SOFTSWISS Crypto Report Shows Decline in Total Crypto Bets

SOFTSWISS, the Sweden-based iGaming provider, has released its latest crypto report. Titled ‘State of Crypto in Q3 2022’, the report highlights the major crypto trends in iGaming. For this report, SOFTSWISS has evaluated over 600 brands in the last quarter.

Interestingly, the share of fiat bets has risen in Q3 2022, and at the same time, cryptocurrency bets have experienced a tumble.

“Overall, since digital currencies are still catching on in the online gambling space, such fluctuations are not surprising given the general economic and political climate,” Vitali Matsukevich, the COO at SOFTSWISS, notes in the report.

SOFTSWISS Crypto Report Highlights

SOFTSWISS report shows decline in crypto bets
Image courtesy – SOFTSWISS State of Crypto in Q3 2022

In 2022, the third quarter was marked by some major events, like the ETH merge and the aftermath of ‘crypto winter’ – so the reports mentions that Q3 is more of a ‘recovery and consolidation’ and consolidation period for crypto.

Here’s a quick rundown of the highlights:

The total bets placed in crypto shows a slight dip of 5.9% Q-o-Q. Similarly, we see a downward trend of almost 23.5 % Y-o-Y – meaning, there’s an overall decrease in crypto wagers from the previous year. The dip in the value of the cryptocurrencies also contributes to the dip.

In Q3 2021, the share of fiat bets was 56.15% and that of cryptocurrencies was 43.85%. For Q3 2022, fiat currencies accounted for 70.83% of the total bets. Meanwhile, cryptocurrencies make up 29.17% of the bets, which marks a significant decline from last year.

Bitcoin remains the prominent cryptocurrency, followed by Ethereum and Litecoin. BTC takes the top spot in Q3 2022 with 72.85%. However, the share of Bitcoin has declined by almost 14 points, compared to Q3 2021. Meanwhile, Ethereum’s share has bolstered by almost 8 points.

“Despite the numbers, interest in cryptocurrency among players and operators is only increasing. As a comparatively new phenomenon in the iGaming industry, cryptocurrency faces a volatile environment, depending 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,” Matsukevich commented.

Considering the recent upheavals in crypto, such as FTX bankruptcy and the spreading contagion, the Q4 report will be worth watching out for.

Crypto-Friendly Providers and Top Games

On a lighter note, the report also mentioned top crypto-friendly game providers as well as some of the popular crypto games.

Top Crypto-Friendly Providers

The report lists BGaming, Platipus, Booming Games, Evolution, and Belatra as the top providers, which are favourite amongst crypto iGamers. BGaming has been the biggest proponent of crypto games, and now it sits at the top of the list.

Top Crypto-Friendly Games

Coming to the games, Blackjack Live and Blackjack VIP by Evolution take the top two places. Meanwhile, Book of Cats slot by BGaming comes in third. Wild Spin by Platipus and Booming Bananas by Booming Games take the fourth and the fifth place respectively.