As the first iGaming software company to work with cryptocurrencies, SOFTSWISS regularly shares the company’s report, which includes the latest information on cryptocurrency performance in key products to inform the wider community of the market’s potential.
Before diving into the specifics of cryptocurrency, it’s worth noting that during the first three quarters of 2022, total bets on the provider’s platform increased by 33.1% over that period of 2021, showing significant growth in interest in their products.
Further supporting the strong performance of SOFTSWISS’s business model and its growing customer base, the company’s GGR for the first three quarters has also increased compared to the same period in 2021.
Growth was primarily driven by an increasing number of partners using the Casino Platform and Game Aggregator solutions, with customers seeing solid performance from both products. The difference in year-to-date GGR is a staggering 36.6% increase, with SOFTSWISS‘s customer base continuing to expand, ensuring punters utilize the vendor’s range of products with both fiat and cryptocurrencies.
Decline of cryptocurrencies
While the value of all fiat bets increased by 8.4% from the previous quarter and 24.2% year-to-date, there was an overall decline in the number of individual crypto bets placed.
In comparison with the second quarter, the value fell 5.9%. However, compared to the three quarters of 2021, we can see a more considerable drop in cryptocurrency betting – 23.5%.
The second quarter highlighted the cyclical nature of cryptocurrency. This signals a next phase of slowdown in cryptocurrency betting. However, seasonality will likely play a role in the fourth quarter, as it usually does at the start of the holiday season, which sees an uptick in betting.
Commenting on the latest SOFTSWISS report, Vitali Matsukevich, COO of SOFTSWISS, said: “Despite the numbers, interest in cryptocurrencies among players and operators is only increasing. As a relatively new phenomenon in the iGaming industry, cryptocurrency faces a volatile environment depending on different economic and social factors. However, we expect crypto rates to increase in the fourth quarter of this year, which will be driven by current gaming activity.”
Increase in market share
A significant number of bets, over 70%, are made with fiat currency, and crypto bets represent a third of the total betting volume. It is also important to highlight that in the comparison of the three quarters of 2021, the proportion of bets on cryptocurrencies was definitely higher by almost 44% – and this is reflected in the graph in comparison with the same period in 2022. This difference compared to the last year in compared to the current year is explained by the positive fluctuations of major and minor cryptocurrencies during the Second Wave in 2021.
Of players using cryptocurrencies, data shows that Bitcoin, Ethereum and Litecoin remain the most common options. In general, players remain loyal to their chosen cryptocurrencies, with Bitcoin having an almost ubiquitous dominance, as over 72% of all crypto bets were made with the coin in Q3. However, there is a firm belief in SOFTSWISS that the USDT stakes will be up.
The ranking of the most used cryptocurrencies in betting in the third quarter is shown below:
Bitcoin (BTC) – 72,8%;
Ethereum (ETC) – 14,5%
Litecoin (LTH) – 5,2%
One thing for sure 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 must continue. The complete list of the most popular cryptocurrencies is available in the company report.
Vitali Matsukevich commented: “Even though the world events and crises of 2022 have quarterly impact indicators, prevailing market dynamics continue to favor cryptocurrencies and their use in online gambling. The cryptocurrency-compatible iGaming market remains relatively stable and is adapting in line with global financial markets. We have a positive outlook on the future of cryptocurrencies.”
About SOFTSWISS
SOFTSWISS is an international iGaming company that provides certified software solutions for managing gaming operations. The team of experts, which has more than 1,500 employees, is based in Malta, Poland, Georgia and Belarus. SOFTSWISS holds several gaming licenses and provides complete iGaming software solutions.
The company has a vast portfolio of products including the Online Casino Platform, Game Aggregator with thousands of casino games, Affilka affiliate platform, a sports betting platform and Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a bitcoin-optimized online casino solution.
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