In Q1 2024, the volume of crypto bets in the iGaming industry grew by 2.4%. At the same time, players started using BTC for betting much less frequently — only about 58% of crypto bets were made using Bitcoin.
SOFTSWISS, a leading provider of tech solutions for the iGaming industry, published a report on the state of the gambling market in Q1 2024. According to the data, the number of bets using digital assets increased by 2.4% compared to Q4 2023.
Meanwhile, SOFTSWISS analysts note that nearly 93% of cryptocurrency betting in the iGaming industry uses in-game digital asset conversion tools. Such mechanisms are becoming increasingly popular among iGaming operators, as they allow them to attract crypto users to games designed for fiat currency, offering a simple and profitable exchange of digital assets directly on their platform.
The average amount of crypto bets at the beginning of this year grew by 3%, rising from €1.66 in Q4 2023 to €1.71 in Q1 2024. The average bet in fiat remained unchanged from last year at €0.93.
The list of the most popular cryptocurrencies in the gambling industry didn’t change, but iGaming users became less likely to use BTC for betting. In Q4 2023, Bitcoin accounted for 73.3% of all crypto bets in the industry, while in Q1 2024, only 58.4% of bets were made using BTC.
SOFTSWISS analysts attribute the decline in players’ interest in BTC to the growth of its quotes in early 2024. According to Vitali Matsukevich, Chief Operating Officer of SOFTSWISS, the rise in BTC this year forced players to be more cautious with using cryptocurrencies for betting. Vitali said that a similar trend was observed in Q1 of last year, when Bitcoin quotes began to rise after a steep drop at the end of 2022.
Despite the decline in popularity of using Bitcoin for betting, altcoins showed significant growth. Ethereum and Litecoin accounted for 17.2% and 12.3% of all crypto bets in the sector, respectively. Even though in the previous quarter, only 9.9% and 6.6% of bets were made in ETH and LTC, respectively.
About a third of bets in iGaming projects are made using cryptocurrencies, and in 2023, the popularity of crypto betting increased by 19%.
