As Bitcoin’s value skyrocketed in 2024, the crypto betting scene experienced a notable transformation, significantly impacting the iGaming industry, a SOFTSWISS report indicated.
Bitcoin’s influence is underscored in its annual report, the ‘State of Crypto’, the iGaming tech company states that as Bitcoin’s market capitalization reached approximately €1.8 trillion it accounted for over half of the total cryptocurrency market value.
‘This solidifies Bitcoin’s prominent role in both traditional and digital financial ecosystems”, the report added.
Growth in Betting Activity
SOFTSWISS analyzed data from over 500 brands to uncover key trends in the crypto landscape throughout the year, with the Total Bet Sum, which includes both fiat and cryptocurrency, surged by 35.9% in 2024 compared to the previous year. The Total Bet Count experienced the same growth rate, reflecting a strong upward trend in betting.
However, a closer look since 2022 reveals that fiat bets have risen significantly faster than crypto bets. In 2024, the Fiat Bet Sum increased by 40.1%, while the Crypto Bet Sum grew at a slower pace, resulting in a 2.5-percentage-point decline in the crypto share. This shift highlights the increasing dominance of fiat transactions in the betting landscape.
Bitcoin’s Exchange Rate Influence
The report confirms that cryptocurrency continues to play a crucial role in iGaming payments. In 2024, the Crypto Bet Sum rose by 18.7%, but the Crypto Bet Count fell by 12.8%, indicating a more cautious approach to crypto betting amidst Bitcoin’s rising exchange rate. The surge in Bitcoin’s value also led to a 1.4x increase in the average crypto bet, while the average fiat bet remained stable. This trend illustrates a strong correlation between wagered sums and cryptocurrency exchange rate fluctuations.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, noted, that “he sharp appreciation of Bitcoin in the final quarter of 2024 led to a more conservative approach among players toward crypto betting: but that the “increased value of Bitcoin resulted in higher average bet amounts, positively impacting the overall Crypto Bet Sum.”
Altcoins Gain Traction
Another significant trend in 2024 is the rise of altcoins, which now account for nearly half of all crypto wagers. SOFTSWISS data indicates that altcoins, including Ethereum, Litecoin, Tether, and Dogecoin, have steadily gained market share. In 2023, altcoins represented only 26.8% of total bets, but this share surged to nearly 50% in 2024. Bitcoin’s share dropped by over 17 percentage points, while Tether, Litecoin, and Ethereum saw increases of 7.3, 6.5, and 3.4 percentage points, respectively.
Emerging brands like Rollbit and Shuffle are capitalizing on this trend by leveraging proprietary tokens to boost player engagement. These gaming-specific tokens offer seamless integration, reduced volatility, and exclusive perks, fostering innovation in payments and business growth. However, developing these tokens requires significant resources, including substantial marketing budgets, to build trust and encourage adoption.
“Bitcoin’s rate surge in 2024 has driven higher average crypto bet sizes, yet the decline in total crypto bets suggests players are diversifying and managing risks more cautiously. The growing adoption of altcoins and proprietary gaming tokens highlights a shift toward more stable and engaging financial ecosystems. For operators, balancing fiat and crypto while leveraging payment innovations will be crucial for sustained growth in the evolving iGaming landscape”, Matsukevich added.
Shogun Lin
