With less than two months to go until 2022, it has arguably been another year where cryptocurrency has been a hot topic across numerous industries, including the online gaming space.
GZIRA, Malta, November 17, 2022 As the first iGaming software company to work with cryptocurrencies, SOFTSWISS regularly shares the company report that includes the latest information on the performance of cryptocurrencies in major products to inform the community. in general about the market potential.
Before going into the details of cryptocurrencies, it is worth noting that during the first three quarters of 2022, total bets on the provider's platform increased by 33.1% compared to this period in 2021, demonstrating a significant growing interest in their products.
Further supporting the good performance of SOFTSWISS's business model and the increase in its customer base, the company's GGR for the first three quarters 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 strong performance from both products. The difference in GGR so far this year is a staggering 36.6% increase, with SOFTSWISS's customer base continuing to expand, ensuring bettors utilize the provider's range of products with both fiat and cryptocurrencies. .
DECLINE OF CRYPTOCURRENCIES
While the value of all fiat bets rose 8.4% QoQ and 24.2% year-to-date, there was an overall decline in the number of individual crypto bets placed.
Compared to the second quarter, the value fell 5.9%. However, compared to the three quarters of 2021, a more considerable decrease in cryptocurrency bets is observed: 23.5%.
The second quarter highlighted the cyclical nature of the cryptocurrency. Although this is far from the crypto winter that the iGaming industry was crying out for, it is a sign that a phase of cryptocurrency betting is coming. However, seasonality is likely to play a role in the fourth quarter, as is often the case towards the start of the holiday season, which sees increased betting.
Commenting on the latest SOFTSWISS report, Vitali Matsukevich, COO of SOFTSWISS, said: "Despite the numbers, the interest in cryptocurrency among players and operators is only increasing. As a comparatively new phenomenon in the gaming industry, iGaming, the cryptocurrency is facing a volatile environment, which depends 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."
TRUST MARKET SHARE INCREASES
A significant number of bets, more than 70%, are made with fiat currency, and crypto bets represent a third of the total betting volume. It is also important to note that in a comparison of the three quarters of 2021, the proportion of bets on cryptocurrencies was definitely higher, at almost 44%, and this is reflected in the graph compared to the same period of 2022. This difference of last year with respect to the current one is explained by the positive fluctuations of the major and minor cryptocurrencies during the Second Wave of 2021.
Of the players using cryptocurrencies, the data shows that Bitcoin, Ethereum, and Litecoin remain the most common choices. Overall, players remain loyal to their chosen cryptocurrencies, with Bitcoin holding near-ubiquitous dominance, with over 72% of all crypto bets placed on the currency in Q3. However, at SOFTSWISS it is strongly believed that USDT betting will only increase.
The ranking of the most wagered cryptocurrencies in the third quarter is shown as follows:
One thing is certain, despite a continued decline in crypto betting in Q3 2022, players continue to demand the use of altcoins. More and more operators understand the importance of offering it as a payment solution, which is expected to continue.
The complete list of the most popular cryptocurrencies is available in the company report.
Vitali Matsukevich commented: "Despite the world events and crises of 2022 having indicators of quarterly impact, the prevailing market dynamics continue to favor cryptocurrencies and their use in online gambling. The iGaming market that favors Cryptocurrency is relatively stable and adjusting in line with global financial markets. We have a positive outlook on the future of cryptocurrency."
About SOFTSWISS
SOFTSWISS is an international brand providing widely recognized and certified software solutions for iGaming operations management. SOFTSWISS is the holder of several gaming licenses and offers one-stop iGaming solutions. In 2013, SOFTSWISS was the first in the world to introduce a bitcoin-optimized online casino solution.
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