A report by SOFTSWISS on the use of cryptocurrencies in gambling highlights that altcoins may become a more preferred choice for players than Bitcoin.
This year, Bitcoin’s market value has experienced significant fluctuations, although it still remains well above the levels seen in 2022 and 2023 when the crypto market was impacted by scandals such as the FTX collapse.
The approval of Bitcoin ETFs in the US and the Bitcoin halving event pushed its value above $70,000 in early 2024, but it later dropped again during the summer to around $58,000.
The SOFTSWISS report notes that this decline has increased the popularity of altcoins as a payment method for gambling.
The company found that altcoins (all cryptocurrencies except Bitcoin) accounted for 47% of all crypto bets in the first nine months of 2024.
This represents a significant increase compared to the 25.1% share of altcoins during the same period last year. At the same time, Bitcoin’s share dropped by 22%, while Tether, Litecoin, and Ethereum showed growth of 8%, 7.8%, and 4.9%, respectively.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, stated: “Integrating crypto payments allows igaming businesses to operate globally, delivering greater speed and convenience.
“With igaming’s naturally borderless reach, this expands platforms’ access to a wider international audience, boosting their global growth potential.”
In general, SOFTSWISS reports a “stable interest” in cryptocurrency from gambling clients.
The company found that the total volume of cryptocurrency bets increased by 15.2% in the first nine months of the year, despite a 9% decrease in the third quarter compared to the second, which is linked to the fall in the exchange rates of Bitcoin, Litecoin, and Ethereum. The report also highlights that the number of cryptocurrency bets increased by 15.2%.
SOFTSWISS is confident that cryptocurrency betting will continue to grow, as 58% of respondents in the 2025 survey identified cryptocurrency as the “main driver” of growth in new markets.
The company, based in Malta, also reports that the overall amount of bets, including both fiat and crypto funds, increased by 43.1% in the first nine months of this year, with the number of bets growing by 44.5%.
However, it should be emphasized that the growth of fiat currency bets was 50.4% higher than the growth of crypto bets, and SOFTSWISS notes a “slower” pace of growth for cryptocurrency bets compared to fiat ones.
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