The State of Crypto Gambling in 2024

The State of Crypto Gambling in 2024

Published by Self Custodian, 17 January 2024

Millions of crypto enthusiasts began 2024 in a celebratory mood after the U.S. Securities & Exchange Commission approved the first spot Bitcoin ETFs.

The decision is seen as a watershed moment for the world’s largest cryptocurrency, and for the broader crypto market. Institutional investors should now find it easier to gain exposure to Bitcoin, which could potentially cause BTC to spike in value ahead of the eagerly anticipated halving in 2024.

It also promises to be a big year for the crypto gambling industry, which has seen exponential growth in recent years. This guide rounds up some of the key trends that will dominate the crypto gambling market in 2024.

Crypto Seizes Market Share from Fiat

The number of crypto bets placed worldwide increased by 66.4% in 2023, according to leading white-label provider SoftSwiss. The company provides the software that powers more than 500 crypto casino sites, so it is perfectly placed to analyze the market.

It found that the value of crypto wagers placed increased by 18.7% in 2023. Crypto now accounts for 28.5% of bets placed online according to SoftSwiss, highlighting its popularity among online casino players and sports fans.

This trend is expected to continue in 2024, as the number of crypto users is still growing rapidly on a global basis. Analysis from the Bitfinex exchange predicts that the number of people using crypto will surge past 850 million this year, driven by countries such as Argentina and Switzerland.

"Ethereum Killers" Grow in Popularity

Bitcoin bolstered its share of the crypto gambling market to 74.9% in 2023. That represents a 3.9% year on year increase for the world’s leading cryptocurrency, which is impressive when you consider the fees associated with sending and receiving BTC.

Meanwhile, Ethereum’s market share dropped by 6.3 percentage points, and it now accounts for just 8.9% of deposits. That leaves it ahead of Litecoin (6%), USDT (4.6%) and Dogecoin (3%), according to data from SoftSwiss.

Litecoin casinos stands out by offering very quick transactions and negligible fees, so it is popular in the crypto gambling community. However, some of the so-called Ethereum killers also offer rapid transfers and fees far below $0.01, so LTC could face competition in 2024. Leading candidates include SOL and TRON.

It is worth noting that TRON is a quicker and more cost-effective option than Ethereum for anyone sending USDT to online casinos. The USDT (TRC20) tokens arrive in around a minute, and the fees are trivial, whereas USDT (ERC20) tokens can take five minutes or more, and the gas fees are typically between $2 and $4, depending on network load.

Specialist Providers Thrive

Some slots providers have trained their focus on the crypto gambling industry, and they have emerged as leaders within this space.

BGaming was the No. 1 game provider per crypto bets in 2023, according to SoftSwiss, ahead of Platipus, Booming Games and Belatra. It accounted for five of the 10 most popular slots: Elvis Frog in Vegas, Aztec Magic Deluxe, Aloha King Elvis, Aztec Magic Bonanza and Elvis Frog Trueways.

Platipus was responsible for three of the top 10 – including the overall leader, Wild Spin – while Endophina’s Hell Hot 100 and Gamebeat’s Buffalo Trail also featured.

Some of those games have been linked to bonuses at crypto gambling sites, which has bolstered the volumes wagered on them. However, they are clearly popular with crypto gamblers.

The world’s leading providers of online slots and table games include NetEnt, Playtech, Microgaming and IGT. However, they do not enjoy the same status in the crypto gambling industry, so they may need to rethink their strategies if crypto casinos continue to soar in popularity.

Artificial Intelligence Enters the Mainstream

AI is the topic on everyone’s lips this year. Machine learning algorithms have already disrupted almost every industry, and they’re only just getting started.

The online gambling sector has always been renowned for its tech-savvy approach, so it has naturally been quick to capitalize on AI’s vast potential. These are some of the ways in which AI will enhance crypto casinos and sportsbooks in 2024:

  • Helping casino operators provide players with tailored marketing and promos.
  • Recommending slots and table games based on a player’s past activities.
  • Identifying betting patterns that could suggest fraud or problem gambling.
  • Developing games – Endorphina’s Joker’s Ra is the first AI-designed online slot.
  • Creating the artwork for hundreds of casino games.
  • Analyzing player feedback to make data-driven improvements in gameplay.
  • Improved chatbots and virtual assistants for players seeking customer support.
  • Enhanced security via player verification. These are just some of the ways in which AI will cement its status as a cornerstone technology in the online gambling market this year.

A Cookieless Future Beckons

The digital world will step into a cookieless era when Google turns off third-party cookies in the second half of 2024.

The move is designed to enhance user privacy, but it will force online casino providers to revamp their digital strategies. They will no longer be able to track users and tailor marketing efforts in such a simple fashion, so they will need to build robust systems to gather first-party data.

We expect to see privacy-first advertising frameworks such as Google’s Privacy Sandbox come to the fore. Alternative marketing methods will also grow in importance.

Gamification Becomes More Important

Gamification will be a major trend in 2024, according to the experts at SoftSwiss. It deepens engagement and ensures a player’s longevity, so we expect to see more leaderboards, mission-based rewards, narrative storytelling, badges, awards, unlockable content, and player vs. player tournaments in 2024.

“*The catalyst for this shift is clear,” says SoftSwiss in its 2024 trends report. “Players demand more, and a platform with a solid selection of games is no longer exceptional – it’s expected.

In a climate where player attention is scarce and acquisition costs soar, the strategic pivot is towards retention and maximizing the value of each player. Traditional approaches, particularly the reliance on bonuses with complex wagering conditions, are losing traction, as they often lead to player dissatisfaction and mistrust.

Crypto Gambling Becomes More Social

Finally, social interaction is expected to become more prominent in crypto gambling in 2024, potentially marking a transformative shift for the sector.

As mentioned above, tournaments, challenges and team competitions will become more important. The idea is to spark a sense of camaraderie and create a collective experience similar to gathering round a craps table or watching a game in a busy sports bar.

Online casinos know that players crave social interaction and are drawn to competing, interacting and collaborating, so they will launch more tournaments, streaming features and contests to enhance the player experience.

2024 at CryptoGambling.com

In May last year we went live with our crypto gambling guide and has since reviewed over 80 crypto casinos, and added over 200 bonuses to our database. But our biggest focus has been on laying the foundation for the future.

We have created 25+ points of interest related to crypto casino functionality and tied it to our reviews, making it easier than ever to filter out and find the right brand for our readers. For instance, if the crypto casino displays RTP in their lobby, have a rakeback program in place, or does not require KYC.

Additionally we continue to build out our bonus sections dedicated to specific tokens, and casino sections with focus on specifik blockchains. Our most recent additions being pages on Solana casino sites and Dogecoin casinos.

We look forward to a 2024 full of crypto gambling and to share our experience with our readers.

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