Leading iGaming software provider and a pioneer in crypto casino gambling, SOFTSWISS, published its annual State of Digital Coins report for the year 2022. SOFTSWISS has analysed data from more than 700 of its Game Aggregator and Casino Platform client portfolios and made a year-over-year comparison with 2021.
State of the Crypto Market in iGaming
The company’s previous annual report showed that 2021 was a great crypto and NFTs year, with the cryptocurrency market surpassing $3 trillion. However, 2022 was not a good year for cryptocurrencies and the global crypto marker, and the trend reflected itself in the iGaming industry, as well.
According to the data SOFTSWISS collected from its Game Aggregator and Casino Platform clients, the total crypto bet sum in 2022 was $20.2 billion, which is a 14.6% drop from 2021. Cryptocurrency betting’s share dropped from 35% in 2021 to 24% in 2022, while the share of fiat currencies rose accordingly.
The SOFTSWISS Casino Platform launched the In-Game Currency Conversion tool in March 2022. The tool automatically converts digital coin bets into fiat wagers and enables crypto players to play all the games that don’t usually allow crypto deposits.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, stated the company’s take on the current cryptocurrency market conditions:
2022 was not as bright for digital currencies and NFTs as 2021. We are optimistic about 2023 and confident that players won't stop choosing crypto because of its transaction speed, anonymity, and decentralised nature.
What was the Overall State of Things for SOFTSWISS in 2022
When we look at the big picture, the report shows that the total bets grew by 31% compared to 2021 to a staggering $84.1 billion. This growth was thanks to new partnerships and markets and the geo expansion of the company’s existing clients.
Gross Gaming Revenue (GGR) also shows an upward trend, and it is up 36% year over year from $2,4 billion to $3,3 billion. Gross Gaming Revenue indicates the total amount earned from the players’ bets, excluding the winnings. This is primarily thanks to the GameAggregator team's support to clients looking to conquer or expand their presence in the growing LatAm market.
