SOFTSWISS pioneered the online crypto casino movement and continues to assert its dominance in the arena. As the leader of a multimetric solutions company focused on cryptocurrency gambling, the company is in a unique position to analyze the state of currencies in iGaming. In addition to more than a decade of experience, the company’s heritage arguably has access to more data on the subject than anyone else game aggregator And Casino platform. The company has approx 700 customers using one or both of these solutions.
In addition to annual reports, SOFTSWISS also publishes quarterly updates. While just-in-time information is valuable, annual reports tend to better reflect longer-term trends.
The current digital currency gambling trends for 2022 compared to 2021 are not exceptionally rosy, nor is the current trend of a return to fiat currencies for online gambling seen recently. Before we dive into the numbers, caveats should be made: all data is from customers of HH; In the middle of the year they introduced one Currency to fiat currency converter and all bets placed in fiat currencies were counted as fiat bets even if the deposits and withdrawals were crypto.
The value of Bitcoin And etherthe two largest cryptocurrencies by market cap, fell 65% and 67% year-over-year.
Overall bets on cryptocurrencies fell by almost 15%, but Ether increased its share of the total bets placed against Bitcoin. We’ll deal with that in a moment too.
Cryptocurrency trends in iGaming They are inseparable from macroeconomics and the place of cryptocurrency within it. However, many players may have been reluctant to use digital currencies due to the chaotic events they were involved in, including November’s FTX debacle. The overall cryptocurrency climate was basically shaky for most of the year, but stakes on the company’s platform rose sharply taking that into account fiat currency.
The company’s platform experienced a 31% increase in the total number of bets placed in 2022 compared to those in 2021. Gross Gaming Revenues (GGR) increased by 36% compared to 2021 figures.
The platform managed more than 20 billion euros in bets in the second quarter only last year, including fiat currencies and cryptocurrencies. This number continued to increase throughout the year. The average bet Completed increased by 35% in the second quarter of 2022 compared to the same quarter of 2021.
It is possible that a growing number of customers of the game aggregator soft swiss, new partnerships with 18 game studios and three new accredited providers maltand continued geographic expansion of existing customers have contributed to the increase in numbers.
GGR increased by 36% in 2022 from €2.4 billion to €3.3 billion – Much of this could be attributed to the explosive expansion of the Latin American market, with SS constantly working to help clients conquer the lucrative emerging market.
Looking at the phenomenal growth in fiat staking and revenue compared to a less than stellar cryptocurrency performance, we see that BTC and ETH have been moving in different directions. The Bitcoin share of the entire crypto pie lost 7.4% percentage points over the course of the year Ethereum gained 3.7% in popularity among gamers.
SOFTSWISS COO Vitali Matsukevich commented: “The fact that we are seeing an increasing number of new fiat projects does not diminish the power of the already established global community of crypto players. There is still strong momentum for iGaming operators to implement and expand payment methods that support digital currencies. iGaming technology providers will continue to focus on developing new crypto-centric tools. For example, we introduced the in-game currency conversion feature, which allows the cryptocurrency audience to enjoy all available games by automatically converting digital currency bets to fiat bets.”
Escrow bets accounted for 76% of all bets on the platform at the end of 2022.
The three most used digital currencies along with their share of the total were:
Bitcoin – 72.7%
Ethereum – 13.6%
Litecoins – 5.5%
DOGE It gained popularity, as did LTC, while USDT almost doubled its share from 1.7% of all crypto bets to 3.7%. Bitcoin Cash fell out of the top 6 list and was replaced by XRP with an initial share of 0.7%.
CEO Matsukevich expressed optimism for 2023, stating that players will not abandon cryptocurrencies thanks to their decentralized nature, transaction speed and anonymity.
He added: “Despite all the fluctuations in digital currencies, cryptocurrencies have already gained a significant share among gamers and traders and have become a staple of the market. For this reason, SOFTSWISS continues to strengthen the projects of its partners, whether fiat or cryptocurrencies, with new tools and innovative solutions, offering operators security, reliability and a first-class service.”
Source: SOFT SWISS, An invitation to view the reportFebruary 23, 2023