SOFTSWISS reports decrease in crypto gambling

  • Friday 11 November, 2022
SOFTSWISS reports decrease in crypto gambling

SOFTSWISS has recently published its latest report on the performance of cryptocurrencies which highlighted a slight decrease in crypto gambling.

Every so often SOFTSWISS publishes a report of cryptocurrency statistics from their products. With only two months left in the year, this one covers its majority.

Before going over the main figures, the firm published the values of all bets placed through its platforms in the first ten months of the year. They have experienced a healthy period of growth in the period, and the numbers reflect that. There have been nearly 60 billion euros worth of bets placed through the company’s offerings, which represents a massive 33% increase compared to the previous year’s 44.5 billion euro figure.

Now moving on to the headline statistics, the developer has recorded a pretty significant drop in the utilization of cryptocurrencies. In the third quarter, there has been an over 23% decline in cryptocurrency betting compared to the same period in the year prior. Looking at the quarter-on-quarter results of 2022, going from the first to the second saw usage climb by 6% for the technology, which was then almost completely eliminated when comparing the latter to its subsequent quarter.

One of the largest factors for the downturn undoubtedly was the massive drop in the value of various cryptocurrencies experienced in the past 12 months. Despite that, this is not as catastrophic as a lot of players in the industry thought it would be, as the 23% decrease in utilization recorded by SOFTSWISS is nowhere near the over 70% decline currencies like Bitcoin have experienced in the period.

Despite the negative figures presented by our report, interest in the technology is only growing, as it is still relatively a new concept in the industry. Because of that it is pretty volatile and susceptible to various social and economic factors. We expect it will pick back up in the final quarter of the year, however, as the iGaming sector is still expanding rapidly.

stated the chief operating officer of SOFTSWISS, Vitali Matsukevich, commenting on the report.