In 2024, Nearly Half of Cryptocurrency Bets Were Made with Altcoins
In 2024, the cryptocurrency market in the iGaming sector is undergoing significant changes. Specifically, altcoins began to account for nearly half of all cryptocurrency bets, affecting the overall structure of crypto-betting. SOFTSWISS’ annual report summarizes the results and reveals key trends in cryptocurrency payments for online gaming.
Growth in Total Betting Volume
In 2024, the total betting volume, including both fiat and cryptocurrency bets, increased by 35.9%. While fiat bets grew by 40.1%, cryptocurrency bets showed a more modest increase of 18.7%. This occurred against the backdrop of a 12.8% decrease in the number of crypto-bets, confirming a more cautious approach from players.
Average Bet Size
The average cryptocurrency bet size increased by 40%, which is related to the rise in the Bitcoin exchange rate in 2024. However, the average fiat bet size remained stable. This indicates that despite the rise in cryptocurrency bets, players did not increase their investments in fiat currency.
Share of Altcoins in Bets
One of the most notable changes was the significant increase in the share of altcoins in cryptocurrency bets. In 2023, altcoins accounted for 26.8% of all cryptocurrency bets, but by 2024, this share had nearly doubled, reaching almost 50%. This is clear evidence that players began showing more interest in alternative digital assets such as Litecoin, Tether, and Ethereum.
Trends in Cryptocurrency Share Changes
| Cryptocurrency | Change in Share (%) |
|---|---|
| Bitcoin | -17 percentage points |
| Tether | +7.3 percentage points |
| Litecoin | +6.5 percentage points |
| Ethereum | +3.4 percentage points |
Thus, Bitcoin continues to dominate the cryptocurrency market, but its share has significantly decreased in light of the growing popularity of other cryptocurrencies.
Impact of Bitcoin Price Growth
Significant Bitcoin price growth in 2024 had a substantial impact on player behavior. The rise in Bitcoin’s price led to an increase in the average cryptocurrency bet size, but also resulted in a decrease in the total number of crypto-bets. Players became more cautious, which in turn led to a reduction in the number of bets but an increase in their volume.
This is also supported by the data showing that in the last quarter of 2024, Bitcoin’s value increased significantly, which may have influenced players’ decisions to raise their bet amounts but decrease the frequency of their bets.
Impact of Operator Tokens
A new trend gaining popularity in the industry is the use of proprietary tokens by operators, such as Rollbit and Shuffle. These tokens are used to create internal ecosystems with bonuses, partnerships, and other advantages for players. However, implementing such tokens requires significant investment in marketing and building trust among users.
Outlook and Conclusions
Changes in the structure of cryptocurrency bets, the growth of altcoins’ share, and the use of operator tokens point to shifting player preferences and the need for operators to adapt to new realities. Betting on altcoins is becoming increasingly popular, and it is important for operators to take these trends into account while creating innovative solutions for their users.