crypto gambling
Credit: Cryptographer, Shutterstock

Consumer interest in crypto gaming remains consistent and steady according to SOFTSWISS, although fiat currencies remain the dominant form of payment.

The latest data from the igaming solutions provider showed that cryptocurrency accounted for around a quarter of all online bets during Q1 2024, with crypto bet sum growing by over 20% year-over-year, although just 2.4% from the previous quarter.

Without naming any particular companies, SOFTSWISS asserted that 25% of online igaming operators now provide crypto betting. Of all the total bet sum, the firm found that 24% of wagers were made in crypto, with the remaining 75.6% in fiat.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, said:  “The lack of a substantial increase in the number of crypto bets during Q1 2024 can be partly attributed to the significant rise of the Bitcoin exchange rate during this period, leading players to be more cautious with their crypto bets. 

“This trend mirrors the situation in the first quarter of the previous year when the Bitcoin exchange rate surged following a decline at the end of 2022.”

It is clear from these figures that fiat currency remains the dominant form of payment for betting. However, crypto remains steady and has dedicated adherents and users, including for gambling.

SOFTSWISS’ figures come at a time when cryptocurrency value is riding on a strong wave of success. After overcoming some market instability from 2022 onwards, caused by controversies such as the collapse of FTX, crypto – in particular Bitcoin – has experienced a rebound this year, driven by regulatory decisions and the Bitcoin halving event.

Noticeably, at a time of heightened value in the market, the value of crypto bets far outweighs that of fiat according to SOFTSWISS. The average fiat bet stood at €0.81 in Q1 2024 and Q4 2023 on the firm’s platform, with the average crypto bet nearly double that.

Bitcoin remains the most popular form of cryptocurrency by a country mile, followed by Ethereum. This is replicated in SOFTSWISS betting figures, with Bitcoin accounting for 58.4% of wagers.

However, this also shows a decline of 9.4% on the year prior. After Bitcoin, Ethereum was, unsurprisingly, the next most popular crypto for betting at 17.2%, followed by Litecoin at 12.3%, DOGE at 5%, USDT at 3.8% and other currencies at 3.3%.

“The benefits of employing digital currencies, such as fast transactions and anonymity, still attract many players,” Matsukevich concluded.

“Embracing cryptocurrencies in igaming can boost operator profits despite their volatile nature. As the Bitcoin rate is expected to strengthen after the Bitcoin Halving, the average crypto bet and projected gains may see a notable impact. 

“During such promising times, it is crucial to have reliable and experienced partners to navigate the path to success.”