A new report from SOFTSWISS, a leading technology provider in the iGaming sector, has highlighted major shifts in crypto betting throughout 2024. With Bitcoin experiencing a substantial rise in value, the market saw notable changes in player preferences, including increased adoption of altcoins. The findings, published in the company’s annual ‘State of Crypto’ report, provide insight into how digital currencies are influencing the iGaming industry.
Bitcoin’s Price Surge Reshapes Crypto Betting
Bitcoin remained the dominant force in cryptocurrency transactions, maintaining its position as the most widely used digital currency in online gambling. However, its market dominance experienced a decline as players adjusted their betting strategies in response to its rising value. The total amount wagered using Bitcoin saw an 18.7% increase compared to 2023, but the number of individual crypto bets dropped by 12.8%.
SOFTSWISS attributed this decline in the number of crypto bets to a more cautious approach from players, influenced by Bitcoin’s volatility. As its exchange rate climbed, the average bet size using crypto increased by 1.4 times, while fiat-based wagers remained largely unchanged.
“The sharp appreciation of Bitcoin in the final quarter of 2024 led to a more conservative approach among players toward crypto betting. At the same time, the increased value of Bitcoin resulted in higher average bet amounts, positively impacting the overall Crypto Bet Sum," stated Vitali Matsukevich, Chief Operating Officer at SOFTSWISS. He added that fluctuations in Bitcoin’s price are expected to continue shaping player behavior in the coming months.
Altcoins Gain Ground in iGaming Transactions
One of the most significant takeaways from the report was the growing adoption of altcoins. In 2023, alternative cryptocurrencies accounted for only 26.8% of total bets. However, their share increased substantially in 2024, reaching almost 50% of all crypto wagers.
Bitcoin’s overall share dropped by over 17 percentage points, while Tether saw a 7.3 percentage-point increase, Litecoin rose by 6.5 percentage points, and Ethereum gained 3.4 percentage points. These changes suggest a growing preference for altcoins, possibly due to their lower volatility compared to Bitcoin.
SOFTSWISS also noted that established gaming brands like Rollbit and Shuffle are incorporating proprietary tokens into their platforms to increase player engagement. These tokens offer operators more control over in-game transactions, reduce volatility risks, and provide users with additional incentives such as exclusive bonuses and rewards. However, developing and promoting proprietary tokens requires significant investment and strong marketing efforts to gain player trust.
The Bigger Picture: Growth in Fiat and Crypto Wagers
Beyond cryptocurrency trends, SOFTSWISS reported an overall increase in betting activity across both crypto and fiat transactions. The total amount wagered in 2024 grew by 35.9% compared to the previous year. While fiat transactions saw a substantial 40.1% increase, the growth rate for crypto wagers was slower, leading to a 2.5 percentage-point decline in crypto’s overall market share within iGaming.
Matsukevich summarized the broader implications of these findings, stating: “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 payments innovation will be crucial for sustained growth in the evolving iGaming landscape.”
What’s Next for Crypto Betting?
As digital currencies continue to evolve, the iGaming industry is expected to see further shifts in player behavior. The increasing adoption of altcoins, combined with proprietary gaming tokens and the continued presence of fiat betting, suggests a more diversified landscape moving forward. The report underscores the importance of flexibility for operators who must balance the demand for cryptocurrency transactions with the stability of traditional fiat payments.
With Bitcoin’s price fluctuations and the rising prominence of alternative digital assets, the online gambling sector is likely to see further adjustments as players seek new ways to engage with crypto betting.
Source:
SOFTSWISS Reveals Crypto Betting Shift in 2024: Altcoins Command Nearly Half of Crypto Bet Sum, SOFTSWISS, March 5, 2025.
marina_m575
1 month ago
Moderator
Altcoins are finally catching up in crypto betting. Bitcoin's dominance was bound to decrease eventually.
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