As Bitcoin’s value soared in 2024, crypto betting underwent a significant transformation, reshaping the iGaming industry. Altcoins now constitute nearly half of all cryptocurrency wagers. SOFTSWISS, a global technology provider and pioneer in crypto gambling, unveils Bitcoin’s game-changing impact in its annual ‘State of Crypto’ report.
According to the 2024 annual crypto industry report, Bitcoin’s market capitalisation surged to approximately €1.8 trillion, accounting for more than half of the total cryptocurrency market value. This further reinforced its influence across both traditional and digital financial ecosystems. SOFTSWISS experts analysed data from over 500 brands to identify key crypto trends that emerged throughout 2024.
The Bigger Picture: Steady Growth in the iGaming Sector
SOFTSWISS data reveals that the Total Bet Sum, incorporating both fiat and cryptocurrency, grew by 35.9% in 2024 compared to the previous year. Likewise, the Total Bet Count experienced the same growth rate, reflecting a strong upward trajectory in overall betting activity.
A detailed analysis since 2022 highlights a significantly faster increase in fiat bets compared to crypto. In 2024, the Fiat Bet Sum rose by 40.1%, indicating steady growth. Meanwhile, a more cautious approach to crypto payments resulted in a slower growth rate for the Crypto Bet Sum. This led to a 2.5-percentage-point (p.p.) decline in crypto’s overall share in 2024, underscoring the increasing dominance of fiat transactions in the betting landscape.
Bitcoin’s Exchange Rate Influence
SOFTSWISS data confirms that cryptocurrency continues to play a crucial role in iGaming payments. In 2024, the Crypto Bet Sum increased by 18.7% year-on-year. However, the Crypto Bet Count declined by 12.8%, indicating a more measured approach to crypto betting amid Bitcoin’s rising exchange rate.
The surge in Bitcoin’s value also resulted in a 1.4x increase in the average crypto bet size in 2024, while the average fiat bet remained stable. This trend demonstrates a strong correlation between the total wagered sum and cryptocurrency exchange rate fluctuations.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, commented:
“The sharp appreciation of Bitcoin in the final quarter of 2024 led to a more conservative approach among players towards crypto betting. At the same time, the increased value of Bitcoin resulted in higher average bet amounts, positively impacting the overall Crypto Bet Sum. As Bitcoin’s exchange rate fluctuates, players are anticipated to continue adopting a more cautious approach when wagering their Bitcoin.”
Altcoins Account for Nearly Half of Crypto Wagers
The increasing prominence of altcoins was another key trend in 2024. According to SOFTSWISS data from operators reporting in crypto, the top five cryptocurrencies in iGaming – Bitcoin, Ethereum, Litecoin, Tether, and Dogecoin – have consistently dominated rankings over the years. However, their market dynamics have changed considerably.
In 2023, altcoins accounted for just 26.8% of total bets, but this figure surged to nearly 50% in 2024, reflecting a growing preference for alternative digital assets. During the year, Bitcoin’s share dropped by over 17 percentage points, while Tether increased by 7.3 p.p., Litecoin grew by 6.5 p.p., and Ethereum rose by 3.4 p.p.
A new trend is also emerging in iGaming, with established brands like Rollbit and Shuffle leveraging proprietary tokens to enhance player engagement. These gaming-specific tokens offer seamless integration, reduced volatility, and exclusive perks, fostering innovation in payments and business expansion. By developing internal ecosystems with unique rewards and potential external partnerships, proprietary tokens help strengthen player loyalty. However, creating these tokens requires significant resources, including substantial marketing budgets, to build trust and encourage adoption.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarised:
“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 towards 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.”
