SOFTSWISS partner GGR was up 36% in 2022 with fiat bets dominating

SOFTSWISS was a pioneer in the online crypto casino movement and still maintains its dominance in the arena today. As the leader of a multimetric solutions company focused on cryptocurrency gambling, the company is in a unique position to analyze the health of coins in iGaming. In addition to more than a decade of experience, the company probably has access to more data on this topic than anyone else through its provenance game aggregator And Casino platform. The company has approx 700 customers Use one or both of these solutions.

In addition to annual reports, SOFTSWISS also publishes quarterly updates. While just-in-time information is valuable, annual reports tend to better reflect longer-term trends.

The current trends in digital slots for 2022 compared to 2021 are not exceptionally rosy, nor is the current trend of a return to fiat currencies for online gambling of late. Before you delve too deeply into the numbers, caveats should be stated: all data is from SS customers; In the middle of the year they introduced a Coin to fiat converter and all bets placed in fiat currencies, even if the deposits and withdrawals were cryptos, were counted as fiat bets.

The value of Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, fell 65% and 67%, respectively, year over year.

Overall, crypto bets fell nearly 15%, but Ether increased its share of the total bets made against Bitcoin. We’ll go into that in a moment too.

Crypto trends in iGaming are inseparable from the macro economy and crypto’s place in it. However, many players may be reluctant to use digital currencies due to the chaotic events they have been involved in, including November’s FTX debacle. The overall crypto climate was basically unstable for most of the year, but gambling on the company’s platform increased noticeably when fiat currency is taken into account.

The company’s platform saw a 31% increase in total bets in 2022 compared to those in 2021. Gross Gaming Revenues (GGR) increased by 36% compared to 2021 figures.

The platform has been adopted 20 billion euros in bets in the second quarter alone last year including fiat and cryptocurrencies. This number continued to increase throughout the year. The average bet placed inincreased by around 35% in the second quarter of 2022 compared to the same quarter of 2021.

An increasing number of SOFTSWISS game aggregator customers may have contributed to the increase in numbers, new partnerships with 18 gaming studios accredited in Malta and three new providers as well as the consistent geographical expansion of existing customers.

GGR increased by 36% in 2022 from EUR 2.4 billion to EUR 3.3 billion – Much of this could be attributed to the explosive expansion of the Latin American market, with SS continuously working to help clients conquer the emerging lucrative market.
Looking at the phenomenal growth of fiat bets and revenue versus the less-than-stellar crypto performance, we see BTC and ETH moving in different directions. Bitcoin’s share of the overall crypto pie lost 7.4% percentage points over the year Ethereum gained 3.7% in popularity among gamers.

SOFTSWISS Chief Operating Officer Vitali Matsukevich commented: “The fact that we are seeing an increasing number of new fiat projects does not diminish the power of the already established global community of crypto players. There is still a strong drive for iGaming operators to implement and expand payment methods that support digital coins. iGaming technology providers will continue to focus on developing new crypto-centric tools. For example, we introduced the in-game currency conversion feature that allows the crypto audience to enjoy all available games by automatically converting digital coin bets to fiat bets.”

By the end of 2022, fiat bets accounted for 76% of all bets on the platform.

The top three digital currencies used along with their share of the total were

Bitcoin – 72.7%
Ethereum – 13.6%
Litecoins – 5.5%

DOGE Gained popularity, as did LTC, while USDT almost doubled its share from 1.7% of all crypto bets to 3.7%. Bitcoin Cash dropped from the top 6 list and was replaced by XRP with an initial share of 0.7%.

CEO Matsukevich expressed optimism for 2023, assuring that players will not abandon crypto thanks to its decentralized nature, transaction speed and anonymity.

He added: “Despite all the 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 the projects of its partners, whether fiat or crypto, with new innovative tools and solutions that offer operators security, reliability and quality service.”

Source: SOFTSWISS, an invitation to view the reportFebruary 23, 2023