With less than two months left in 2022, it’s safe to say that this has been another year where cryptocurrency has been a hot topic across many industries, including the online gambling space.
GZIRA, Malta, November 17, 2022 /PRNewswire/ — As the first iGaming software company to work with cryptocurrencies, SOFTSWISS regularly shares the company’s report which includes the most up-to-date cryptocurrency performance information on key products in order to inform the wider community of market potential.
Before diving into the specifics of crypto, it should be noted that in the first three quarters of 2022, total bets on the supplier’s platform augmented by 33.1% compared to this period in 2021, showing significant growth in interest in its products.
Further supporting the strong performance of SOFTSWISS’ business model and growing customer base, the company’s GGR for the first three quarters was also up from 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 strong performance from both products. The difference in GGR since the beginning of the year is amazing 36.6% increase, as SOFTSWISS’ customer base continues to expand, ensuring punters use the provider’s product range with both fiat and cryptocurrencies.
DECLINE IN CRYPTOCURRENCIES
While the value of all fiat currency bets increased by 8.4% quarter-over-quarter and 24.2% year-to-date, there has been an overall decline in the number of individual crypto bets placed.
Compared to the second quarter, the value decreased by 5.9%. However, in comparison with the three quarters of 2021, a more considerable drop in betting on cryptocurrencies can be noted – 23.5%.
The second quarter highlighted the cyclical nature of cryptocurrency. While this is a far cry from the crypto winter the iGaming industry was crying out for, it does signal a coming downturn in cryptocurrency betting. However, seasonality will likely play a role in the fourth quarter, as is usually the case towards the start of the holiday season, which sees an increase in betting.
Comment on SOFTSWISS‘ latest report, Vitali MatsukevichCOO at SOFTSWISS, said: “Despite the numbers, interest in cryptocurrency among gamers and operators is only increasing. As a relatively new phenomenon in the iGaming industry, cryptocurrency faces a volatile environment, according of different economic and social factors. fourth quarter of this year, which will be driven by current gaming activity.”
FIAT’S GROWING MARKET SHARE
A significant number of bets, over 70%, are placed with fiat currency, and crypto bets account for a third of total betting volume. It is also important to point out that in a comparison of the three quarters of 2021, the cryptocurrency betting ratio was significantly higher at almost 44% – and this is reflected in the graph compared to the same period in 2022. This difference from last year compared to the current year is explained by the positive fluctuations of major and minor cryptocurrencies during the second wave in 2021.
Among players using cryptocurrencies, data shows that Bitcoin, Ethereum, and Litecoin continue to be the most common options. In general, players remain loyal to their chosen crypto coins, with Bitcoin having near-ubiquitous dominance as over 72% of all crypto bets were placed with the currency in Q3. However, there is a firm belief within SOFTSWISS that USDT bets will be on the rise.
The ranking of cryptocurrencies most frequently betting in the third quarter is presented as follows:
- Bitcoin (BTC) – 72.8%;
- Ethereum (ETC) – 14.5%
- Litecoin (LTH) – 5.2%
One thing for certain is that despite a continued decline in crypto betting in the third quarter of 2022, players are still demanding to use alternative currencies. More and more operators understand the importance of offering it as a payment solution, which should continue.
The full list of the most popular cryptocurrencies is available in the company’s report.
Vitali Matsukevich commented : “Even though the global events and crises of 2022 have quarterly impact indicators, the prevailing market dynamics continue to favor cryptocurrencies and their use in online gambling. The iGaming crypto market -friendly remains relatively stable and adapts according to global financial markets. We have a positive view of the future of crypto.”
SOFT SWISS is an international brand providing widely recognized certified software solutions for iGaming operations management. SOFTSWISS holds multiple gaming licenses, providing one-stop iGaming solutions. In 2013, SOFTSWISS was the first in the world to introduce an online casino solution optimized for bitcoins.
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