Traditional Currencies Take the Lead in Q3

Undoubtedly one of the hottest topics in the online casino industry, cryptocurrencies have established a firm presence in the digital entertainment sector. Being one of the pioneers of crypto gambling, SOFTSWISS publishes reports on a regular basis, aiming to give an insight into how often this payment option is the top choice for consumers.

Unlike in the previous reports, where the steady and continuous incline in the use of Bitcoin and other cryptocurrencies is spotted, Q3 2022 saw a decline. The most recent report aims to explain the reason behind the drop, while also clarifying the increasing popularity of fiat currencies online casinos-wide.

Explaining the Decline in the Use of Crypto

As far as the figures presented by SOFTSWISS indicate, there’s an overall drop in the number of individual crypto bets placed. When compared to the previous quarter, the value decreased by 5.9%. Furthermore, when comparing the data with the first three quarters of 2021, an even more notable decrease is spotted- a surprising 23,5%.

On the other hand…

…when looking at the data on a quarter-on-quarter level an increase of 8.4% is spotted. Also, the year-to-date level shows an upward trend and an incline of 24,2%.

According to Vitali Matsukevich, COO at SOFTSWISS, different economic and social factors play a significant role in the use of crypto in general, especially in a highly volatile environment, such as the iGaming industry. Despite the not-so-favorable Q3 for crypto bets, he is positive that the interest in crypto among players and operators will continue to go up.

Fiat Currencies Experience Significant Growth

While the stats may not seem quite encouraging for the crypto-gambling market, Q3 seems to have been quite a good one for fiat currencies. More than 70% are placed with fiat currency whereas one-third of the total bet volume represents bets made in crypto.

Vitali Matsukevich explained the situation as follows:

“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. The crypto-friendly iGaming market remains relatively stable and is adapting in line with the global financial markets. We have a positive outlook on the future of crypto.”

Closer Look at the Most Popular Crypto Choices

Just like in the previous period, Bitcoin, Ethereum, and Litecoin continue to be the most common options. The company also predicts that Tether (USDT) will be on the rise.

Expressed in percentages, the stats show as follows:

• Bitcoin (BTC) – 72,8%;
• Ethereum (ETC) – 14,5%
• Litecoin (LTH) – 5,2%

Despite the decrease noticed in Q3, in a comparison of the three quarters of 2021, the ratio of cryptocurrency bets was higher at almost 44%. This difference from last year over the current year is explained by the positive fluctuations of major and minor cryptocurrencies during the Second Wave in 2021.

Taking the entire situation into account….

… SOFTSWISS concluded that the previous quarter was a successful one, as the interest in its products is continuously rising. Compared to the first three quarters of 2021, the same period in this year saw significant growth. The total bets increased by 33.1%, mainly in the Casino Platform and the Game Aggregator solutions. The company is positive that consumers will continue to use alternative currencies, despite the previous Q’s decline.

Source:

“SOFTSWISS Highlights Resurgence of Fiat Currencies in Latest Crypto Report”, softswiss.com, November 11, 2022.