SOFTSWISS reports that interest in cryptocurrency betting remains stable, despite fiat currencies still being the main form of payment.
Around a quarter of all online bets were on cryptocurrency in the first quarter of 2024, according to the latest data from the gaming solutions provider. Cryptocurrency bets are up more than 20% year-over-year and 2.4% quarter-on-quarter.
SOFTSWISS notes that 25% of online gaming operators now offer bets in cryptocurrency. Of the total betting volume, 24% is in cryptocurrencies, and the remaining 75.6% is in fiat currencies.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, noted: “The lack of a substantial increase in the number of crypto bets during Q1 2024 can be partly attributed to the significant rise of the Bitcoin exchange rate during this period, leading players to be more cautious with their crypto bets. This trend mirrors the situation in the first quarter of the previous year when the Bitcoin exchange rate surged following a decline at the end of 2022”.
These figures confirm that fiat currency remains the dominant form of payment for bets. However, the cryptocurrency has shown stability and has loyal users, including those involved in gambling.
SOFTSWISS data comes as the value of cryptocurrencies is rising. After a period of market instability since 2022 associated with events such as the FTX collapse, cryptocurrencies, especially Bitcoin, have seen a recovery this year thanks to regulatory decisions and the Bitcoin halving event.
Notably, during periods of elevated market value, cryptocurrency rates significantly exceed fiat rates, according to SOFTSWISS data. The average fiat rate on the company’s platform was $1.08 in the first quarter of 2024 and the fourth quarter of 2023, while the average rate for cryptocurrencies was almost double that.
Bitcoin remains the most popular form of cryptocurrency, followed by Ethereum. This is confirmed by SOFTSWISS betting data: Bitcoin accounts for 58.4% of all bets.
However, it also represents a decline of 9.4% compared to the previous year. The most next popular betting cryptocurrency after Bitcoin was Ethereum with 17.2%, followed by Litecoin with 12.3%, DOGE with 5%, USDT with 3.8% and other currencies with 3.3%.
“The benefits of employing digital currencies, such as fast transactions and anonymity, still attract many players. Embracing cryptocurrencies in igaming can boost operator profits despite their volatile nature. As the Bitcoin rate is expected to strengthen after the Bitcoin Halving, the average crypto bet and projected gains may see a notable impact. During such promising times, it is crucial to have reliable and experienced partners to navigate the path to success”,— added Matsukevich.
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