A SOFTSWISS report into the use of cryptocurrencies for gambling has shown that altcoins could be a preferable option for crypto bettors as opposed to Bitcoin.
Bitcoin’s market value has fluctuated significantly this year, though its value still remains far higher than in 2022 and 2023 when the crypto market as a whole felt the impact of scandals like the FTX collapse.
The approval of Bitcoin ETFs in the US and Bitcoin halving event drove value up beyond $70,000 in early 2024 but it subsequently dipped again during the summer to around $58,000.
This decline has driven altcoin’s popularity as a payment for igaming, according to the gaming software solutions provider’s report.
The firm found that altcoins – meaning all cryptocurrencies other than Bitcoin – accounted for 47% of crypto bets placed during the first nine months of 2024.
This is a significant increase on the 25.1% altcoins accounted for in the same period last year. Meanwhile, Bitcoin’s share dropped 22% during this period, whilst Tether, Litecoin and Ethereum saw 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.”
Overall, SOFTSWISS states that there is ‘stable interest’ in crypto from igaming customers.
The firm found that the crypto bet sum rose 15.2% in the first nine months of the year, though Q3 saw a 9% decline from Q2, in line with the decline in exchange rates of Bitcoin, Litecoin and Ether. Its report added that the crypto bet count rose 15.2%.
SOFTSWISS remains confident that crypto engagement with betting will continue, with 58% of its 2025 survey respondents identifying crypto as a ‘primary driver’ of growth in new markets.
The Malta-based firm further shows that the total bet sum, including both fiat currency and crypto, during the first nine months of this year, rose 43.1% and the bet count rose 44.5%.
It is important to note though that the fiat bet sum rose 50.4%, more than the crypto bet sum, with SOFTSWISS observing a ‘slower pace’ for the latter compared to the former.