SoftSwiss Releases Mixed Crypto Data for 2022

SOFTSWISS, one of the leading names in crypto-gaming options, released a report on Wednesday regarding turbulence in this niche of the iGaming sector in 2022. 

Figures were deemed particularly significant for this period, as crypto-values were particularly volatile. Numbers for 2022 show the impact of exchange rate swings on crypto-aligned casino operators and give a clue as to trends for 2023 and beyond.

SOFTSWISS commissioned the report into crypto-betting based on input from over 700 clients exposed to crypto and fiat payments. 

Results suggest that wagers placed on SOFTSWISS platforms across all currencies increased by 31% year-on-year to the end of 2022. However, these impressive figures hid interesting changes in how players funded their play over the 12 months. 

The report highlighted that compared to the same period in 2021, bets placed through crypto decreased by 14.6% to £17.8 billion (EUR 20.2 billion). This trend saw fiat transactions account for 76% of all gambling transactions across the SOFTSWISS network, an outcome not seen for several years. 

Commenting on the findings of its survey, SOFTSWISS COO Vitali Matsukevich suggested that “The increasing number of new fiat projects does not diminish the power of the already established worldwide crypto community.”

Reflecting that the crypto sector had become firmly embedded with the IGaming market, Matsukevich pointed out, “There is still a strong drive for iGaming operators to implement and expand crypto payments and develop new crypto-centric tools, for example, we’ve launched the In-Game Currency Conversion feature to enable automatic conversion of digital coin bets into fiat wagers.”

However, the impact of market fluctuations was seen to have taken its toll to an extent. 

Over 2022, the value of Bitcoin fell by more than 60%, which translated into a 7.4% drop in the use of Bitcoin at SOFTSWISS partner sites. Still, Bitcoin is far and away the most popular crypto-funding option, with 72.7% of all crypto wagers placed using BTC. 

Ethereum was one of the chief beneficiaries. By the end of 2022, 13.6% of crypto bets were funded using this alternative crypto option, a rise of 3.6% on 2021 figures. 

Looking ahead, Matsukevich concluded that despite short-term volatility, cryptocurrencies still had a major role in driving growth in the wider industry, musing that “crypto has already gained a strong foothold and has become an integral part of the market.”

A belief that continues to underpin many of SOFTSWISS’s crypto-focused investments in 2023 and beyond.