SOFTSWISS shares iGaming crypto report showing total 14.6% drop; Ethereum grows share

iGaming software provider SOFTSWISS released Wednesday a new report showing how last year’s turbulence affected crypto online gaming.

According to the company, future predictions related to crypto require first addressing 2022 outcomes. The company delivered period’s data on the subject, shedding light on industry insights. In its latest report, the tech developer presented a comparison between 2022 and 2021 based on the inputs from 700 clients of the Game Aggregator and the Casino Platform by SOFTSWISS.

Despite the last year’s crypto fluctuations, the total bets, both in fiat and digital coins, through the supplier’s platform gained 31% compared to 2021. The GGR also grew by 36% year-over-year.

In Q2 2022, the total bets passed the EUR 20 billion ($21 billion) mark. The indicator had been growing steadily until the end of 2022. The average total bets increased by 35% quarter-over-quarter. In comparison with 2021, the quarterly average GGR increased 2.7 times, showing 38% of growth.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, commented: “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,” he added. “For example, we’ve launched the In-Game Currency Conversion feature to enable automatic conversion of digital coin bets into fiat wagers.”

However, compared to 2021, the overall amount of crypto bets decreased by 14.6% to EUR 20.2 billion. The EUR 3.5 billion ($3.7 billion) drop on the crypto side influenced the fiat share growth. By the end of 2022, the total fiat bets accounted for 76% of the total player bets.

Despite dropping over 60% in price in 2022, Bitcoin is still in the lead, accounting for  72.7% of the total crypto bets. At the same time, this digital coin has lost 7.4 p.p. since 2021. Ethereum has improved its popularity among players, gaining 3.7 p.p.

Reviewing 2022, the top 3 most used cryptocurrencies are Bitcoin, with 72.7%; Ethereum with 13.6%; and Litecoin with 5.5%.

“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 decentralized nature,” Matsukevich said.

“Despite the fluctuations, crypto has already gained a strong foothold and has become an integral part of the market,” he concluded. “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.”