With less than two months left in 2022, it’s safe to say it’s been another year where cryptocurrency has been a hot topic across numerous industries, including online gaming.
ISLAND, Malta, November 17, 2022 /PRNewswire/ — As the first iGaming software company to work with cryptocurrencies, SOFTSWISS regularly publishes the company report, which includes the latest insights on the performance of cryptocoins in key products, in order to inform the wider community about the potential of the market.
Before delving into the ins and outs of crypto, it’s worth noting that total bets on the provider’s platform increased by 33.1% in the first three quarters of 2022 compared to this period in 2021, which is significant growth of interest in its products.
iGaming Insights 2022
Total bets and GGR image
Overall picture of crypto betting
Image fiat vs. crypto betting
The company’s GGR for the first three quarters had also increased compared to the same period in 2021, further demonstrating the strong performance of SOFTSWISS’s business model and its growing customer base.
The growth was mainly driven by an increasing number of partners using the casino platform and game aggregator solutions, with customers seeing solid performance from both products. The year-to-date difference in GGR is a staggering 36.6% increase, with SOFTSWISS’s customer base continuing to grow and ensuring bettors take advantage of the provider’s product range with both fiat and cryptocurrencies.
CRYPTOCURRENCIES DECLINE
While the value of all bets in fiat currency is up 8.4% q/q and 24.2% year-to-date, there has been an overall decline in the number of crypto single bets placed.
Compared to the second quarter, the value fell by 5.9%. However, compared to the three quarters of 2021, we can see a more significant drop in cryptocurrency betting – 23.5%.
Q2 highlighted the cyclical nature of the cryptocurrency. While this is far from the crypto winter that the iGaming industry has been screaming about, it does signal an impending downturn in cryptocurrency betting. However, seasonality will likely play a role in the fourth quarter, as is usually the case at the start of the holiday season when bets are rising.
Commentary on the latest report from SOFTSWISS, Vitaly MatsukevichCOO of SOFTSWISS, said: “Despite the numbers, interest in cryptocurrency among players and operators is only increasing. As a comparatively new phenomenon in the iGaming industry, cryptocurrency is facing a volatile environment dependent on various economic and social factors expect crypto rates to increase in the fourth quarter of this year, driven by the current gaming activity.”
FIAT MARKET SHARE ON THE RISE
A significant number of bets, more than 70%, are placed using fiat currency, and crypto bets account for a third of the total betting volume. It is also worth noting that when comparing the three quarters of 2021, the cryptocurrency betting rate was definitely higher at almost 44% – and this is also reflected in the chart compared to the same period in 2022. This year-on-year difference is explained by the positive swings of major and minor cryptocurrencies during the second wave in 2021.
Of the players using crypto coins, data shows that Bitcoin, Ethereum and Litecoin remain the most common options. In general, players remain loyal to their chosen cryptocurrencies, with Bitcoin having a near-ubiquitous dominance as more than 72% of all crypto bets were placed using the currency in Q3. However, at SOFTSWISS, there is a firm belief that USDT betting will increase.
The ranking of the cryptocurrencies that are most frequently bet on in Q3 is as follows:
- Bitcoin (BTC) – 72.8%;
- Ethereum (ETC) – 14.5%
- Litecoin (LTH) – 5.2%
What is certain is that despite a continued decline in crypto betting in Q3 2022, players are still demanding the use of alternative currencies. More and more operators understand the importance of offering it as a payment solution, which is expected to continue.
For the full list of the most popular cryptocurrencies, see the company report.
Vitaly Matsukevich commented: “Although the world events and crises of 2022 have quarterly impact indicators, the prevailing market dynamics continue to favor cryptocurrencies and their use in online gambling. The crypto-friendly iGaming market remains relatively stable and is adjusting in line with global financial markets. We have a positive outlook on the future of crypto.”
About SOFTSWISS
SOFTSWISS is an international brand that offers widely recognized, certified software solutions for managing iGaming operations. SOFTSWISS holds several gaming licenses and offers iGaming solutions from a single source. In 2013, SOFTSWISS was the first provider in the world to introduce a Bitcoin-optimized online casino solution.
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Photo – https://mma.prnewswire.com/media/1946038/iGaming_insights_2022.jpg
Photo – https://mma.prnewswire.com/media/1946039/Total_bets_and_GGR.jpg
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SOURCE SOFTSWISS
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