Cryptocurrency is proving to be a game-changer in the global iGaming industry, reshaping its operations and expanding its reach. Recent insights highlight how digital currencies are influencing growth and driving innovation. With over 26% of the world’s population engaging in iGaming, cryptocurrency’s role in this ecosystem is far from marginal—it’s fundamental.
Crypto as a Catalyst for Global Expansion
The borderless nature of cryptocurrency perfectly aligns with the iGaming industry’s global aspirations. As platforms seek to attract diverse audiences across continents, the integration of crypto payments offers unparalleled benefits. According to Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, “Integrating crypto payments allows iGaming businesses to operate globally, delivering greater speed and convenience.”
Crypto’s decentralized framework eliminates the barriers posed by traditional financial systems, such as currency exchange fees and lengthy transaction times. This efficiency enhances the user experience and positions iGaming platforms to enter new markets more seamlessly.
Moreover, the ability to transact in crypto is particularly attractive in regions where fiat payment methods are either limited or heavily regulated. By providing an alternative, iGaming businesses can cater to a broader audience, boosting their global growth potential.
Shifting Trends in Crypto Betting
While cryptocurrency has fueled growth, the dynamics within this segment are evolving. According to SOFTSWISS, the Total Bet Sum across fiat and crypto grew by 43.1% year-on-year in the first nine months of 2024. Interestingly, while fiat bets saw a surge of 50.4%, crypto bets experienced a more modest 15.2% growth.
Despite fluctuations in the share of crypto bets—partly due to declining cryptocurrency exchange rates—engagement remains strong. In Q3 2024, the Crypto Bet Count rose by 16.2%, demonstrating sustained player interest. Altcoins, in particular, are becoming more prominent in the iGaming landscape. Their share of bets increased from 25.1% in 2023 to over 47% in 2024, with Tether and Litecoin leading the charge.
Bitcoin, once the undisputed leader, saw its dominance decline by 22 percentage points during the same period. This shift underscores the growing diversification within crypto betting, as players explore alternatives that offer speed, stability, and lower transaction costs.
The Road Ahead: Cost Savings and Innovation
One of cryptocurrency’s most compelling advantages for iGaming operators is cost efficiency. Max Krupyshev, CEO of CryptoProcessing by CoinsPaid, points out that “crypto transaction fees can be almost three times lower compared to traditional fiat gateways.” This significant reduction in processing costs enables businesses to reinvest savings into other areas, such as marketing or platform enhancements.
Additionally, the flexibility of blockchain technology opens doors to innovation. Smart contracts, for example, can be used to automate payouts, ensuring transparency and reducing disputes. As the iGaming industry becomes more competitive, these technological advancements provide operators with a unique edge.
Looking to the future, the iGaming market is poised for exponential growth. By 2028, the industry is expected to reach 243.2 million users, with a substantial portion of its projected €130 billion ($135.58 billion) volume tied to cryptocurrency. This trajectory not only highlights the resilience of crypto within iGaming but also its potential to redefine the rules of the game.
Unlock New Markets
Cryptocurrency is more than just a payment method in the iGaming world—it’s a transformative force driving growth, innovation, and global reach. As platforms embrace this technology, they unlock new opportunities to connect with players, optimize costs, and enhance the gaming experience.
With its continued evolution, cryptocurrency is set to play an even larger role in shaping the future of iGaming. For businesses ready to adapt, the possibilities are limitless—and for players, the experience is only getting better.
