In Q3 2021, €8.2bn ($8.48bn) in crypto bets were placed by bettors, which fell by 24% in Q3 2022 to €6.3bn.

Crypto betting appears to be declining according to Softswiss, which showed that throughout the year, crypto betting has not climbed above €6.7bn – a figure it reached in Q2 2022.

Furthermore, the report demonstrated the shifting difference in crypto spending vs cash, with 44% of bets placed in Q3 2021 being crypto-based. However, in Q3 2022, this figure had vastly decreased to 29%.

The reasons for this could be rooted in the cost-of-living crisis, which has affected how much people are willing to risk money by putting it into crypto – meaning more people are just placing bets in traditional fiat currencies. 

Softswiss commented on the decline, saying in a statement: “While the value of all bets in fiat currency increased by 8% on a quarter-on-quarter level and by 24% on a year-to-date level, there was an overall decline in the number of individual crypto bets placed.

“Compared to the second quarter, the value fell by 6%. However, in comparison with the first three quarters of 2021, we can note a more considerable drop in cryptocurrency bets.”

However, Softswiss COO Vitali Matsukevich was bullish on the future of cryptocurrency betting, saying: "Despite the numbers, interest in cryptocurrency among players and operators is only increasing.

“As a comparatively new phenomenon in the iGaming industry, cryptocurrency faces a volatile environment, depending on different economic and social factors. However, we expect crypto rates to increase in the fourth quarter of this year, which will be driven by current gaming activity."