The total number of bets placed using cryptocurrency fell by 14.6% year-on-year to €20.2 billion (US$21.4 billion) in 2022, impacted by “global turbulence” according to an analysis by iGaming platform provider SOFTSWISS.
In a new report issued this week, which utilized input from 700 of the company’s clients, SOFTSWISS said the amount bet in crypto fell by €3.5 billion (US$3.71 billion) last year with the share of bets placed using traditional fiat currency subsequently rising to 76%.
Bitcoin remained the most popular cryptocurrency in use, accounting for 72.7% of all crypto bets, followed by Ethereum with 13.6% and Litecoin with 5.5%.
“2022 was not as bright for digital currencies and NFTs as 2021,” said SOFTSWISS Chief Operating Officer, Vitali Matsukevich.
“We are optimistic about 2023 and confident that players won’t stop choosing crypto because of its transaction speed, anonymity and decentralised nature. Despite the fluctuations, crypto has already gained a strong foothold and has become an integral part of the market.”
While crypto betting was on the decline, SOFTSWISS said total bets in both fiat and digital coins through its platform grew by 31% year-on-year, with GGR up 36%. In comparison with 2021, the quarterly average GGR increased 2.7 times, showing 38% growth.
