In its quarterly analytics for Q324, industry leader SOFTSWISS revealed that almost 60% of respondents identify crypto as the primary driver in new markets, underscoring the pivotal role it will play in shaping the future of iGaming as Bitcoin edges ever closer to the magical $100,000 mark.
Global statistics indicate that approximately 26% of the world’s population have ever engaged in iGaming. The market is projected to reach 243.2m users by 2028, and a volume of almost €130bn ($136bn), and a substantial portion of this is expected to involve cryptocurrency.
SOFTSWISS data showed that during the first nine months of 2024, the Total Bet Sum, including both fiat and crypto, increased by 43.1% compared to the same period of 2023, with the Total Bet Count growing by 44.5%.
Conventional currency remains strong
However, comparison analysis since 2022 shows that a conservative approach toward payment methods meant that Fiat bets still rose more rapidly than crypto. Over the first nine months of this year, the Fiat Bet Sum grew by 50.4% compared to the same period last year, resulting in a modest 4% decline in the crypto share in 2024.
Potential going forwards
Vitali Matsukevich, COO at SOFTSWISS, says that “integrating crypto payments allows iGaming businesses to operate globally, delivering greater speed and convenience. With iGaming’s naturally borderless reach, this expands platforms’ access to a wider international audience, boosting their global growth potential.”
Max Krupyshev, CEO of CryptoProcessing by CoinsPaid, adds: “What is more, crypto transaction fees can be almost three times lower compared to traditional fiat gateways, allowing iGaming businesses to save on processing costs and reinvest that capital.”
Stable interest in crypto
SOFTSWISS data shows that in the first nine months of 2024, the Crypto Bet Sum increased by 15.2% compared to the same period last year. And a long-term quarter-by-quarter analysis reveals a consistent growth pattern, despite a 9% decline from the previous quarter in Q3 that aligned with the decline in the exchange rates of major cryptocurrencies, including Bitcoin, Litecoin and Ethereum.
At the same time, the Crypto Bet Count rose by 16.2% in Q324, indicating stable interest. This combination reveals that while engagement in crypto betting remains steady, the total wagered sum is closely correlated to fluctuations in cryptocurrency exchange rates.
Altcoins share growth
The Top 5 most popular cryptocurrencies in iGaming have remained stable over the years, with some shifts in the ranking order. Bitcoin, Ethereum, Litecoin, Tether and Dogecoin are the most popular among players. While altcoins accounted for only 25.1% of bets over the first nine months of last year, their share increased significantly to over 47% during the same period in 2024.
Bitcoin’s share dropped by 22% during the nine months of 2024 compared to the same period of 2023. At the same time, Tether and Litecoin saw the most impressive share growth, with over 8% and 7.8% respectively. Ethereum strengthened by 4.9%.
Another impactful trend reveals that some casinos have introduced their own iGaming tokens to boost player engagement. Tokens designed specifically for iGaming offer enhanced compatibility across platforms, lower volatility and exclusive perks for users. This trend shows that crypto drives the development of new payment methods and business growth.
Crypto offers key advantages
In summary, Vitali Matsukevich says: “Crypto offers iGaming operators key advantages beyond lower costs and global reach.
“Blockchain enhances safety and fairness through transparency and traceability, with each transaction and game result permanently recorded and tamper-proof.
“Partnering with trusted crypto experts allows operators to harness these benefits, positioning themselves for growth and effectively navigating market shifts.”
The SOFTSWISS iGaming Trends 2025 Report offers more insights about crypto in the ever-evolving iGaming sector and is FREE to download HERE
