Cryptocurrency continues to shape the global iGaming industry, with 58% of respondents in a recent SOFTSWISS survey identifying it as a primary driver for expansion into new markets. The findings come as the company, a leader in crypto gaming technology, releases its Q3 2024 State of Crypto analytics, highlighting trends and projections for the sector.
The survey underscores the key role of cryptocurrency in the growth of iGaming, an industry that engages over 26% of the world’s population. By 2028, the iGaming market is projected to reach 243.2 million users, with a significant portion of its €130 billion ($135.58 billion) volume expected to involve crypto.
“Integrating crypto payments allows iGaming businesses to operate globally, delivering greater speed and convenience. With iGaming’s naturally borderless reach, this expands platforms’ access to a wider international audience, boosting their global growth potential,” said Vitali Matsukevich, Chief Operating Officer at SOFTSWISS.
SOFTSWISS reported a 43.1% year-on-year increase in the Total Bet Sum during the first nine months of 2024, encompassing both fiat and crypto. However, while fiat bets surged by 50.4% during this period, crypto bets saw more modest growth at 15.2%, leading to a 4-percentage-point decline in the overall crypto share.
Despite fluctuations, crypto engagement remains robust. The Crypto Bet Count rose by 16.2% in Q3 2024, indicating sustained interest despite a 9-percentage-point drop in the Crypto Bet Sum from Q2 due to a decline in major cryptocurrency exchange rates.
“Crypto transaction fees can be almost three times lower compared to traditional fiat gateways,” noted Max Krupyshev, CEO of CryptoProcessing by CoinsPaid. “This allows iGaming businesses to save on processing costs and reinvest capital.”
Altcoins are gaining traction in iGaming, with their share of bets climbing from 25.1% in 2023 to over 47% in 2024. Tether and Litecoin led the surge, with their shares increasing by over 8 and 7.8 percentage points, respectively, while Bitcoin’s dominance declined by 22 percentage points.
Meanwhile, some casinos, such as Rollbit and Shuffle, have introduced proprietary tokens to enhance user engagement, offering benefits like reduced volatility and exclusive perks.
The SOFTSWISS iGaming Trends 2025 Report predicts cryptocurrency will remain a preferred payment method in the sector. Blockchain technology is seen as a game-changer, providing transparency, traceability, and tamper-proof records for transactions and gameplay.
“Crypto offers iGaming operators key advantages beyond lower costs and global reach. Blockchain enhances safety and fairness through transparency and traceability, with each transaction and game result permanently recorded and tamper-proof,” Matsukevich added.
“Partnering with trusted crypto experts allows operators to harness these benefits, positioning themselves for growth and effectively navigating market shifts.”
The new SOFTSWISS iGaming Trends 2025 Report offers more insights about crypto in the iGaming sector. The report is free to download via this link.
Original article: https://www.yogonet.com/international/news/2024/11/25/86176-crypto-emerges-as-key-driver-in-igaming-growth-according-to-softswiss-q324-survey
