15 Fascinating Crypto Gambling Stats For 2024

The use of cryptocurrencies has increased over the years which has led to a great change in different businesses, including online gambling. Crypto gambling is becoming more popular as online casino operators are using crypto as either one of the payment methods or as the sole payment method. In this article, we will look at some of the most interesting crypto gambling statistics in 2024, which provide valuable insights into the future of crypto betting in relation to market size, growth rate, and usage.

1. Of all crypto gambling payments, Bitcoin is the largest contributor at 55.8%. 

It is not surprising that Bitcoin makes up the largest share of payments, as its reputation has grown over the years. It is expected to maintain its number one position, followed by other coins like Ethereum and Litecoin. Bitcoin is widely accepted and is the most used cryptocurrency for online gambling, representing 55.8% of the total crypto gambling payments. An analysis of the first to the third quarter of 2023 showed that 74.90% of all crypto bets made were with Bitcoin. Ethereum reached 8.9% and the third most popular was Litecoin at 6%. Dogecoin and Tether made up the remaining 7.6%, with Tether being the least popular of the two. When it comes to online casinos that accept crypto, 17 of the best sites accept a variety of digital coins, but Bitcoin is accepted by all of them.

2. The crypto gambling sector holds a $250 million market share of the $93 billion iGaming industry worth.

The crypto betting market is estimated to be worth $250 million, which is a small but increasingly large share of the whole iGaming industry valued at $93 billion. Although according to these statistics, it may seem as if the crypto gambling market is very small, its popularity has been growing because many people now acknowledge its existence and the financial impact it has.

3. 77.6% of crypto casinos use provably fair technology.

Provably fair games are more secure and transparent, that is why they are preferred by most crypto gamblers. Players are able to look at game results to verify the fairness of the outcomes. 

4. Crypto betting accounts for 4% of all gambling transactions, but that is quickly increasing.

Over the years, many people have started using cryptocurrencies for gambling. In the beginning, only 4% of all gambling payments were made by cryptocurrencies, which was a very small portion of the total market size. This, however, has been changing quickly as there has been an increase in the percentage in recent years. The growing use of cryptocurrencies is because of the many advantages crypto offers gamblers and casino operators. These advantages range from security, privacy, and faster transaction processing times.

5. About 52% of crypto gamblers prefer slots to other games.

After a survey was conducted, the results indicated that slots were the most popular amongst crypto gamblers, as they made up 52% of the total survey results. The second favorite according to the results is roulette, followed by other games such as baccarat and plinko.

6. More than $4.5 billion Bitcoin has been wagered since 2014.

This information is based upon the available data but in actual fact, the figure might be higher. Bitcoin has become a popular currency for online gambling due to its decentralized nature, anonymity, and fast transactions. Bitcoin gambling allows players from countries with strict gambling regulations to bypass restrictions and participate in online gambling.

7. The number of crypto casinos rose to 304 at the end of 2021.

Of the 304 crypto casinos, 70% accept both fiat and crypto payments, while the remaining 30% only accept crypto as legal tender. Many of these crypto casinos do KYC checks but the majority only require it when withdrawing large sums, meaning that for everything else, an email address will suffice. The KYC checks ask for personal information and confirmation of personal details, for example, if a player is of legal age.

8. Crypto gamblers place 337 bets every single second.

There is a surprising amount of activity in the crypto gambling market, as it has seen a total of 337 bets being placed every single second. This supports the information that crypto gambling is a booming market.

9. Smartphones account for 80% of crypto gaming. 

The trend of mobile gambling is not new; rather, it is a continuing trend from previous years used by both professional gamblers and novices. As it stands, smartphones are the most popular platform for cryptocurrency gaming accounting for 80% of users, as compared to other devices represented by a mere 20%. Most Generation X and below individuals are not keen on cryptocurrencies, leaving most crypto purchases to those born in the 80s going upwards. This batch of individuals prefer mobile connections for their gaming preferences compared to the other options, therefore crypto gambling operators have to design their systems in such a way that they cater to all age groups. Numbers of crypto gamers are expected to rise as more young people begin to join in. 

10. Bitcoin gambling transactions are estimated to be 50% of all Bitcoin transactions.

Bitcoin has not yet reached the point of mass adoption but there has been a rise in the number of e-commerce sites that support crypto as legal tender. Some of these sites sell things like insurance, NFTs, and real estate. Although this may be the case, a significant portion of cryptocurrency transactions, Bitcoin included, are related to gambling activities. Bitcoin gambling transactions are estimated to be 50% of all Bitcoin transactions. The reason for this likely relates to the many advantages offered by Bitcoin for online gambling, such as faster transactions, lower fees, enhanced privacy, and accessibility from anywhere in the world. 

11. Cryptocurrency bets rose by 44.6% in the first quarter of 2023.

The total number of cryptocurrency bets has been increasing over the years. In the first quarter of 2023, the overall cryptocurrency bets rose by 44.6% as compared to the previous financial period. Statistics confirm the iGaming market is growing steadily with 30% of wagers made using cryptocurrencies in the same quarter. 2023 showed significant crypto gambling growth which can be used as an indicator of the expected market expansion in 2024.

12. Crypto gamblers bet $3 million worth of crypto daily.

According to statistics, cryptocurrency bettors wager $3 million in cryptocurrency per day. There are crypto coins like Litecoin and Ethereum which have now become popular, in addition to Bitcoin, among crypto gamblers. There was a time when Bitcoin was the only available option but now there are several options to choose from. 

13. 25% of all online gambling payments are processed with crypto.

The online betting industry is the fastest-growing sector of the gaming industry. Since iGaming introduced crypto as an accepted payment method, Bitcoin and other cryptocurrencies became the perfect payment option for crypto owners and bettors alike. 48.6% of cryptocurrency owners use their holdings for online gambling, accounting for 25% of all online gambling payments.

14. The amount of crypto wagers rose 2.2 times from the beginning of 2021 and 2022.

The statistics for crypto gambling show that the crypto bets that were placed at the beginning of 2021 by crypto gamblers were just short of reaching $3 billion. This figure rose significantly by around 116% in the following year to over $6 billion, showing a 2.2-time increase in the value of crypto bets between early 2021 and early 2022. 

15. 35.96% of wagers placed in the beginning of 2022, were done so using cryptocurrencies.

It was found that 26.30% of wagers were placed using digital coins in the first quarter of 2021. This figure rose a year later to 35.96% showing a percentage increase of 9.66%. The statistics show that crypto gambling is on the rise. This observation is also supported by the fall of fiat currency-related bets from 73.7% to 64.04% during the same period.

Conclusion 

The crypto-gambling industry is expected to experience noteworthy growth and development in the year 2024. The statistics and trends gathered from different studies show the great potential of this sector, which will be made possible by the increasing adoption of cryptocurrencies and advancements in technology. As the market continues to grow, it is necessary for all stakeholders to welcome change and promote a regulatory structure that ensures responsible and secure gambling experiences for all players.