Time to Invest in Crypto: SOFTSWISS 2023 Gaming Market Overview

In 2023, crypto bets expanded by more than 20%, as reported by SOFTSWISS. The leading technology company, with over 15 years of expertise in iGaming and number one in crypto-optimised software, shares its analysis of the dynamic crypto landscape.

GZIRA, Malta, Feb. 28, 2024 /PRNewswire/ — SOFTSWISS, as the innovator in crypto iGaming software development, regularly conducts research to track the dynamics of crypto within the iGaming market. Using extrapolation, comparative and correlative analysis, experts analyse the data gathered from over 600 crypto-friendly brands powered by the company.

iGaming Market Overview

Based on SOFTSWISS data, the iGaming market had a stable expansion in 2023. In absolute terms in euro, the Total Bet Sum grew by 38.2% year-on-year. At the same time, the Total Bet Count displayed an even stronger increase, surpassing 51.2%

The average bet is slightly decreasing for several reasons. One significant factor is the broader reach of online gaming, fueled by advanced technology and increased internet availability. This trend is more evident in emerging markets like LatAm and Africa, where bets are usually smaller. Additionally, the increasing number of players under 30 with budget constraints adds to the decline in the average bet size.

State of Crypto

The in-depth quarterly analysis, initiated at the beginning of 2022, reveals that fiat bets are undergoing more substantial growth compared to crypto bets. In Q4’23, the Crypto Bet Sum saw an 8.2% rise in absolute terms, while the Fiat Bet Sumsurged by 16.4% compared to Q3’23. At the end of 2023, the crypto share in the Total Bets Sum (27.5%)  decreased by 3.9 p.p.

The comparative analysis of the 2023 Crypto Bet Sum against  the previous year shows 21.1% growth. Simultaneously, the Crypto Bet Count increased by 50.5% year-on-year. The growing number of bets indicates rising interest in crypto gaming, but the greater availability of digital currencies may lead to slightly more economical bets.

“The advantages of employing digital currencies, such as swift transactions and anonymity, are key drivers for many players. Given these dynamics, the market demands expanding iGaming projects’ opportunities for crypto players. The in-game currency conversion, for example, allows operators to engage players with cryptocurrency assets in games initially designed for fiat transactions. The projects that embrace such possibilities continue gaining more advantageous market positions,” shares Vitali Matsukevich, Chief Operating Officer at SOFTSWISS.

Crypto Bet Stabilisation

The average fiat bet remained steady at around 0.82 euro throughout the previous year. Despite fluctuations in the average crypto bet during 2023, ranging from 1.59 to 1.88 euro, the changes appear modest compared to the twofold drop observed in the average crypto bet during Q4’22, which reached 1.56 euros. This indicates a certain level of stabilisation in the average crypto bet throughout 2023. Another thing is that the average crypto bet is almost two times higher than the average fiat bet, which testifies that digital currencies are potentially used by players with higher incomes. 

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarises: “The digital currencies market is rapidly expanding, with estimates showing over 50% growth in capitalisation in 2023. Despite the risks caused by the high volatility of crypto and its dependence on various factors, using it can bring extra profits for operators. The iGaming industry is promising for investments due to growth in both fiat and crypto markets, but success depends on trustworthy and experienced partners.”


SOFTSWISS is an international tech company offering top-notch solutions for iGaming for 15+ years. In 2013, SOFTSWISS was the first to introduce a Bitcoin-optimised online casino solution.


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Gaming Innovation Group – Exercise of options and mandatory notification of trade

Justin Psaila, CFO and primary insider of Gaming Innovation Group Inc. (GiG), has today exercised his options to buy 45,000 shares in GiG, whereof 30,000 at a share price of NOK 15.00 and 15,000 at a share price of NOK 22.00. After this transaction, Justin Psaila will own 47,100 shares and 15,000 options in GiG.

Claudio Caruana, General Counsel and primary insider of Gaming Innovation Group Inc. (GiG), has today exercised his options to buy 30,000 shares in GiG at a price of NOK 15.00 per share. After this transaction, Claudio Caruana will own 30,100 shares and 30,000 options in GiG.

Including these options, 275,350 employee options have been exercised in 2024, and GiG has borrowed shares for the immediate transfer of the option shares to employees and will issue new shares later. The outstanding number of shares in GiG is 129,003,161 and when issuing the new shares for the option exercises, the outstanding number of shares will increase to 129,278,511. In addition, 1,639,900 options are outstanding as of today.

For further information, contact: 
Tore Formo, Group CFO, tore@gig.com +47 916 68 678

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

About Gaming Innovation Group (GiG)
Gaming Innovation Group is a leading iGaming technology company, providing solutions, products and services to iGaming Operators. Founded in 2012, Gaming Innovation Group’s vision is ‘To be the industry leading platform, sportsbook and media provider delivering world class solutions to our iGaming partners and their customers.  GiG’s mission is to drive sustainable growth and profitability of our partners through product innovation, scalable technology and quality of service. Gaming Innovation Group operates out of Malta and is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK. www.gig.com