Crypto Gambling Poised For Exceptional Growth in 2024 According to SOFTSWISS Survey
by Oskar Trotman
According to the latest iGaming Trends 2024 survey conducted by SOFTSWISS, cryptocurrencies will experience a sharp rise in adoption in the upcoming year. The data reveals an upward trajectory in token adoption for crypto gambling, with 48% of respondents preferring tokens, while the other 60% surveyed players sticking with bank cards and e-wallets.
The numbers back up industry claims of increased demand for crypto integration. SOFTSWISS’s survey confirms previously published data from the company, which manages over 500 online casinos, showing an 18.7% year-on-year increase in crypto wagering in the first nine months of 2023. Another interesting stat from the shared data regarding the first three quarters of 2023 shows that a third of all wagers are made in cryptocurrencies.
The data pinpoints South America as the most promising iGaming market for 2024, with North America and Europe following closely behind. The Middle East and Africa will have a smaller market share, while Asia is expected to remain in the middle of the spectrum.
Evolving Beyond a Niche Sector
After recording $4.6 billion in revenue for 2022, the crypto betting industry will go into accelerated growth with a projected revenue of $6.5 billion in 2027. If the assessment proves correct, the market will surpass its current 10% annual growth rate, and 2024 can be the year when things start to gain significant momentum for this still niche sector of the global gambling industry worth around $279.3 billion.
Over 900 online casinos worldwide accept cryptocurrency payments, with a diverse range of tokens eligible for deposit and withdrawals. Players still prefer Bitcoin, though, as research data indicates that about 45% of all crypto-gambling transactions are performed with Bitcoin. Although the flagship token of the blockchain industry is popular, coins such as Ethereum, Litecoin, Ripple, and Doge are gaining traction in the iGaming community.
However, the lion’s share of the market belongs to Bitcoin, and its position will not be endangered in 2024 and many years to come, considering its high reputation. The adoption of tokens as a payment method among online casinos will be driven by fast pricing times, low transaction fees, anonymity, and enhanced encryption, guaranteeing security features lacking in traditional fiat options.
Trends Driving The New Era of Crypto Gambling
Several factors will drive the crypto surge in 2024, starting with the demographic situation. Millennial and Gen Z players are rising in numbers and are the most eager crypto adopters for gambling. Statistics show that players in Europe and North America spend an average of an hour and a half playing at online casinos. Most of the activity, nearly 80%, occurs on mobile devices.
Streaming platforms have created a new fan base for crypto casino games. Gamification is one of the pivotal factors in players’ evolving expectations by incorporating social elements and tournaments to foster a collective gaming experience.
The crypto gambling sector is poised for growth in 2024, driven by increased cryptocurrency adoption and the rise of esports betting and NFT-based betting. Regulatory compliance and the embrace of staking rewards will enhance the online gambling experience. The convergence of blockchain technology and cutting-edge innovations will create a dynamic environment for betting activities.
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