SOFTSWISS annual crypto report reveals shifts in 2024, with altcoins commanding nearly half of crypto bet sum

iGaming content provider SOFTSWISS has shared its 2024 annual crypto industry report, which tracks the trends of cryptocurrency usage over the past year. The report highlights the usage of Bitcoins and Altcoins and their role in iGaming, along with new trends that are emerging in iGaming.

As Bitcoin’s value skyrocketed in 2024, crypto betting saw a significant shift, shaking up the iGaming industry. Moreover, Altcoins now account for nearly half of all crypto wagers, as per the crypto gambling insights found in the provider's annual ‘State of Crypto’ overview.

According to the 2024 annual crypto industry report, with its market capitalization soaring to approximately 1.8 trillion euro ($1.9 trillion), Bitcoin alone accounted for more than half of the total cryptocurrency market value, further solidifying its influence in both traditional and digital financial ecosystems.

SOFTSWISS experts analyzed data from over half a thousand brands to reveal relevant crypto tendencies that evolved during 2024.

The big picture: Stable growth in the iGaming landscape

SOFTSWISS data shows that the Total Bet Sum, encompassing both fiat and cryptocurrency, grew by 35.9% in 2024 compared to the previous year. Similarly, the Total Bet Count experienced the same growth rate, reflecting a strong upward trend in overall betting activity.

A detailed analysis since 2022 highlights a significantly faster rise in fiat bets compared to crypto. During 2024, the Fiat Bet Sum surged by 40.1%, showcasing its stable growth. 

Meanwhile, a more cautious approach toward crypto payments has resulted in a slower growth rate for the Crypto Bet Sum. This shift contributed to a 2.5-percentage-point (p.p.) decline in the crypto share in 2024, emphasizing the increasing dominance of fiat transactions in the betting landscape.

Bitcoin’s exchange rate impact

SOFTSWISS data confirms that cryptocurrency continues to play a significant role in iGaming payments. In 2024, the Crypto Bet Sum increased by 18.7% compared to the previous year. However, the Crypto Bet Count declined by 12.8%, indicating a more cautious approach to crypto betting amid Bitcoin’s rising exchange rate.

The surge in Bitcoin’s value also drove a 1.4x increase in the average crypto bet in 2024, while the average fiat bet remained stable. This trend highlights a strong correlation between the total wagered sum and fluctuations in cryptocurrency exchange rates.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, commented: "The sharp appreciation of Bitcoin in the final quarter of 2024 led to a more conservative approach among players toward crypto betting.

"At the same time, the increased value of Bitcoin resulted in higher average bet amounts, positively impacting the overall Crypto Bet Sum. As Bitcoin’s exchange rate fluctuates, players are anticipated to continue adopting a more cautious approach when wagering their Bitcoin."

Altcoins make up nearly half of crypto wagers

Altcoins’ share growth is another significant trend gaining momentum during 2024. According to SOFTSWISS data from operators reporting in crypto, the top five cryptocurrencies in iGaming – Bitcoin, Ethereum, Litecoin, Tether, and Dogecoin – have consistently formed the top 5 ranking over the years. However, their market dynamics have shifted significantly. 

In 2023, altcoins represented only 26.8% of total bets, but this share surged to almost half in 2024, reflecting a growing preference among crypto players for alternative digital assets. In 2024, Bitcoin’s share dropped by over 17 percentage points, while Tether increased by 7.3 p.p., Litecoin grew by 6.5 p.p., and Ethereum rose by 3.4 p.p.

A new trend is emerging in iGaming, where established brands like Rollbit and Shuffle leverage proprietary tokens to enhance player engagement. These gaming-specific tokens offer seamless integration, reduced volatility, and exclusive perks, fostering innovation in payments and business growth. 

By creating internal ecosystems with unique rewards and potential external partnerships, proprietary tokens strengthen player loyalty. However,  developing these tokens requires significant resources, including substantial marketing budgets, to build trust and encourage adoption.

Matsukevich summarized: "Bitcoin’s rate surge in 2024 has driven higher average crypto bet sizes, yet the decline in total crypto bets suggests players are diversifying and managing risks more cautiously.

"The growing adoption of altcoins and proprietary gaming tokens highlights a shift toward more stable and engaging financial ecosystems. For operators, balancing fiat and crypto while leveraging payments innovation will be crucial for sustained growth in the evolving iGaming landscape.”