SOFTSWISS, the first iGaming software company to work with cryptocurrencies, posted a new report about the performance of crypto coins across key products. Through this report, the company seeks to familiarize other players in the sector with the potential of crypto.
SOFTSWISS Published Its Report
2022 has been a very favorable period for the company so far with total bets on its platform increasing by 33.1% year-on-year throughout 2022. This shows that the global market is increasingly aware of and interested in its products. In turn, this reinforced the company’s performance, which paired with its successful business model, saw GGR increase by 36.6%.
Not everything is entirely rosy in the crypto field though, as the overall number of crypto bets declined. The silver lining is that while there were fewer individual bets, the value of all bets in fiat currencies actually increased by 8.4% quarter-on-quarter and by 24.2% on a year-to-date level. However, the total value of crypto bets still declined by 23.5% on a year-over-year basis.
The fluctuations, SOFTSWISS noted, are due to the cyclical nature of cryptocurrency. The company believes that this is not a “crypto winter” but warned that it still shows a temporary downturn in crypto betting. The company forecasts an uptick in bets during the holidays.
Vitali Matsukevich, SOFTSWISS’ chief operating officer, said that the temporary slowdown doesn’t change the fact that the overall interest in crypto keeps on increasing. He emphasized the volatile nature of the vertical, saying that it depends on various economic and social factors.
There Is Still Interest in Crypto iGaming
Meanwhile, fiat currency continues to grow its market share. In Q3 2022, more than 70% of the bets placed on SOFTSWISS’ platform were in fiat currencies, while the crypto share declined to 29% from 44% in Q3 2021.
Taking a look at which cryptocurrency coins are the most popular, we see that Bitcoin continues to dominate the sector. In Q3, over 72.8% of crypto bets on SOFTSWISS’ platform used BTC. Ethereum and Litecoin came next with a share of 14.5% and 5.2% respectively.
The company, however, remains optimistic that USDT betting will soon rise. SOFTSWISS also noted that despite the decline of crypto, there is an increased interest in alternative currencies. The iGaming company noted that it believes more operators will soon recognize the importance of accepting alternative currencies as a valid payment method.
Matsukevich elaborated:
Even though world events and crises of 2022 have quarterly impact indicators, prevailing market dynamics continue to favor cryptocurrencies and their use in online gambling.
Vitali Matsukevich, COO, SOFTSWISS
He concluded that the crypto-friendly iGaming market is still more or less stable.