Cryptocurrency
SOFTSWISS Reveals Crypto Betting Shift in 2024: Altcoins Command Nearly Half of Crypto Bet Sum
As Bitcoin’s value skyrocketed in 2024, crypto betting saw a significant shift, shaking up the iGaming industry. Altcoins now account for nearly half of all crypto wagers. SOFTSWISS, a global tech provider and pioneer in crypto gambling, unveils Bitcoin’s game-changing impact in its annual ‘State of Crypto’ overview.
According to the 2024 annual crypto industry report, with its market capitalisation soaring to approximately 1.8 trillion euro, 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 analysed data from over half of 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[1] in 2024, emphasising the increasing dominance of fiat transactions in the betting landscape.

[1] Based on data from ongoing projects
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, comments: “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.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarises: “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.”
About SOFTSWISS
SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS complies with a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 27,800 casino games, the Affilka Affiliate Platform, the Sportsbook Software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.
The post SOFTSWISS Reveals Crypto Betting Shift in 2024: Altcoins Command Nearly Half of Crypto Bet Sum appeared first on European Gaming Industry News.
Crypto
Tequity joins Hub88 aggregator platform to accelerate operator access to Originals and Crypto Trading games
Tequity, the rising iGaming software innovator, has successfully integrated its content portfolio into Hub88’s gaming aggregation platform, providing operator partners worldwide with a streamlined route to market.
The partnership enables Hub88’s network of operators to enrich their lobbies with Tequity’s high-performance titles via a single API, allowing rapid deployment and seamless content delivery.
Hub88 clients now have access to Tequity’s Originals portfolio, featuring 17 fast-paced, streamer-friendly, and fully customisable in-house games, as well as the new Crypto Trading games series, which brings crypto market-inspired gameplay directly into the casino environment.
The integration also includes Tequity’s Publishing vertical, with Mirror Image Gaming’s Royal Drop as the first third-party title available through Hub88 distribution.
Operators benefit from a broader content mix with strong advantages in brand control and operational confidence. Extensive customisation options allow partners to tailor game look, feel, and UI, all supported by a robust, engineering-led infrastructure designed for global scale and performance.
Dominic Sawyer, VP of Growth at Tequity, said:
“Hub88 is an ideal distribution partner for studios and operators building for scale. This onboarding makes Tequity content more accessible across Originals, Crypto Trading games, and Publishing, with a focus on fast rollout and full brand control. We have several operator partners scheduled to go live in the coming weeks.”
Ollie Castleman, Managing Director of Hub88, added:
“We are excited to onboard Tequity to our platform. Their Originals, Crypto Trading, and Publishing content provide our operator partners with a diverse, differentiated game offering and a simple, efficient path to launch.”
The post Tequity joins Hub88 aggregator platform to accelerate operator access to Originals and Crypto Trading games appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Compliance Updates
Crypto.com Receives Limited Financial Institutions Licence in Europe
Crypto.com has announced another regulatory milestone: its EU MiCA regulated entity has received a Limited Financial Institutions licence from the Malta Financial Services Authority (MFSA). The approval allows the company to continue delivering its full suite of stablecoin services – qualifying as payment services – across the European Union, without disruption.
This additional licence is for the provision of services exclusively in relation to electronic money tokens (EMTs). The licence was acquired to navigate a complex regulatory landscape resulting in overlapping crypto asset services (MiCA) and payment services (PSD2). By securing the Limited Financial Institution Licence, Crypto.com has addressed both regulatory regimes ensuring full compliance across every aspect of its stablecoin operations.
Crypto.com’s Malta entity received MiCA approval in January 2025, allowing the company to passport services across the European Economic Area (EEA). Notably, Crypto.com already holds a full Electronic Money Institution (EMI) licence in Europe, making it one of the most comprehensively authorised platforms operating in the region.
“We are one of the most regulated crypto platforms in the world and receiving this licence proves, yet again, that we are committed to working with authorities to ensure the strongest compliance standards. Our stablecoin business and services remain a pivotal part of our European product offering so it was vital we secured this limited licence to continue providing seamless access to our institutional and retail customers,” said Eric Anziani, President and Chief Operating Officer at Crypto.com.
The limited Financial Institutions licence adds to Crypto.com’s expanding list of licences and registrations globally including, but not limited to, a UK Electronic Money Institution licence (FCA), a Major Payment Institution licence in Singapore (MAS), a Virtual Assets Service Provider licence in Dubai (VARA), U.S. Money Transmitter Licences, U.S. Designated Contracts Market (DCM) & Derivatives Clearing Organization (DCO) licences and recently conditional approval from the U.S. OCC for a National Trust Bank Charter.
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Crypto
UK To Explore Crypto Gambling Framework
Legal crypto gambling could be coming to the UK after the country’s regulator announced on Thursday (Feb 26) that it will begin working on new rules to support the sector.
Gambling Commission executive director Tim Miller revealed in a speech this week that regulatory officials have concluded allowing licensing operators to transact in crypto is likely a wise move.
Responding to growing demand for gambling with cryptocurrencies, and undeniable evidence that consumers are turning to the black market in search of crypto-friendly operators, Miller said the process was already underway.
Characterising the project as “tentative” and promising no timelines or outcomes, Miller nevertheless said he had instructed the commission’s Industry Forum to begin work on detailing how crypto gambling could be regulated in the UK.
The Forum is composed of industry figures from the online and retail sectors, including representatives from Flutter and Rank Group.
Addressing the Betting and Gaming Council AGM on Thursday, Miller said: “There will be significant challenges and risks to overcome in considering this topic but I am keen that we approach this in the spirit of exploring the art of the possible, rather than starting from a position of finding all the reasons not to innovate.”
Recent work undertaken by the Gambling Commission to try and understand why gamblers choose to leave the regulated market and gamble offshore has identified a desire to bet with crypto as the second-largest motivator.
One UK legal expert told EEGaming that the project was “long overdue”.
“A credible, regulated pathway would be a more effective consumer protection tool than de-facto prohibition if it reduces displacement offshore, which invariably it would,” said Chris Elliot, a partner at Wiggin law firm in London.
Elliot noted that the commission does not appear to be proposing specific “crypto licences”, but is instead “exploring a framework under which UK-licensed operators could accept crypto as a consumer payment option”.
Regulators in partnership
The Commission’s renewed willingness to consider allowing crypto gambling is also being driven by more secure legislative foundations that are set to come into effect in the UK.
Miller pointed to the “Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025”, which was presented by the government in December.
The new statutory instrument would regulate more uses of crypto-assets by establishing a series of regulatory frameworks.
This comes as the Financial Conduct Authority (FCA) is itself consulting on new rules for crypto in the UK.
This work will form the bedrock of any efforts by the Gambling Commission to loosen crypto gambling rules, Miller said.
It may also provide some clues as to the timeline of any crypto-liberalisation by the commission, Elliot noted.
“If the FCA authorisation regime is phased in over a longer period, mainstream adoption in UK gambling could be correspondingly slow,” he warned.
“That said, existing AML registration requirements for crypto-asset service providers already provide some baseline assurance, which could support earlier experimentation if the commission is serious about tackling black-market growth.”
Fraud on the brain
Regulatory sources who spoke to EEGaming pointed to the role the Financial Action Task Force (FATF) may be playing in accelerating crypto regulation.
The international money laundering watchdog — which has had notable interventions in the gambling market over recent years through its temporary greylisting of Malta and Gibraltar — has told national governments they should be regulating crypto providers, not trying to prohibit their use in the legal economy.
The UK is scheduled to undergo an assessment by the FATF in 2027.
That provides an extra impetus for the UK to have its crypto regulations in order, but allowing digital assets to flow into the economy more readily, especially via gambling, brings added risks.
“Like any new payment method, it will introduce new fraud/AML typologies,” explained Elliot. “But ‘new’ doesn’t automatically mean ‘higher’. In some respects, crypto can support a more robust control environment than fiat payments, particularly where cash is involved,” he noted.
“Operators wishing to drive this agenda will need to be able demonstrate, with evidence, why these risks can be managed through the controls put in place,” he said.
Crypto revolution?
Although the UK Gambling Commission is only at the beginning of this process, Miller’s announcement is sure to have an impact internationally, particularly at some of the European regulators with which it shares close ties.
EEGaming asked the Netherlands Gambling Authority, which signed a new memorandum of understanding with the commission in November, whether it would now be considering a crypto-revolution of its own.
“Although the KSA thinks allowing crypto payments might help battle illegal offering, there are too many complications right now to just go along with it,” a spokesperson said.
“We are looking into this for the future.”
The post UK To Explore Crypto Gambling Framework appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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