Since the first transaction at the start of 2009, cryptocurrencies have transformed the way we pay. Whether it’s allowing us to pay for our weekly shopping using Bitcoin or challenging the value of investing in traditional stocks and shares, these virtual currencies have made big waves.
The iGaming industry has certainly felt the impact. At more providers than ever, we’re able to pay to play our favorite games using cryptocurrencies. They’ve even become so popular that there are iGaming sites which specialize in them. How and why have cryptocurrencies become so popular and what could be in store for their future?
The origins of cryptocurrencies in iGaming
Before we talk about the rise of cryptocurrency in iGaming, we should first discuss its origins. The very first form of crypto is arguably still the most famous — Bitcoin. First discussed in a 2008 white paper published under the pseudonym Satoshi Nakamoto, the first form of cryptocurrency was truly revolutionary.
Nakamoto’s aim was to create a virtual currency which offered similar value security to gold bullion. His proposed currency was also decentralized, meaning it wasn’t attached to a specific institution like a national bank, giving individuals more control over its value and use.
Entering the iGaming scene
The very first Bitcoin transaction was made in January 2009 between Nakamoto and cryptographer Hal Finney. From here, Bitcoin continued to grow, reaching almost 500,000 transactions a day in 2024. There have been thousands of different coins branching off from the original, including Ethereum, Ripple and Litecoin.
Crypto emerged onto the iGaming scene in 2012 when the first crypto casino opened, named after the founder of Bitcoin. It didn’t take long for the payment method to spread beyond the original, eventually being incorporated into the payment methods of some of the most popular iGaming sites.
What’s behind the rise of cryptocurrencies?
There’s a wide range of reasons behind cryptocurrency’s growing popularity, from lower fees and avoiding exchange rates, to improved security and transparency. Players use the specialized crypto casino comparison site bitedge.com to make the most of the benefits associated with crypto gambling. They’re leading experts in the field and have been around since the early days of crypto casinos in 2013. Users know they’re choosing from the very top options as they also consider customer reviews, security, game variety and bonuses.
Lower fees
Crypto faces lower fees than other forms of payment methods, such as cards and bank transactions. Usually, payments are only charged at the very minimum blockchain fee, meaning players can avoid additional costs.
Faster transactions
Another advantage is the speed of cryptocurrency payments. When playing at an online casino, nobody wants to wait around for hours or even days for the money to hit their account. Understandably, they want to get straight to playing or receiving their winnings. Crypto payments allow this with payments often arriving instantly or within a few hours.
Global payments
As a decentralized form of currency, crypto makes sending money around the globe much easier. That’s a big advantage for the iGaming industry where players often make payments to online casinos overseas. It’s not unusual for players to find themselves faced with a sharp exchange rate, which can even discourage players completely from using an overseas provider. Crypto doesn’t have exchange rates, so players can make global payments without the extra hassle.
Enhanced security
To play at many online casinos, you need to complete a Know Your Customer process. This involves filling in personal information such as your name, date of birth and address. It also calls for uploading documents to verify these details, including a form of ID such as a passport and a proof of address like a utility bill. Players may also need to upload further information when it comes to making payments. It will come as no surprise then that some players have concerns about the amount of sensitive information they need to provide to an iGaming site.
Cryptocurrency is a viable alternative for those who have concerns. Rather than adding their card details, users can just make a crypto transfer, allowing for greater levels of security and anonymity. Enhanced security is one of the big selling points of crypto as wallets are only accessible with a unique personal key. This key is a random string of characters which only the user knows — making wallets impenetrable to others.
Greater transparency
Another advantage to using crypto is the improved level of transparency. Crypto payments use something called blockchain technology, which includes a virtual ledger that records all the transactions made using a cryptocurrency. It’s publicly accessible so everyone can check the payments made using the currency, helping to prevent things like fraud, human error and manipulation. By using the ledger to track their activity, players can gain better control over their spending.
How do crypto payments work in iGaming?
Some providers offer a wallet-linking system allowing crypto wagers to be instantly transferred. Others have a more intricate crypto exchange system allowing for the buying and selling of crypto through their site, on top of accepting it for wagers.
Crypto casinos go a step further by specializing exclusively in cryptocurrency payments. These casinos usually offer a wide range of currency options from Bitcoin to Dogecoin. They can offer exclusive games, and some go as far as having their own in-house form of cryptocurrency.
Aside from the payment methods, crypto casinos are generally the same as their traditional counterparts. They have all the games players expect to see, from blackjack and poker to slots and roulette. Players will also be pleased to know that the usual perks, such as cashback, no deposit and welcome bonuses, remain in place.
How popular are cryptocurrencies in iGaming?
The crypto gambling market is now worth an estimated $330m and between 2022 and 2023 the number of bets increased 20%. Options are often limited to the most popular coins, with Bitcoin and Ethereum leading the way.
Despite the growth, players still won’t find crypto being offered at all their favorite iGaming sites. Chief Commercial Officer of iGP Gaming Inesa Glazaite, who champions crypto in gambling, recognizes that it still hasn’t hit the mainstream: “I think it’s fair to say that broadly speaking, cryptocurrencies are still quite a niche concept in the iGaming industry. The majority of the market still only operates using traditional currencies.”
Why aren’t crypto payments offered throughout iGaming?
Glazaite also acknowledged the industry’s hesitation to adopt cryptocurrencies widely. She attributed this to the traditional mindset of providers and the difficulty of scaling for multiple currencies.
It’s also worth noting the volatile nature of crypto can put many people off. In the most basic terms, high volatility means cryptocurrencies are extremely unpredictable with sharp fluctuations in value. Not having a stabilizing central institution and being highly dependent on public opinion, are just a couple of the reasons that crypto can be highly volatile.
At the end of 2022, Bitcoin was worth just $16,600. It bounced back in style to be worth $117,950 a coin in July 2025. It then went on to decline 10% at the end of the same month, prompting experts to warn of an imminent crash. That’s quite the rollercoaster!
What could the future hold for crypto in iGaming?
Although crypto has made waves in the iGaming industry, these haven’t yet completely turned the tides of traditional payment structures. The volatility of the currency is one of the main stumbling blocks for investors and iGaming providers alike. With experts predicting an upcoming market crash, the impact could be damaging for crypto in online gambling. After all, if the industry can’t rely on getting their money’s worth from a payment, then why would they offer it?
Despite concerns, the rise of crypto in iGaming continues. Many players are keen to make the most of the faster transaction speeds, lower fees and enhanced security that crypto offers. In an industry which is consistently quick to adopt new technologies, crypto’s surge shouldn’t come as a surprise. Although we’re unlikely to see it replacing the usual ways we pay at online casinos anytime soon, it’s not out of the question to see crypto available at more iGaming providers in the near future.
