of the SiGMA Central Europe 2025 event in early November, the B2C Awards focused on operators that have shown notable performance in online entertainment and sports betting over the past year. The “Best CryptoCasino 2025” category is specifically dedicated to platforms built around crypto assets as a core feature of their offering.

According to award-related communications and public review sources, BC.GAME’s recognition is linked to its integration of crypto payments, multi-vertical product line-up and ongoing development in Web3-oriented use cases. Several third-party reviews have highlighted BC.GAME as a representative example of a platform that supports multiple cryptocurrencies, combines casino and sports content, and designs features with on-chain users in mind.

BC.GAME noted that the award serves as a form of interim feedback on the platform’s long-term commitment to the crypto segment. The company plans to continue improving the user experience around crypto payments, cross-device product performance and content operations, while expanding sports and esports-related partnerships in markets where such activities are permitted by local regulation.

As a crypto-native operator, BC.GAME incorporates mechanisms such as provably fair verification into its product design and combines these with a native token and promotional structures to deliver an integrated casino and sports experience for crypto community users. With continued nominations and awards within the SiGMA framework and other international programmes, BC.GAME is increasingly regarded as a long-term player in the crypto entertainment vertical.

The post BC.GAME Wins “Best Crypto Casino” at SiGMA Central Europe Awards 2025 appeared first on European Gaming Industry News.

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Compliance Updates

Romania Bans Polymarket Over Illegal Cryptocurrency Betting Activities

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Romania’s National Office for Gambling (ONJN) has officially blacklisted Polymarket, a prominent prediction market that allows users to bet on future events, citing its operation as an unlicensed gambling platform. The decision comes amid heightened concerns over crypto-based betting during recent election cycles, where Polymarket reportedly saw trading volumes surpassing $600 million.

ONJN asserts that Polymarket’s “counterpart betting” model – where users wager against each other on future outcomes – falls squarely within the scope of Romanian gambling regulations. The regulator clarified that regardless of whether bets are placed using fiat currency or cryptocurrencies, they are legal gambling activities that require appropriate licensing. ONJN President Vlad-Cristian Soare emphasised that the issue is about compliance with the law, not technology, stating, “It’s about the law, not the platform’s blockchain foundation.”

Although Polymarket promotes itself as an “event trading” platform, ONJN concluded that its operational structure – where users place bets on the outcomes of unpredictable events and the platform earns commissions – meets the legal criteria of gambling. Consequently, Romanian internet providers are now mandated to block access to the platform.

The post Romania Bans Polymarket Over Illegal Cryptocurrency Betting Activities appeared first on European Gaming Industry News.

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