SOFTSWISS Sums up the State of Crypto

The unstable climate of the last year’s global developments has affected various business sectors related to cryptocurrencies. The iGaming industry was no exception. To predict the future for crypto, it is first worth addressing and dealing with the outcomes of 2022. SOFTSWISS, a leading tech provider for iGaming, has analysed the past year’s data to share an expert crypto report with the industry.

A pioneer in crypto gambling with its Crypto Casino Solution and 10 years of market expertise, SOFTSWISS quarterly analyses the crypto market to share insights with the industry. The tech-savvy developer presents its newest report 2022 vs 2021, based on the inputs from 700 clients of the Game Aggregator and the Casino Platform by SOFTSWISS.

2022 VS 2021

Despite the last year’s fluctuations on the crypto market, the total bets, including those in fiat money and digital coins, made on the supplier’s platform increased by 31% compared to 2021. The gross gaming revenue, that is the difference between the amount wagered and the amount won, also showed a growth of 36% YoY.

In Q2 2022, the total bets passed the 20 billion euro mark. The indicator had been growing steadily each quarter until the end of 2022. The average total bets increased by 35% QoQ. In comparison with 2021, the quarterly average GGR increased 2.7 times, having reached 38% of growth.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, comments: “The fact that we see an increasing number of new fiat projects does not diminish the power of the already established worldwide community of crypto players. There is still a strong drive for iGaming operators to implement and expand payment methods supporting digital coins. iGaming tech providers will still be focused on developing new crypto-centric tools. For example, we’ve launched the In-Game Currency Conversion feature allowing the crypto audience to enjoy all available games through automatic conversion of digital coin bets into fiat wagers.”

FIAT VS CRYPTO

Compared to 2021, the overall amount of crypto bets decreased by 14.6% to 20.2 billion euro. The 3.5 billion euro drop on the crypto side influenced the fiat share growth. By the end of 2022, the total fiat bets accounted for 76% of the total player bets.

MOST USED DIGITAL COINS 

Despite dropping over 60% in price in 2022, Bitcoin is still in the lead, accounting for  72.7% of the total crypto bets. At the same time, this digital coin has lost 7.4 p.p. since 2021. Ethereum has improved its popularity among players, gaining 3.7 p.p.

Reviewing 2022, the top 3 most used cryptocurrencies are:

• Bitcoin – 72.7%
• Ethereum – 13.6%
• Litecoin – 5.5%

The detailed breakdown, including DOG, USDT, and BCH, is available in the report.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarises: “As opposed to 2021, which was rewarding for digital currencies and NFTs, 2022 has not brought similar results. We are optimistic about 2023 and confident that players won’t stop choosing crypto because of its transaction speed, anonymity, and decentralised nature. Despite all digital coin fluctuations, crypto has already gained a significant share among players and operators and has become an integral part of the market. For this reason, SOFTSWISS continues to strengthen its partners’ projects, whether fiat or crypto, with new innovative tools and solutions, providing operators with security, reliability and top-level service.”