Cryptocurrency bets decline in Q3

SoftSwiss COO still bullish on the future of crypto in the industry, while citing decreased gaming activity.

Fiat currencies are making a resurgence in igaming, with crypto bets falling to around 29% of all bets for Q3 2022, according to SoftSwiss’ latest State of Crypto report.

By comparison, bets made with crypto accounted for almost 44% in Q3 2021.

According to the report, crypto bets for Q3 2021 were at €8.29b ($8.6b at the time of writing). The numbers for Q3 2022 fell by 24% to €6.34b ($6.58b).

There was also a slight drop of 5.9% in quarter-on-quarter comparisons, as the numbers for Q2 were around the €6.74b ($7b).

The report suggested that the 24% difference compared to last year was explained by the surge of cryptocurrencies during the “Second Wave” in 2021, however the budding cost of living crisis and the deepining crypto winter might be contributing factors as well.

The most-used cryptocurrencies for betting were: Bitcoin (BTC), sitting at 72,8%, followed by Ethereum (ETC) at 14,5%, and Litecoin (LTH) which was used in 5.2% of bets.

SoftSwiss chief operational officer Vitali Matsukevich was bullish, despite the numbers. According to Matsukevich, “interest in cryptocurrency among players and operators is only increasing”.

He added that the company expected crypto rates to increase in Q4, “driven by current gaming activity”.

All in all, this means that fiat currencies have won this round with around 70% of all bets placed using it, instead of cryptocurrencies.

The report also contained some rather positive results for the supplier’s platform. Comparing the cumulative results for the first three quarters of 2022 versus the same period in 2021 showed a 33.1% increase. This, the company felt, is clearly indicative of the growing interest in its products.

The overarching narrative here is rather simple: while the industry itself seems to be growing, cryptocurrencies and their adoption in it are highly dependent on current macroeconomic factors.

SoftSwiss isn’t going to just sit on its hands, waiting for that to happen on itself however, and it has shown its continued commitment to making it easier for players to bet with cryptocurrencies.

Looking for your next crypto casino? Check out: Bitcasino, or FortuneJack.

Written by Kyamil Nasuf


Kyamil is a big tech fan, who loves hummus on everything and has enjoyed writing from a young age. He's had experience in writing anything from essays, through personal art, to news pieces and more serious tech analysis. In recent years he’s found fintech and gambling collide with all his interests, so he truly is a great fit to our team.

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