SOFTSWISS Survey: 58% See Cryptocurrency as a Key Factor for Entering New Markets
A survey conducted by SOFTSWISS in the third quarter of 2024 confirms the significant role of cryptocurrency in the growth of the iGaming industry. 58% of respondents believe cryptocurrency is a key driver for entering new markets. Let’s explore how cryptocurrency is influencing the betting market and future projections.
Cryptocurrency as a Growth Driver
Cryptocurrencies are becoming crucial for expansion into international markets. 58% of SOFTSWISS survey participants noted that cryptocurrency is driving business growth in new regions. This is due to several advantages, such as fast and low-cost transactions. Compared to traditional payment methods, cryptocurrency transfers significantly reduce fees, helping iGaming companies save money and reinvest it in further development.
Additionally, cryptocurrencies allow operators to work on a global scale, which is especially important for online games, where barriers to entering new markets are minimal.
Projections for the iGaming Industry
Projections suggest that by 2028, the number of iGaming users will reach 243.2 million, with a market volume nearing 130 billion euros. A significant portion of this turnover will come from cryptocurrency. This is confirmed by SOFTSWISS data, which shows that during the first nine months of 2024, the total betting volume grew by 43.1%. Notably, fiat bets grew by 50.4%, while cryptocurrency bets showed a more modest increase of 15.2%.
Impact of Cryptocurrency Price Fluctuations
Cryptocurrency prices can significantly impact the total betting volume. In Q3 2024, Bitcoin and other popular cryptocurrencies, such as Litecoin and Ethereum, experienced a sharp drop in value. However, interest in crypto betting remained stable, with the number of bets rising by 16.2%, despite the decline in cryptocurrency prices.
Nevertheless, experts point out that the decrease in cryptocurrency prices affects the overall betting volume, as players often base their betting decisions on current exchange rates. For iGaming companies, this creates opportunities to minimize transaction costs.
The Role of Altcoins
In recent years, many new digital assets have emerged in the cryptocurrency market. Altcoins like Tether and Dogecoin have significantly increased their share in iGaming. While altcoins accounted for only 25.1% of bets in 2023, this number grew to 47% in 2024. The trend towards using altcoins reflects players’ interest in the variety of cryptocurrencies and the flexibility they offer.
The Impact of Blockchain on Security and Transparency
The integration of cryptocurrencies and blockchain technology into the online gaming industry is enhancing security and transparency. Every transaction and game result is recorded on the blockchain, making them accessible for verification and ensuring that there is no manipulation. This is a crucial factor for players, especially in the global market, where trust and fairness are key.
Prospects for Cryptocurrency in iGaming
Cryptocurrency will continue to play an important role in the iGaming industry in the coming years. The SOFTSWISS iGaming Trends 2025 report confirms that cryptocurrency payments will remain one of the most popular methods for placing bets. Projections indicate continued growth in interest in cryptocurrencies among both users and operators, particularly given their convenience, low fees, and enhanced security for transactions.
The key factors for the successful development of cryptocurrencies in this industry remain the integration of new payment methods, support for a wide range of cryptocurrencies, and the use of blockchain technology to ensure transparency and security.