Cryptocurrency
19% Crypto Bets Growth: SOFTSWISS Reveals Digital Coin Results for Q1 2023
In January 2023, SOFTSWISS, the leading technology provider for iGaming, was recognised as ‘Crypto Company of the Year’ by the prestigious International Gaming Awards. As a pioneer in crypto gaming, every quarter, the company analyses the crypto gaming market and shares valuable industry insights. This time, among key indicators, the expert team unveils what the average crypto player portrait looks like.
The Q1 crypto results are based on the data from over 700 brands powered by the SOFTSWISS Game Aggregator and the SOFTSWISS Casino Platform.
Q1 2023: The Big Picture
In Q1 2023 the Total Bets indicator increased by 44.66% compared to the same quarter the previous year and by 2.24% compared to the preceding quarter. This data demonstrates a steady growth trend in the iGaming market.
In absolute terms, the sum of wagers in crypto also shows positive growth over the course of the last year. In the first quarter of 2023, the share of bets in digital coins accounted for 30%. Q4 of 2022 showed 9% volume growth in Total Bets in crypto compared to the first quarter of the same year. Q1 of 2023, on the other hand, showed a more significant volume growth – 19%.
Andrey Starovoitov, Co-CEO at SOFTSWISS comments: “Despite the global events of 2022, which have undoubtedly caused most digital coins to fall in value, we are now seeing them rise in value again. For that reason, we are observing both growth in the iGaming market in general and also an increase in the sum of bets made by crypto players. We expect digital coins to remain in stable use by players in 2023 and could see more significant growth with a combination of two factors: competent retention of players and the absence of strong volatility in the crypto market.”
Most Used Digital Coins
Compared to Q4 2022, the top 3 most used digital coins remain the same: Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). However, their shares have changed – Bitcoin is up by 1.9 p.p. at the expense of smaller digital currencies, while Ethereum remained the same.
Looking at the development of digital coins over a longer period, the changes in the shares of digital coins are more substantial. From Q1 2022, BTC increased by 3.72 p.p., whereas ETH lost 5.01 p.p. The fall in the share of the third leading digital coin, LTC, occurred by 1.36 p.p.
The final shares for Q1 2023 are as follows:
- BTC – 76.5%
- ETH – 8.4%
- LTC – 5.1%
Tether (USDT) took a share of 5.1% for the first time, in turn, Dogecoin (DOGE) rates fell by 1 p.p. compared to the previous quarter, taking a 2.5% share at the end of Q1 2023.
Among other currencies that showed an increase in the share of Total Bets – Ripple (XRP), Tron (TRX) and Cardano (ADA).
The Crypto Player Portrait
Diving deeper into the industry insights, SOFTSWISS has defined the average crypto player portrait. Based on the Q1 data and available data from player profiles, 65% of the crypto audience is male and 35% female.
The percentage of age groups of the crypto players who have indicated their age on their online casino profile is as follows:
Thus, the core audience of digital coins in iGaming is in the 31-50 age range. It makes up 70% of the audience that uses crypto.
Moreover, more than half of crypto GGR per Q1 was formed by bets made on mobile devices: 64% of mobile users vs. 32% of desktop ones.
This data may become crucial when choosing a strategy for growing an existing iGaming brand or launching a new one. As SOFTSWISS experts note, interest in starting crypto projects is high, even when crypto demonstrates quick changes and might be unpredictable. Nevertheless, Q1 statistics indicate that 2023 is shaping up to be a year of positive development for projects related to digital coins.
Max Trafimovich, Chief Commercial Officer at SOFTSWISS, summarises: “Over the last few years we have seen a steady increase in demand for crypto-ready solutions, be it for launching a casino or a sports betting venture. It’s undeniable that some crypto iGaming operators have drawn much attention and accolades on a global level. Besides crypto, such operators also happen to be at the forefront of various other innovations, those going beyond the payments aspect. SOFTSWISS will remain the ultimate partner on this frontier with new crypto-oriented technologies, top-level service, and security.”
About SOFTSWISS
SOFTSWISS is an international iGaming company supplying certified software solutions for managing gambling operations. The expert team, which counts 1,500+ 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 Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.
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Compliance Updates
Crypto.com Receives Limited Financial Institutions Licence in Europe
Crypto.com has announced another regulatory milestone: its EU MiCA regulated entity has received a Limited Financial Institutions licence from the Malta Financial Services Authority (MFSA). The approval allows the company to continue delivering its full suite of stablecoin services – qualifying as payment services – across the European Union, without disruption.
This additional licence is for the provision of services exclusively in relation to electronic money tokens (EMTs). The licence was acquired to navigate a complex regulatory landscape resulting in overlapping crypto asset services (MiCA) and payment services (PSD2). By securing the Limited Financial Institution Licence, Crypto.com has addressed both regulatory regimes ensuring full compliance across every aspect of its stablecoin operations.
Crypto.com’s Malta entity received MiCA approval in January 2025, allowing the company to passport services across the European Economic Area (EEA). Notably, Crypto.com already holds a full Electronic Money Institution (EMI) licence in Europe, making it one of the most comprehensively authorised platforms operating in the region.
“We are one of the most regulated crypto platforms in the world and receiving this licence proves, yet again, that we are committed to working with authorities to ensure the strongest compliance standards. Our stablecoin business and services remain a pivotal part of our European product offering so it was vital we secured this limited licence to continue providing seamless access to our institutional and retail customers,” said Eric Anziani, President and Chief Operating Officer at Crypto.com.
The limited Financial Institutions licence adds to Crypto.com’s expanding list of licences and registrations globally including, but not limited to, a UK Electronic Money Institution licence (FCA), a Major Payment Institution licence in Singapore (MAS), a Virtual Assets Service Provider licence in Dubai (VARA), U.S. Money Transmitter Licences, U.S. Designated Contracts Market (DCM) & Derivatives Clearing Organization (DCO) licences and recently conditional approval from the U.S. OCC for a National Trust Bank Charter.
The post Crypto.com Receives Limited Financial Institutions Licence in Europe appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Crypto
UK To Explore Crypto Gambling Framework
Legal crypto gambling could be coming to the UK after the country’s regulator announced on Thursday (Feb 26) that it will begin working on new rules to support the sector.
Gambling Commission executive director Tim Miller revealed in a speech this week that regulatory officials have concluded allowing licensing operators to transact in crypto is likely a wise move.
Responding to growing demand for gambling with cryptocurrencies, and undeniable evidence that consumers are turning to the black market in search of crypto-friendly operators, Miller said the process was already underway.
Characterising the project as “tentative” and promising no timelines or outcomes, Miller nevertheless said he had instructed the commission’s Industry Forum to begin work on detailing how crypto gambling could be regulated in the UK.
The Forum is composed of industry figures from the online and retail sectors, including representatives from Flutter and Rank Group.
Addressing the Betting and Gaming Council AGM on Thursday, Miller said: “There will be significant challenges and risks to overcome in considering this topic but I am keen that we approach this in the spirit of exploring the art of the possible, rather than starting from a position of finding all the reasons not to innovate.”
Recent work undertaken by the Gambling Commission to try and understand why gamblers choose to leave the regulated market and gamble offshore has identified a desire to bet with crypto as the second-largest motivator.
One UK legal expert told EEGaming that the project was “long overdue”.
“A credible, regulated pathway would be a more effective consumer protection tool than de-facto prohibition if it reduces displacement offshore, which invariably it would,” said Chris Elliot, a partner at Wiggin law firm in London.
Elliot noted that the commission does not appear to be proposing specific “crypto licences”, but is instead “exploring a framework under which UK-licensed operators could accept crypto as a consumer payment option”.
Regulators in partnership
The Commission’s renewed willingness to consider allowing crypto gambling is also being driven by more secure legislative foundations that are set to come into effect in the UK.
Miller pointed to the “Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025”, which was presented by the government in December.
The new statutory instrument would regulate more uses of crypto-assets by establishing a series of regulatory frameworks.
This comes as the Financial Conduct Authority (FCA) is itself consulting on new rules for crypto in the UK.
This work will form the bedrock of any efforts by the Gambling Commission to loosen crypto gambling rules, Miller said.
It may also provide some clues as to the timeline of any crypto-liberalisation by the commission, Elliot noted.
“If the FCA authorisation regime is phased in over a longer period, mainstream adoption in UK gambling could be correspondingly slow,” he warned.
“That said, existing AML registration requirements for crypto-asset service providers already provide some baseline assurance, which could support earlier experimentation if the commission is serious about tackling black-market growth.”
Fraud on the brain
Regulatory sources who spoke to EEGaming pointed to the role the Financial Action Task Force (FATF) may be playing in accelerating crypto regulation.
The international money laundering watchdog — which has had notable interventions in the gambling market over recent years through its temporary greylisting of Malta and Gibraltar — has told national governments they should be regulating crypto providers, not trying to prohibit their use in the legal economy.
The UK is scheduled to undergo an assessment by the FATF in 2027.
That provides an extra impetus for the UK to have its crypto regulations in order, but allowing digital assets to flow into the economy more readily, especially via gambling, brings added risks.
“Like any new payment method, it will introduce new fraud/AML typologies,” explained Elliot. “But ‘new’ doesn’t automatically mean ‘higher’. In some respects, crypto can support a more robust control environment than fiat payments, particularly where cash is involved,” he noted.
“Operators wishing to drive this agenda will need to be able demonstrate, with evidence, why these risks can be managed through the controls put in place,” he said.
Crypto revolution?
Although the UK Gambling Commission is only at the beginning of this process, Miller’s announcement is sure to have an impact internationally, particularly at some of the European regulators with which it shares close ties.
EEGaming asked the Netherlands Gambling Authority, which signed a new memorandum of understanding with the commission in November, whether it would now be considering a crypto-revolution of its own.
“Although the KSA thinks allowing crypto payments might help battle illegal offering, there are too many complications right now to just go along with it,” a spokesperson said.
“We are looking into this for the future.”
The post UK To Explore Crypto Gambling Framework appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
$SCOR
BetOnline.ag Integrates $SCOR, the Premier Crypto Token of the Pro Sports Industry, Ahead of Super Bowl
BetOnline.ag, a preeminent global online sportsbook, casino and poker platform, announced a strategic partnership with Sweet to integrate $SCOR as a newly supported cryptocurrency.
$SCOR, the native token powering verified fan identity and rewards across major professional sports, is now available for deposits and withdrawals within the BetOnline cashier, just in time for Super Bowl Sunday on February 8.
This integration establishes a direct utility lane for the $SCOR, allowing fans to use tokens — earned through engagement in officially licensed sports games or purchased on exchanges — for real-world gameplay on a leading gaming platform.
For BetOnline, the partnership represents a strategic entry point into the burgeoning world of on-chain sports fandom, connecting the platform with high-value, verified fan liquidity.
“We are constantly evolving to meet our players where they are, and that now includes the intersection of sports fandom, gaming and blockchain. $SCOR isn’t just another cryptocurrency…it’s the premier token of the sports industry. This partnership allows us to directly engage with a new generation of sports fans who value real-world gameplay, verifiable achievements and interoperable rewards,” said Eddie Robbins III, CEO of BetOnline.ag.
$SCOR functions as the on-chain layer for fan identity, verifiable engagement and portable rewards across Sweet’s network of major professional sports IP partners that boast officially licensed sports-themed web3 PvP and mini games.
By accepting $SCOR, BetOnline gains a direct connection to verified fan activity from SCOR’s ecosystem of major professional sports IP partners, introducing a high-value audience of competitive sports fans and crypto-savvy players.
To celebrate the launch, BetOnline will offer exclusive deposit perks for $SCOR users, including free-play credits and casino spins for qualifying deposits. Future community activations are planned, featuring token-gated private poker and casino tournaments for verified $SCOR holders, with prizes awarded in both $SCOR and cash.
“We built $SCOR to bridge the passion of sports fandom with tangible utility and value. BetOnline’s integration is a landmark moment, turning fan-earned $SCOR into a key for premium gaming experiences. This partnership validates our vision of a reward-first portable fan identity,” Sweet EVP of Global Partnerships Betsy Proctor said.
The post BetOnline.ag Integrates $SCOR, the Premier Crypto Token of the Pro Sports Industry, Ahead of Super Bowl appeared first on Americas iGaming & Sports Betting News.
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