Online Crypto Casino Market – Statistics and Facts

The cryptocurrency market has come a long way since Satoshi Nakamoto launched Bitcoin, the world’s first digital currency, in early 2009. Thousands of digital coins have emerged since then, competing for a share of the global crypto market, which is expected to generate an impressive $64.9 billion in revenue by 2027, with a projected compound annual growth rate of 14.4%, according to Statista Market Insights.

It is hardly surprising that crypto usage is also on the rise. Nearly 430 million people used decentralized currencies in 2022, and this number is projected to reach almost one billion within four years. Online gambling and betting ranked as the tenth most popular category of goods and services purchased with cryptocurrencies in 2022.

More and more online gamblers are turning to cryptocurrencies to fund their interactive betting activities. This growing popularity stems from the flexibility, speed, anonymity, and cost efficiency digital coins provide. In this report, we examine the online crypto-gambling market, delivering all key statistics and facts in one place. We cover everything, from the number of gamblers who use cryptocurrencies to the number of bets they place each year and how these figures compare with fiat payments.

Online Gambling Is among the Top 10 Most Popular Services among Crypto Users

Perhaps surprisingly, online gambling and betting are as popular as fashion among cryptocurrency users, according to a 2022 consumer survey conducted by the Dutch fintech company Cryptorefills. Among those surveyed, 12.2% confirmed that they had used cryptocurrencies for transactions related to iGaming and betting last year.

Survey results indicate that crypto usage for gambling purchases is more common among males (12.7%) than females (11.1%). Interestingly, mobile data was the most popular product among crypto users in 2022, followed by in-game items, streaming services, paid mobile applications, and software.

Source: Cryptorefills Consumer Survey

Source: Cryptorefills Consumer Survey

Most Popular Cryptocurrencies among Online Gamblers

An annual report released by the casino game aggregator Softswiss in 2021 offers valuable insights into the cryptocurrencies most often used for online gambling transactions. Softswiss pioneered crypto gambling by introducing the first Bitcoin online casino solution in 2013. For its annual report, the software development company collected monthly data from more than 500 iGaming brands that operate on its platform.

After analyzing the data, Softswiss unsurprisingly established that Bitcoin is the most commonly used cryptocurrency among online gamblers. The first digital coin ever created accounted for around 80% of all crypto bets accepted by partner casinos in 2021, followed by Ethereum (9.88%) and Litecoin (4.52%). Dogecoin placed fourth with a 2.48% share, while Tether and Bitcoin Cash lagged behind with 1.64% and 1.45%, respectively.

Source: Softswiss Annual State of Crypto Report

Bitcoin continued to dominate the crypto-gambling landscape in 2022, as data collected from Softswiss partner casinos suggest. It remained the most widely used cryptocurrency in the first half of last year despite losing approximately 9.5 percentage points of its share of bets compared with the same period in 2021.

Ethereum reinforced its second position in H1 2022 with 14.7% of all crypto bets, an increase of 5.2 percentage points. Litecoin once again ranked third with 6.15%, but Dogecoin ceded fourth place to Tether, whose share of all bets rose to 3.2% during the first six months of 2022.

Source: Softswiss State of Crypto Half-Year Reports

Share and Number of Cryptocurrency Bets

According to Softswiss, cryptocurrencies account for roughly one-third of all wagers accepted by its partner online casinos. During the first half of this year, crypto bets comprised nearly 29.5% of the total amount wagered, a decrease of 5.3 percentage points from the first half of 2022.

Comparing this figure with data from the first half of 2021 shows that the share of cryptocurrency wagers has remained relatively stable, falling by only 0.2 percentage points in the first six months of 2023. Interest in using digital coins as a payment option therefore remains consistent despite fluctuations in crypto prices. Fiat currencies again came out on top in the first six months of 2023, securing 70.5% of the total amount wagered.

Source: Softswiss State of Crypto Half-Year Reports

Another notable increase occurred during the first half of this year, as the number of digital coin wagers spiked by 83.6% compared with the second half of 2022. Considerable fluctuations were observed in the average size of cryptocurrency wagers, which declined by approximately 40.5%, dropping from €2.84 in the first six months of 2022 to €1.69 during the second half of last year. The first six months of 2023 ushered in an increase, as the size of crypto wagers rose slightly to reach €1.80 on average.

Turning our attention to the first three quarters of 2022, we notice a decline in the quarter-on-quarter cryptocurrency amount wagered across Softswiss-powered online casinos. The first quarter of last year saw €6.342 billion in digital coin wagers. Quarter 2 of 2022 witnessed a 6.3% increase as the total amount of crypto bets grew to €6.741 billion.

Source: Softswiss State of Crypto Quarterly Reports

Cryptocurrencies Boast Highest Acceptance Rates at Online Casinos

Initiating a deposit only to have it declined is a situation no online gambler wants to experience. Players depositing with digital coins rarely face this ordeal, as cryptocurrencies boast the highest acceptance rates at online casinos, according to data captured by Softswiss. Acceptance rates are an important metric because they directly affect the overall player experience at a given online casino.

Cryptocurrencies achieved nearly perfect acceptance rates in 2021, as 99.94% of all transactions at partner online casinos were approved. Softswiss explains that cryptos would have reached a 100% acceptance rate if not for pending and canceled transactions. Credit and debit cards placed second with 73.46%, followed by bank transfers (71.97%) and digital wallets (66.17%). Players depositing with vouchers faced the most rejections, as only around half of their deposits were successful.

Source: Softswiss Annual State of Crypto Report

Cryptocurrencies Are Associated with Lower Transaction Costs

Further data collected from Softswiss show how cryptocurrencies compare with conventional payment methods in terms of transaction costs. Online gambling businesses typically cover the additional processing charges on customer deposits. With that in mind, credit and debit cards are the most expensive from the operators’ perspective.

According to Softswiss, interactive gambling businesses can sometimes pay up to 40.25% of the deposit amount for every €10 players transfer via credit or debit cards. Cryptocurrency transactions are much cheaper by comparison, as operators pay roughly 7% for every €10 players transfer with Bitcoin. The processing fees associated with other popular cryptocurrencies can drop to as little as 0.5% of the deposited amount.

Source: Softswiss Annual State of Crypto Report (2021)

Most Popular Casino Games among Cryptocurrency Players

While video slots generally dominate online-casino portfolios in sheer numbers, live dealer games consistently top the rankings for popularity among cryptocurrency users. These results are hardly surprising, considering live dealer titles closely replicate the land-based casino experience while retaining the benefits of playing from home.

Data captured by the Softswiss game aggregator reveals that Live Blackjack VIP by Evolution Gaming was the most played crypto-friendly game in the first two quarters of 2022. Overall, quarterly engagement data show that between one and four live games ranked among the eight most popular titles with digital coin players. Check the table below for the other crypto-friendly releases that made the cut in the first three quarters of 2022. The live games are marked in gray.

Source: Softswiss Game Aggregator

Most Popular Software Providers among Cryptocurrency Players

BGaming describes itself as a pioneer in crypto gambling, and that claim is apparently justified. The Malta-based provider came out on top of the list of the top five cryptocurrency-friendly game studios for the first half of 2022 based on the total number of wagers. The supplier’s leading position makes sense, considering BGaming has four releases on the list of most popular crypto games for Q1 2022.

Two of BGaming’s titles also made the cut during last year’s second quarter, ranking third and fifth based on all crypto bets made across Softswiss-powered online casinos. Platipus Gaming and Evolution Gaming followed, securing the second and third spots, respectively. Booming Games placed fourth, whereas veteran software studio Betsoft came in fifth.

Source: Softswiss State of Crypto Reports

Cryptocurrency Use by Age Group and Other Trends

Delving deeper into crypto-gambling trends, we examine the use of digital coins among players of different genders and age groups. Softswiss data collected during the first quarter of 2023 indicate that cryptocurrency gambling is more common among men than women. Approximately 65% of all players who fund their gameplay with digital coins are male, while the remaining 35% are female.

Player-profile statistics also provide valuable insights into the average age of crypto gamblers. It appears that the core audience for cryptocurrencies consists of players aged 31 to 40, who account for nearly 45% of all crypto users. Online gamblers aged 41 to 50 comprise the second-largest age group, making up almost 26% of all crypto users.

Source: Softswiss State of Crypto Quarterly Report

Cryptocurrency Statistics by Region

The United States and Great Britain have two of the largest online gambling markets in the world, as the numbers clearly show. The commercial gaming industry in the US generated a record $60.46 billion in gross revenue last year, representing a 14% year-on-year increase. The UK posted a rise of 10.9% between April 2021 and March 2022, reporting over £14 billion in gross gambling revenue for this period. Given this, we decided it would be interesting to see where these countries stand regarding cryptocurrency market share, ownership, and adoption rates.

Source: Statista Market Insights

The number of cryptocurrency owners has skyrocketed in recent years, with an estimated 420 million people worldwide using digital coins as of this year, data from crypto-payments platform TripleA reveal. The majority of cryptocurrency owners are male (65%), which aligns with the percentages quoted by Softswiss. As many as 71% of crypto owners worldwide have a bachelor’s degree or higher.

In terms of age demographics, younger people are more likely to purchase and own cryptocurrencies, since 72% of all digital-coin owners are aged 34 or below. As far as country distribution goes, the US has the third-highest number of cryptocurrency owners with nearly 45 million, a figure that corresponds to approximately 13.2% of the country’s population. India tops the list with 103 million crypto owners. Vietnam and Pakistan place fourth and fifth, respectively.

Source: TripleA Crypto Payment Gateway

Cryptocurrencies and Gambling in the United States

Given that the United States has one of the highest concentrations of digital-coin owners, we decided it would be instructive to examine public attitudes toward cryptocurrency gambling. A recent survey conducted by market research and data analytics company YouGov in 2023 offers some insight.

Survey results indicate that almost half of Americans who have registered online gambling accounts (49%) are interested in using cryptocurrencies for betting. Of that group, approximately 26% describe themselves as “very interested” in trying crypto gambling. Nationally, 15% of all adults are either strongly or moderately interested in using digital coins for gambling purposes.

Source: YouGov Survey

For clarification, the term “potential cryptocurrency gamblers” refers to adult residents interested in cryptocurrency wagering. YouGov points out that almost one quarter of people in this group had not yet registered online gambling accounts when the survey took place.

Potential cryptocurrency bettors were then presented with several statements and asked to choose the ones that applied to them. The largest share of potential crypto bettors (42%) tend to cash out after winning larger amounts of money. By comparison, only 27% of all online gamblers in the US said they tend to do this.

Around 34% of potential crypto gamblers describe fast withdrawals as “important”, while 40% prefer to move funds via mobile payment applications. Roughly 23% have voluntarily imposed betting limits on their accounts, and 22% have had their gambling accounts closed in the past.

This underscores the importance of responsible gambling among people interested in placing digital-coin bets. About 19% complained about withdrawal issues compared with 14% of all online gamblers who participated in the YouGov survey.

Source: YouGov Survey

Cryptocurrency betting remains largely unregulated at both the state and federal levels, with Wyoming being the sole exception. Most cryptocurrency gambling in the country takes place via offshore casinos and sportsbooks licensed outside the US. Nonetheless, we examined which states show the most interest in crypto gambling by analyzing search data from Google Trends.

To this end, we looked up the term “crypto casino” in English for the entire country and selected a twelve-month range covering October 10, 2022, to October 10, 2023. We then checked the “interest by subregion” metric to identify the states with the greatest popularity for this search phrase. The numerical values below reflect relative, not absolute, search volume.

The data are normalized and expressed on a scale from 0 to 100. A number close to 100 indicates that the term represents a larger proportion of all searches in that state. Thus, a smaller state where 60% of searches are for “crypto casino” will receive a higher score than a larger state where only 30% of searches are for the term.

The term “crypto casino” is more likely to be searched in the states shown in darker blue. Lighter areas reflect lower interest.

We found it intriguing that Arkansas shows the highest interest in the search phrase “crypto casino”. The Natural State ranks first with a score of 100 despite lacking legal online casinos at the time of writing.

Neighboring Oklahoma places second with a score of 85, followed by Kansas (82), Mississippi (74), and Missouri (64). Residents of the Carolinas, Massachusetts, and Tennessee are the least likely to search for crypto casinos, as all scored below 20.

Interestingly, Wyoming did not make the list despite passing legislation to regulate crypto sports betting two years ago. Below is the full ranking of all 35 states whose residents searched for “crypto casinos” between October 10, 2022, and October 10, 2023. Some states were omitted because Google Trends reported insufficient data for this phrase.

Source: Google Trends, Retrieved October 10, 2023

Cryptocurrencies and Gambling in the United Kingdom

The UK ranks second in cryptocurrency revenue and market share with $1.89 billion, according to Statista Market Insights. The country with the largest online-gambling industry in the world (£14.1 billion in GGR) has an estimated 4.2 million cryptocurrency owners, data from TripleA show, corresponding to roughly 6.2% of the population.

According to the payment gateway, cryptocurrency ownership is most common among wealthier Britons, as approximately 40% of people earning £200,000 or more per year own digital coins. Most crypto owners fall within the 25- to 34-year-old age bracket, followed by those aged 35 to 44. About 31% of all crypto holders have a university degree.

In line with Softswiss data, Bitcoin is the most popular choice for British cryptocurrency owners, as 62% have purchased it. Ethereum ranks second (36.67%), followed by Ripple (24.21%) and Tether (20.54%). Considering the massive size of the British iGaming industry, we found it surprising that online gambling did not make the top five goods and services among cryptocurrency users. Entertainment secured first place with 42%, followed by consumer electronics (37.41%), luxury and fashion (34.96%), and travel and tourism (34.72%).

Source: TripleA Crypto Payment Gateway

A 2023 survey carried out by market research and analytics firm YouGov sheds light on the attitudes of British gamblers toward cryptocurrencies. The results indicate that 15% of adults with online gambling accounts are interested in betting with digital coins, and about 5% of this group describe themselves as “very interested”. Across the general adult population, 7% say they are very or fairly interested in cryptocurrency betting. We refer to this group as potential crypto gamblers.

The survey also explored the online gambling behavior and preferences of crypto-interested respondents. Roughly 18% of potential crypto gamblers are likely to move funds via payment apps rather than standard bank transfers. About 10% said they had experienced problems with gambling-related withdrawals, and the same percentage had voluntarily restricted their access to betting accounts. One fifth (20%) have imposed betting limits on their accounts.

Regarding fast withdrawals, around a third (32%) of potential crypto bettors in the UK identified this as an important feature. One in four (25%) withdraws after landing larger wins.

In 2022, GamCare, which operates the National Gambling Helpline, commissioned YouGov to survey 4,000 Britons about key issues related to online gambling. Results suggest that people who have experienced gambling-related harm are more likely to engage in high-volatility investments such as cryptocurrency trading. Approximately 43% of problem gamblers in the UK say they own digital coins.

Survey data also show that 66% of people experiencing low-level gambling harm cite making money as their main motivation for buying cryptocurrencies. Britons classified as problem gamblers are far more likely to suffer negative consequences from purchasing digital coins than the general public.

Roughly a quarter of problem gamblers (25%) say they invest more money to recover losses compared with only 7% of the general population. Another 22% reported being unable to cover essential expenses, while 21% felt overwhelmed by their situation.

Source: YouGov 2022 Survey Commissioned by GamCare

The same survey provides insights into cryptocurrency adoption among younger Britons. According to the data, 17% of those aged 16 to 24 own digital coins. Buying cryptocurrencies is more common among males aged 16 to 34, as 33% confirmed making such purchases.

Another concerning trend is that British parents often lack the knowledge and confidence to discuss cryptocurrencies with their children. More than half of parents of minors feel unconfident explaining digital coins. About 42% feel unconfident discussing loot boxes, with higher rates among females (50%) than males (33%).

Furthermore, British parents are largely unaware of gaming trends such as skin gambling – using in-game items to wager on esports outcomes. A striking 79% of parents in the survey had never heard of this practice.

Source: YouGov 2022 Survey Commissioned by GamCare

Using the same methodology, we measured interest in cryptocurrency gambling among Britons. We entered “crypto casino” as our search phrase in Google Trends and set the time frame to the twelve-month period ending on October 10, 2023.

Although insufficient data prevented an exhaustive ranking by city or county, we noticed that people from England are more likely to search for “crypto casino”. The term scored 100 in England versus 57 in Scotland.

Darker blue indicates higher levels of interest in crypto casinos among English residents.

Interest levels spiked between April 30 and May 6, 2023, when the highest score of 100 was recorded for “crypto casino”. The lowest level was observed in the week ending June 3, 2023, when the term registered a score of 0.

Source: Google Trends, Retrieved October 10, 2023

Gambling Cryptocurrencies and Tokens Ranked by Market Capitalization

Data from Statista show that casino and gambling ranked 30th by number of initial coin offerings, with 167 ICO projects as of March 2020. Initial coin offerings are similar to initial public offerings on stock exchanges; the former enable companies looking to launch new coins, apps, or services to raise capital.

Against this backdrop, we looked into the most popular crypto-gambling tokens and coins, ranked by market capitalization. Using information from the independent data aggregator CoinGecko, we arranged the gambling tokens in descending order. Rollbit Coin landed in first place with a $420.5 million market cap, followed by SportX Network ($63.8 million), FUNToken ($46.3 million), Decentral Games ($10.2 million), and WINR Protocol ($6.8 million).

Source: CoinGecko Cryptocurrency Data Aggregator (October 10, 2023)