SOFTSWISS, a pioneer in crypto gambling with its Crypto Casino Solution and 10 years of market expertise, has analyzed the past year’s data related to cryptocurrencies to provide an estimate for the future of the crypto market. A leading tech provider for the iGaming industry has presented its latest crypto report 2022 vs 2021, based on the inputs from 700 clients of the SOFTSWISS Game Aggregator and Casino Platform.
Extensive 2022 handle:
The overall uncertainty of the 2022 global developments has affected multiple business sectors related to cryptocurrencies including the iGaming industry. However, SOFTSWISS reports that the total crypto bets placed through its platform as either fiat money or digital coins in 2022 were 31% above the level seen in 2021. Such a significant handle has resulted in a 36 % growth of the gross gaming revenue in comparison to the previous year.
The total wagered amount exceeded the 20 billion euro level in Q2 2022 to keep growing at a steady 35% pace each quarter until the end of the year 2022. This pace has been reflected in a quarterly average GGR increased by 2.7 times over the year 2021 average to result in a 36% GGR growth for the full year 2022.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, commented: “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. There is still a strong drive for iGaming operators to implement and expand payment methods supporting digital coins.
Matsukevich continued: ”iGaming tech providers will still be focused on developing new crypto-centric tools. For example, we’ve 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.”
Fiat vs Crypto:
In 2022, the overall amount of crypto bets decreased by 14.6% to 20.2 billion euros and the drop was reflected in the fiat share growth. As a result, the total fiat bets represented 76% of the total handle.
In 2022, Bitcoin price fell by 60% but this is still the leading coin wagered with a 72.7% share of the total crypto bets placed last year. Overall in 2022, players most frequently used Bitcoin (72.7%), Ethereum (13.6%), and Litecoin (5.5%).
Continued crypto projects:
Summarizing the analysis, Matsukevich said: “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 decentralized nature.”
He added: ”Despite all digital coin fluctuations, crypto has already gained a significant share among players and operators and has become an integral part of the market. 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.”