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Crypto bets drop 14.6% while Ether grows its share

Crypto bets drop 14.6% while Ether grows its share

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The unstable climate of the past year has affected various sectors related to cryptocurrencies, and the iGaming industry was no exception.

SOFTSWISS has analysed the past year’s data in order to share an expert crypto report with the industry.

A pioneer in crypto gambling with its Crypto Casino Solution, SOFTSWISS analyses the crypto market quarterly. The developer has presented its newest report analysing the results of 2022 versus 2021, based data from 700 Game Aggregator and Casino Platform clients.

Despite the last year’s fluctuations in the crypto market, total bets made on the supplier’s platform across both FIAT and digital currencies increased by 31% over 2021. The GGR also showed YoY growth of 36%.

In Q2 2022, total bets passed the €20bn mark. The indicator continued to grow steadily each quarter until the end of 2022.

Vitali Matsukevich, COO 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. They became 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 have 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.”

Compared to 2021, the overall amount of crypto bets decreased by 14.6% to €20.2bn. By the end of 2022, total FIAT bets accounted for 76% of total player bets. 

Despite dropping over 60% in price in 2022, Bitcoin still accounts for 72.7% of the total crypto bets. At the same time, it has lost 7.4% since 2021, with Ethereum improving its popularity among players by 3.7%.

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

Vitali Matsukevich 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 gained a significant share among players and operators and has become an integral part of the market. For this reason, SOFTSWISS is continuing to strengthen its partners’ projects, whether FIAT or crypto, with innovative new tools and solutions, providing operators with security, reliability and top-level service.”