The impact of global turbulence on the iGaming industry was significant, and the crypto sector was no exception. Despite the fluctuations in the market, SOFTSWISS, a leading tech provider for iGaming, has recently released a crypto report that includes expert insights for the industry. The report analyses the past year’s data to provide a comparison of 2022 versus 2021.
SOFTSWISS has been a pioneer in crypto gambling and has 10 years of market expertise. The company provides a quarterly analysis of the crypto market to share insights with the industry. The latest crypto report is based on the inputs of 700 clients using the Game Aggregator and the Casino Platform by SOFTSWISS.
According to the report, the total bets made through the platform increased by 31% compared to 2021. The GGR, the difference between the amount wagered and the amount won, also grew by 36% YoY. In Q2 2022, the total bets surpassed the 20 billion euro mark, with an average total bets increase of 35% QoQ. In comparison with 2021, the quarterly average GGR increased 2.7 times, showing 38% growth.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, comments on the report, saying, “The increasing number of new fiat projects does not diminish the power of the already established worldwide crypto community. There is still a strong drive for iGaming operators to implement and expand crypto payments and develop new crypto-centric tools. For example, we’ve launched the In-Game Currency Conversion feature to enable automatic conversion of digital coin bets into fiat wagers.”
Crypto vs Fiat in 2022
The report also shows a decrease in the overall amount of crypto bets compared to 2021, with a 14.6% drop to 20.2 billion euro. The decrease on the crypto side influenced the fiat share growth, with total fiat bets accounting for 76% of the total player bets by the end of 2022.
Despite dropping in price by over 60% in 2022, Bitcoin remains the most used digital coin, accounting for 72.7% of the total crypto bets. Ethereum has increased its popularity among players, gaining 3.7 p.p. Reviewing 2022, the top three most used cryptocurrencies are Bitcoin (72.7%), Ethereum (13.6%), and Litecoin (5.5%).
Matsukevich summarises, “2022 was not as bright for digital currencies and NFTs as 2021. We are optimistic about 2023 and confident that players won’t stop choosing crypto because of its transaction speed, anonymity, and decentralised nature. Despite the fluctuations, crypto has already gained a strong foothold 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.”