It is no doubt that the global iGaming industry was turned on its head when the cryptocurrency revolution struck. The cryptocurrency revolution in this area is here and it’s spurring growth, encouraging creativity. And the fact that over 26% of the world’s population are part of the iGaming network, the USD 100 billion per year cryptocurrency likely has a significant role to play, with transcendent potential at that—not just something that’s “nice” to have.
Crypto as a Driver in Global Expansion
The crypto revolution is most evident where cryptocurrency meets the global ambitions of the iGaming industry.
“In the race to serve the world with an affordable cryptocurrency mobile handset, allow me to lead. I want to make Bitcoin Cash the most usable cryptocurrency on the planet.”
As platforms aim to reach people across the globe, the benefits of integrating crypto payments are hard to ignore.
“By integrating crypto payments, iGaming businesses can operate internationally using a simpler system,” said Vitali Matsukevich, COO at SOFTSWISS.
“This provides users with a faster and easier way to make transactions.”
Removing financial obstacles
The decentralized nature of crypto removes the obstacles of legacy financial systems. For instance, it circumvents currency exchange charges and cuts down the time of transactions. This efficiency improves the customer experience, and allows iGaming operators to easily expand into new markets. PArt 2-OFFERS NEW REACH TO PLATFORMS Accepting crypto gives platforms new kingdoms to conquer where fiat payments may be limited or restricted, allows them to extend broader global reach.
This transition creates new player types for iGaming operators to service, increasing their growth capabilities. The borderless nature of crypto is changing the way operators are connecting with global players and it is a key component if one wants to succeed in the online gaming industry in the future.
Changing Trends in Crypto Betting
The crypto revolution effect also applies to the slow changing betting trends in the iGaming sector. SOFTSWISS said the total bet amount in fiat and crypto rose 43.1% year-on-year in the first nine months of 2024. Fiat wagers were up 50.4%, while crypto wagers grew 15.2%.
The Emergence of Altcoins in iGaming
Even with some sways in the crypto bet share (partially caused by the wild swings in cryptocurrency exchange rate), there is still interest in crypto. The count of crypto bets increased 16.2% in Q3 2024, for example, which indicates sustained interest from players. In addition, altcoins are fast becoming a mainstream feature of the iGaming landscape. Their proportion of bets nudged up from 25.1% in 2023 to 47% in 2024; Tether and Litecoin were the favourites.
Bitcoin, which used to be the top dog for crypto gambling, lost 22 percentage points of its lead during the same period. This move is an indication of the increasing diversification of the crypto betting space, with users looking for alternative options which are fast, secure, and have low fees.
The Future: Savings and Innovation
One of the benefits of cryptocurrency for iGaming is its financial savings for operators. Max Krupyshev, CEO of CryptoProcessing by CoinsPaid, notes that “crypto transaction costs can be nearly three times less expensive than fiat gateways.” This decrease in processing cost also allows business to reinvest savings; whether that may be into marketing or platform-improvements.
Block chain and Smart Contract
In addition, blockchain technology unlocks novel opportunities. Smart contracts, for example, can automate payouts, offering transparency and minimizing disputes. These are differentiators for iGaming operators, given that they enable operational efficiency and customer confidence.
Expanding Markets with Crypto
Looning ahead, the iGaming industry is expected to grow exponentially. The market is expected to have about 243.2 million users and its €130 billion ($135.58 billion) volume could be largely attributed to its cryptocurrency connections by 2028. That you can read so much growth as well as it will show you that blockchain and cryptocurrencies are persistent in iGaming and could redraft the industry.
The Revolutionary Crypto in iGaming
“iGaming operates in a highly complex environment. Our industry’s challenges are largely addressed through enabling platforms like ICO and TGE technologies. These solutions can greatly assist the market,” explains Kostandina Zafirovska, COO at BtoBet.
“The gambling market shows signs of maturity, driven by the growth of the digital economy, increased social acceptance, and demand for more advanced and flexible products. Platforms that adopt crypto open new doors. They can build stronger relationships with players, reduce costs, and improve the gaming experience.”
As cryptocurrency continues to grow and evolve, so will its role in the future of iGaming. For those willing to adapt, the opportunities are endless — and for players, the game has become even more interesting, not to mention lucrative.
