The iGaming landscape is undergoing a transformation as altcoins claim nearly half of all cryptocurrency wagers, according to SOFTSWISS’ latest industry report.
The surge in Bitcoin’s value throughout 2024 has significantly influenced betting patterns, prompting a more cautious approach to crypto gambling while accelerating the rise of alternative digital assets.
SOFTSWISS, an iGaming technology provider, unveiled its 2024 ‘State of Crypto’ report, highlighting key trends shaping the industry.
According to the report, with Bitcoin’s market capitalization reaching approximately €1.8 trillion ($1.9 trillion), the cryptocurrency continues to dominate the financial ecosystem. However, while Bitcoin still accounted for more than half of the total crypto market value, its share in gaming transactions saw a notable decline.
Industry data from SOFTSWISS, gathered from over 500 brands, reveals that the Total Bet Sum, including both fiat and cryptocurrency, increased by 35.9 percent in 2024 compared to the previous year.
However, a more conservative stance on crypto betting led to a 2.5 percentage-point decrease in its share, signaling an increasing preference for fiat transactions.
Bitcoin’s influence on betting behavior
Despite the cautious approach, SOFTSWISS data confirm that cryptocurrency remains integral to iGaming payments. The Crypto Bet Sum grew by 18.7 percent in 2024, but the Crypto Bet Count dropped by 12.8 percent, reflecting shifting player behavior in response to Bitcoin’s price volatility.
As Bitcoin’s value surged in late 2024, the average crypto bet increased by 1.4 times compared to the previous year, while fiat betting amounts remained steady. This trend underscores the correlation between cryptocurrency exchange rates and betting activity.
“The sharp appreciation of Bitcoin in the final quarter of 2024 led to a more conservative approach among players toward crypto betting,” said Vitali Matsukevich, Chief Operating Officer at SOFTSWISS. “However, higher Bitcoin values resulted in larger average bet sizes, positively impacting overall crypto wagering volumes. We anticipate players will continue to adopt risk-conscious strategies in response to Bitcoin’s fluctuations.”
Altcoins gain traction in iGaming
A major takeaway from the report is the increasing dominance of altcoins in gaming transactions. The top five cryptocurrencies used in iGaming—Bitcoin, Ethereum, Litecoin, Tether, and Dogecoin—continue to lead the market.
However, a shift in their distribution is evident. In 2023, altcoins represented just 26.8 percent of total crypto bets, but this figure nearly doubled in 2024, signaling a growing preference for alternative digital currencies.
Bitcoin’s share in iGaming transactions dropped by 17 percentage points, while Tether, Litecoin, and Ethereum saw notable increases of 7.3 p.p., 6.5 p.p., and 3.4 p.p., respectively. This diversification suggests players are actively exploring more stable and efficient digital assets beyond Bitcoin.
Another emerging trend is the adoption of proprietary gaming tokens by brands such as Rollbit and Shuffle.
These custom tokens provide seamless integration, reduced volatility, and exclusive rewards, creating tailored financial ecosystems that enhance player engagement. However, their success hinges on significant investments in marketing and infrastructure to establish trust and encourage widespread adoption.
“Bitcoin’s surge in 2024 has driven larger bet sizes, but the drop in overall crypto wagers highlights a shift in risk management strategies,” Matsukevich noted.
“With the growing adoption of altcoins and gaming-specific tokens, operators must balance fiat and crypto offerings while innovating their payment solutions to sustain long-term growth in the evolving iGaming sector.”
Vitali Matsukevich, COO at SOFTSWISS
