Market fluctuations mean more and more people are using stablecoins like USD Coin (USDC) and Tether (USDT) to deposit into top bitcoin and crypto casinos.
When we talk about cryptocurrencies, one slice within that lovely Web3 pie that’s impossible to ignore is crypto casino gaming. Data uncovered by Crypto Lists data shows gamblers in this space wager around 3m (calculated in USD) in digital assets daily. Some have even revealed that 60% of all Bitcoin transactions relate to gambling according to Katrina Holmes on IGB. Certainly not numbers to be sniffed at.
The fusion of blockchain technology and online betting is reshaping how people gamble. It’s no longer just about digital coins changing hands. It’s presenting a whole new world of opportunities and challenges for players and operators alike.
Let’s dive in and explore the changing trends of crypto deposits in 2024.
Market Volatility
The crypto market’s unpredictability was on full display in the first seven months of 2024. Just a brief deep dive into the numbers and we can see an approximately 14% decrease in total market cap, settling at $2.43 trillion. Bitcoin prices fluctuated between $58,000 and $72,000, ending 11.9% lower. And this was before taking into account the shock drops at the begining of this month of August – as we head futher into the second month of Q3.
Despite this turbulence, crypto casinos have continued to show remarkable resilience. A leading iGaming software provider, reported growth in total bets for Q1 2024. This helps to suggest that crypto casinos have developed strategies to thrive even in the most volatile market conditions.
Demographics of Crypto Gambling: Women More Stable?
Crypto gambling isn’t equally distributed across demographics. Men dominate, with most souces indicating that 65% of crypto transactions in online casinos. Women seem more hesitant to enter this space, suggesting an opportunity for casinos to attract a more diverse player base.
If we look at the huge increase in mobile gaming among the female demographic, there’s certainly space to grow enormously, even within spaces traditionally considered to be the sole confine of men. It’s about catering to different playstyles. While young women aren’t teaming up to play GTA Online, they do enjoy the puzzles of games such as Candy Crush. Could casinos tailor a significant chunk of their instant win and crash games to themes more suited to female tastes?
More importantly for this deep dive is that research [page 49] conducted by the UK’s Financial Conduct Authority (FCA) highlights that women are more likely to use stablecoins to use on exchanges to buy other cryptoassets. Indeed, if women are a key demographic in what’s still seen as a majority-male scene could casinos start targeting offers for stablecoin-focused bonuses on women?
The Rise of Stablecoins
With increasing market volatility, many players are now turning to stablecoins. This has seen USDT (Tether) and USDC grow in casino usage over the past six months. This shift makes sense. When gambling, players prefer chips that maintain their value.
One of the same earlier-referenced reports also noted an interesting trend: stablecoin users tend to play longer. This could be a significant advantage for casino operators looking to increase player retention.
Best Stablecoin Casinos to Try
Here we’ll explore a few of the top sites on Crypto Lists where you can use stablecoins in the best way possible.
Cryptorino
First up is the awesome Cryptorino (review), launched in 2024, and requiring no KYC whatsoever. If you’re a bitcoin fan then there’s a 1 BTC bonus or if you prefer USDT then you can get that same welcome bonus in your preferred cryptocurrency.
You can use Tether (USDT) on five different networks, which is pretty incredible and nearly unmatched on our site. You can use:
- Ethereum Network (ERC-20)
- Tron Network (TRC-20)
- Polygon
- The Open Network (TON)
- Binance Smart Chain
Cryptorino is unfortunately not allowing players from your country, but we would suggest that you check out LTC Casino instead.
100% anonymous crypto casino with proven track record and no KYC ever asked.
1st Deposit bonus: No bonus, just overall good RTP on the games and they only accept crypto. + more deposit bonuses
Payment Methods: 15
Games: 2000+Game Developers: 30+
✔Instant Payouts ✔Live casino ✔Anonymous ✔Allows VPN ✔Decentralized ✔Crypto Casino ✔Mobile First Casino ✔Wallet to Wallet deposits ✔Tournaments ✔Some Provably Fair Games ✔Crypto Poker
Betplay IO
Deposit USDT in 5 different ways…
Betplay (review) is another one where they’ve made Tether deposits as convenient as possible. You get all the same options as Cryptorino but as a somewhat added bonus, and yep we’re well aware it’s not a stablecoin, they also have the Lightning Network available. This is a solution to make Bitcoin work as fast as much more modern networks.
The reason we mention is it means they’re committed to technological advancement and we predict many big innovations in the stable scene on Bet Play IO in the years ahead.
Wall Street Memes (WSM)
If you’re knee-deep in meme culture and know your Gamestop from your laser eyes, then WSM (review) is probably the casino for you. Perhaps the most important thing to point out is that they have a 200% up to 25,000 USDT + 50 free spin welcome bonus for new players. So, you’ve already got something nice in store as a stablecoin holder.
And if you’d like to use USD Coin (USDC) you can deposit as an ERC-20 token on Ethereum, as a BEP-20 on Binance Chain, or even as a POLY token on Polygon! And, USDT comes in a variety of options also including all the above. Win, win!
Speed is the New Currency
In the fast-paced world of online gambling, transaction speed can be a deal-breaker. This explains why cryptocurrencies offering quick transfers are gaining popularity. Litecoin and BNB in particular have seen significant growth due to their speed and low fees.
Let’s compare some popular options:
- Bitcoin: 10-minute average confirmation, $1.20 average fee
- Ethereum (post-upgrade): 15-second confirmation, $0.15 fee
- Litecoin: 2.5-minute confirmation, $0.05 fee
- BNB: 3-second confirmation, $0.03 fee
These faster, cheaper options are attracting players who value quick access to their funds. Stablecoins have very fast speeds too, especially USDT when hosted on Solana or Tron over Ethereum which can be congested at times. And, players don’t have to worry about value dropping during the transfer period.
- USDT on Tron: 1-2 minutes
- USDT on Solana: Sub 1 minute
Meme Coins Pose a Threat to Stables?
Meme coins, once considered a joke, are now a significant part of the crypto casino ecosystem. Dogecoin and Shiba Inu, two of the most popular coins in this space, have carved out a niche, with their popularity often spiking in tandem with social media trends.
Research shows that any time these coins trend on X for example, their casino deposit volumes increase quite significantly within hours. This is a clear indicator of the powerful influence of social media on gambling habits, especially among younger players.
So why are stablecoin deposits increasing even more? It’s pretty simple:
- Price Stability: stablecoins are pegged to stable assets like the US dollar, making their value less volatile. In a nutshell layers want to ensure that their winnings retain their value.
- Predictable Betting: players can better predict the value of their bets and potential payouts. This predictability is essential in managing limits effectively.
- Security and Trust: stablecoins are generally considered more secure and reliable due to their backing by tangible assets or through algorithms designed to maintain a consistent value.
- Lower Risk: using stables minimizes the risk of losing value due to market fluctuations. A winning bet won’t turn into a loss by the coin’s value plummeting suddenly.
An Evolving Regulatory Landscape
As crypto gambling grows, so does regulatory scrutiny. For example, the upcoming MiCA regulations in the EU are already impacting the industry in various ways. First, privacy-focused coins are seeing a dip in usage on European-facing casinos.
Many are saying MiCA is a threat to stablecoins. Aside from expected rules surrounding their backing and issuer bank reserves, MiCA introduces caps on the amount of stablecoin transactions that can occur within a set period. Indeed, for players holding large amount of USDT or USDC for example, they might consider depositing large amounts in casinos and then withdrawing in another coin.
It’s certainly a possibility.
The Future of Stablecoin Deposits at Crypto Casinos
Looking ahead, several trends are likely to shape the crypto casino landscape, including the following:
- Stablecoin usage will probably continue to grow
- Regulatory-compliant options will become increasingly important, especially in stricter markets like the EU
One thing you cannot dispute is that the integration of cryptocurrencies into online gambling is restructuring the industry. It’s changing how we think about digital currencies, online betting, and even entertainment.
For industry players like casino operators and owners, adaptability is key. The landscape can shift within days or weeks, and strategies that work today may become obsolete tomorrow.
For players, this evolution brings both opportunities and risks. The range of betting payment options has never been broader. However, you must understand the volatility and regulatory aspects of using various forms of crypto for gambling to be able to reap maximum benefits.
As always, here at Crypto Lists, we’ll keep watch of all things and news unfolding in the crypto and iGaming spaces to bring you the latest and hottest news as it hits.
