Bettors put €8.2bn ($8.48bn) in cryptocurrency wagers in Q3 2021; this amount dropped to €6.3bn in Q3 2022, a 24% decrease.

Softswiss data indicates that cryptocurrency betting appears to be in decline. The data indicates that the amount of cryptocurrency betting has not increased over €6.7 billion, which was the amount in Q2 2022.

Additionally, the analysis showed how spending on cryptocurrency is changing relative to cash, with 44% of bets made in Q3 2021 being made using cryptocurrency. But by Q3 2022, this percentage had dropped significantly to 29%.

This could be due to a number of factors, including the cost of living problem, which has reduced people's willingness to take on financial risk by investing in cryptocurrencies, leading to an increase in the number of people who are only making bets with conventional fiat currencies.

In response to the drop, Softswiss released the following statement: "There was an overall fall in the number of individual crypto bets placed, even if the value of all bets in fiat currency climbed by 8% on a quarter-over-quarter level and by 24% on a year-to-date level.

In the second quarter, the value decreased by 6%. But we can see a more significant decline in bitcoin bets as compared to the first three quarters of 2021.

Vitali Matsukevich, the COO of Softswiss, expressed optimism about the future of cryptocurrency betting, noting that "player and operator interest in cryptocurrencies is growing despite the numbers."

As a relatively recent development in the iGaming sector, cryptocurrencies are subject to a variety of erratic social and economic conditions. However, given the current state of gaming, we anticipate a rise in cryptocurrency rates in the fourth quarter of this year."