In H1 2024, the volume of crypto bets in the iGaming industry decreased significantly. Only around 20% of bets were made using cryptocurrencies over the last six months.
SOFTSWISS, a leading provider of tech solutions for the iGaming industry, published a report on the state of the gambling market for H1 2024. According to the data, the use of cryptocurrencies for betting dropped by approximately 9% compared to the same period in 2023.
In H1 2024, 20.6% of bets were made using cryptocurrencies, compared to 29.5% in H1 2023. Despite the decline in the use of cryptocurrencies for betting, in-game tools for converting digital assets are gaining popularity. In 2024, about 93% of all crypto bets in the iGaming industry were made through such tools.
SOFTSWISS analysts also noted that the popularity of using BTC for betting declined substantially after the halving. In H1 2024, Bitcoin accounted for only 52.7% of all crypto bets in the industry. For comparison, 74.9% of bets were made using BTC at the end of last year. The decline in Bitcoin’s dominance as a payment method for betting in the iGaming sector was observed since Q1 when BTC usage fell to 58.4%.
Moreover, the report highlighted that in 2024, players became more willing to use stablecoins for betting, particularly Tether. USDT usage for betting in iGaming projects increased greatly over the past year — from 4.6% at the end of 2023 to 11.7% in H1 2024.
According to Andrey Starovoitov, Co-CEO of SOFTSWISS, the Bitcoin halving had a tangible impact on iGaming projects, leading players to be more cautious with using cryptocurrencies for bets. “The iGaming industry is experiencing active growth, with a fifth of all bets coming from the crypto segment,” summarizes Andrey.
Earlier, analysts predicted that the Bitcoin halving would contribute to the economic development of iGaming projects and increase user trust.
