Gambling software giant SoftSwiss has reported a 31% increase in crypto wagers via fiat or crypto from €64bn ($67.8bn) to €84.1bn last year, compared to 2021.
This equated to a 36% growth in gross gaming revenue (GGR) from €2.4bn to €3.3bn compared to the previous year.
The company’s 2021-2022 crypto report was based on inputs from its game aggregator and casino platform clientele.
In Q2 2022, the total amount wagered exceeded €20bn maintaining a steady 35% pace each quarter until the end of the year.
The quarterly average GGR increased 2.7 times in 2021, resulting in the 36% growth in GGR for the whole of 2022.
Crypto bets decreased by 14.6% in 2022 to €20.2bn, a drop reflected in the fiat share growth that resulted in fiat bets representing 76% of the total handle.
Last year was uncertain toward the global development of the crypto industry following a ripple effect of insolvent firms leading up to FTX’s liquidation in November.
SoftSwiss COO Vitali Matsukevich said: “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.
“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.”
The report shows the price of Bitcoin (BTC) fell by 60%, but it remained the leading coin accounting for a 72.7% share of the total crypto bets placed in 2022, with Ethereum (ETH) following at 13.6%, and Litecoin (LTC) at 5.5%.
“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”, said Matsukevich.
”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.”
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