The State of Advertising in Crypto, iGaming and Finance 2026

Marketer reviewing campaign performance charts on a desktop monitor in an office
Tracking before launch
+92%
first deposit or trade
Five or more ad sets in month one
+87%
first deposit that month
On this page
01

Key findings

+92%
first-deposit capture with tracking in place from launch

Advertisers who set up conversion tracking before their first ad set reached a first deposit or trade 92% more often.

46% of advertisers who tracked from launch recorded a first deposit, purchase or trade, against 24% of those who added tracking afterwards.

66% saw a result on their very first ad set, against 29%.

+87%
first-deposit capture in month one with five or more ad sets

Advertisers who ran five or more ad sets in their first month captured a first deposit in that month 87% more often than those who ran one.

Among advertisers with tracking in place from launch, 56% of those who launched five or more ad sets in month one recorded a first deposit or trade inside that month, against 41% of those who ran two to four and 30% of those who ran one.

The advertisers who kept running launched a median of five, about six days each.

+17%
first-deposit capture with first-party data on top of platform segments

Ad sets combining platform segments with first-party data captured first deposits 17% more often than platform segments alone.

62% of those ad sets recorded a first deposit, purchase or trade within 30 days, against 53% for platform segments alone, 28% for first-party data alone and 16% for ad sets targeted by country and device alone.

02

Introduction

Growing markets, sharper acquisition

Crypto, iGaming and finance keep growing. Cryptocurrency ownership reached 774 million people worldwide in June 2026, up 17% since the end of 2024.1 The online gambling market is estimated at $143 billion in 2026, up 10% on 2025,2 and global fintech revenue reached $504 billion in 2025, up 22%.3

For advertisers in these markets, growth depends on turning that audience into sign-ups, first deposits and trades. That work starts with three questions:

  • How do I attribute sign-ups and deposits to each campaign?
  • How much should I test at launch?
  • Who should I target to reach users who convert?

This report draws on more than two years of Blockchain-Ads campaign data to answer them. It follows advertisers from their first launch, showing which answers went most often with reaching a first deposit or trade.

Together, these findings form the basis of Measured Acquisition, a four-stage practice for moving from first launch to first deposits and trades.

Data sample

200+
advertisers across crypto, iGaming and finance
~1,400
ad sets (Q1 2024 to Q2 2026)
1.4B
impressions (Q1 2024 to Q2 2026)

In this report, an ad set is a single launch with its own targeting, budget and creatives, and a campaign is a run of ad sets.

Advertisers set their own conversion events, from sign-ups and wallet connections to first deposits and trades.

All results are based on fully anonymous and aggregated data.

Minimum sample thresholds apply, and figures are shown only where they are met.

03

The first campaign

The advertisers who kept going opened their first campaign with awareness, worked down to conversion, and ran it as a batch of short ad sets, changing something with almost every launch.

That first campaign settles two questions at once: which goal to start with, and what the campaign should look like. This section takes them in turn.

Which goal first

Among advertisers who ran several ad sets, 54% opened their first campaign with awareness and 41% with conversion. Where advertisers changed goal, moves from awareness to conversion outnumbered the reverse by two to one.

The goal advertisers opened with, and where they went next
Opening goal
Share of advertisers
Most common next move
Awareness
54%
Conversion
Conversion
41%
Awareness
Consideration
5%
Too few to show

Advertisers with two or more ad sets carrying a stated goal, by launch order.

The State of Advertising in Crypto, iGaming and Finance 2026

Across all ad sets, conversion was still the most common goal, at 55%. Awareness carried the most delivery, with 45% of impressions.

Ad set goals and impression share
Share of ad sets
Share of impressions
Conversion: sale, deposit or trade
55%
33%
Awareness
30%
45%
Consideration: website traffic
15%
22%

Ad sets with a stated goal.

The State of Advertising in Crypto, iGaming and Finance 2026

Advertisers who started with awareness recorded a conversion on 46% of their later conversion ad sets. Advertisers who ran only conversion ad sets recorded one on 19%, and stayed active a median of 29 days, against 92.

Conversion ad sets recorded a conversion 142% more often after an awareness start
Awareness first, then conversion
46%
Conversion ad sets only
19%
Median days active
92 against 29
Recorded an event before the first conversion ad set
Four in five

Share of conversion ad sets that recorded a conversion, among the few dozen advertisers with a stated goal who ran conversion ad sets.

The State of Advertising in Crypto, iGaming and Finance 2026

What the campaign looked like

The advertisers who kept going ran their first campaign as a batch of short, overlapping tests: a median of five ad sets of about six days each. The pattern strengthens with every step up in activity.

How the first campaign was run
Ran one
Ran two to five
Ran six or more
Ad sets in the first campaign
1
2
5
Days delivering per ad set
29
12
6
Ad sets running at the same time as another
n/a
80%
94%

Medians across all advertisers in the sample. The first campaign is the 30 days from an advertiser's first launch.

The State of Advertising in Crypto, iGaming and Finance 2026

What changed from one ad set to the next

Creative changed on almost every launch, and audience segments on just over half.

Creative files
93%
Audience segments
55%
Country list
53%
Landing page
34%
Budget
26%
Format
11%
Nothing visible changed
2%

Consecutive ad sets in the first campaigns of advertisers who went on to run six or more. Rows below audience segments cover pairs whose segments stayed the same, and changes can overlap.

The State of Advertising in Crypto, iGaming and Finance 2026

Advertisers running five or more ad sets in month one captured a first deposit in month one 87% more often
Five or more ad sets
56%
Two to four
41%
One ad set
30%

Share of advertisers recording a first deposit, purchase or trade in their own first 30 days, among advertisers with conversion tracking set up before their first ad set.

The State of Advertising in Crypto, iGaming and Finance 2026

04

Measurement

Half of new advertisers now set up tracking before their first campaign. Among new advertisers, 54% set up conversion tracking before their first ad set in the first half of 2026, up from 26% in the second half of 2024.

Over the same period, more ad sets recorded conversions.

The shift shows in delivery

The share of delivered ad sets recording a conversion within 30 days rose from 22% in the third quarter of 2024 to 51% in the second quarter of 2026. Against the same quarter a year earlier, that is a 46% rise.

Share of ad sets recording a conversion within 30 days of launch

By launch quarter, Q3 2024 to Q2 2026

0%20%40%60%Q3 2024: 22%Q4 2024: 28%Q1 2025: 34%Q2 2025: 35%Q3 2025: 37%Q4 2025: 52%Q1 2026: 58%Q2 2026: 51%22%58%51%Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26

Delivered ad sets with at least 30 days of observation.

The State of Advertising in Crypto, iGaming and Finance 2026

Tracking set up before the first launch, by when the advertiser started

Adoption jumped after the second half of 2024 and has stayed between 45% and 61% since.

26%
H2 2024
61%
H1 2025
45%
H2 2025
54%
H1 2026

Advertisers grouped by when they first launched.

The State of Advertising in Crypto, iGaming and Finance 2026

Advertisers who tracked from launch saw a result on their first ad set

Advertisers with tracking in place before launch saw a conversion on their first delivered ad set 66% of the time, against 29% for those who added it later.

Across the full sample, 44% set up tracking before their first ad set, 43% afterwards and 12% never. Those who set it up before and after ran the same number of ad sets and stayed active for the same number of days.

Advertisers who tracked before their first ad set recorded a first-ad-set conversion 128% more often, and reached a first deposit 92% more often
Recorded a conversion on the first delivered ad set
Tracking set up first
66%
Tracking added later
29%
Ever recorded a first deposit, purchase or trade
Tracking set up first
46%
Tracking added later
24%
Never set up
7%

All advertisers in the sample, grouped by when they set up conversion tracking.

The State of Advertising in Crypto, iGaming and Finance 2026

Conversion recording rose with delivery

Share recording a conversion, by impressions delivered, where tracking was in place at launch

Over 1 million
77%
100,000 to 1 million
58%
10,000 to 100,000
11%
Under 10,000
0%

Delivered ad sets whose advertiser had conversion tracking in place before launch, with at least 30 days of observation.

The State of Advertising in Crypto, iGaming and Finance 2026

05

Audiences

Ad sets built segment by segment rose from 2% of launches in 2024 to 92% in the first half of 2026.

For most of the last decade, targeting in crypto and iGaming meant choosing where an ad appeared: publisher lists, geography, device, and at the top end a set of interest categories. Advertisers in retail, travel and consumer finance had been buying audiences for years.

How ad sets were targeted, by launch year
Built segment by segment
Interest categories
Country and device only
2024
83%
16%
2025
65%
25%
10%
2026, first half
92%

Delivered ad sets by launch year. Built segment by segment was 2% in 2024. Interest categories and country-and-device fell to 4% each in the first half of 2026.

The State of Advertising in Crypto, iGaming and Finance 2026

Own data joins the platform segments

Advertisers who started on platform segments added their own visitor, event and customer data a median of 25 days later. 42% of all advertisers used their own data in at least one ad set, and use rose with activity.

Among advertisers who ran both kinds, 52% started on platform segments, and the rest started with their own data or launched both on the same day. More than three quarters of first-party ad sets also carried platform segments.

First-party data use, by ad sets the advertiser ran
Six or more
60%
One ad set
19%
Median gap between an advertiser's first platform-segment ad set and their first ad set using their own data
25 days

Share of advertisers using their own data in at least one ad set, by how many ad sets they ran.

The State of Advertising in Crypto, iGaming and Finance 2026

The combination recorded first deposits most often

Ad sets carrying both platform segments and first-party data recorded a first deposit, purchase or trade 62% of the time, against 53% for segments alone and 28% for first-party data alone.

Both steps up the ladder hold inside individual accounts. Among advertisers who ran both kinds, the combination recorded first deposits more often than platform segments alone, and platform segments more often than country and device alone.

Ad sets adding first-party data to platform segments captured first deposits 17% more often

First deposit, purchase or trade recorded within 30 days of launch, by what the ad set targeted

Platform segments and first-party data
62%
Platform segments only
53%
First-party data only
28%
Country and device only
16%
Interest categories only
11%

Ad sets delivering at least 100,000 impressions, launched at least 30 days before the end of the sample, whose advertiser had conversion tracking in place beforehand.

The State of Advertising in Crypto, iGaming and Finance 2026

06

Markets

Wide ad sets show where results concentrate, and the advertisers who kept going built there.

In wide ad sets, the top three countries carried 87% of conversions. Advertisers who gave those countries their own ad sets saw delivery in the market rise about six times, and most kept building there.

Results concentrate in a few countries

Across wide ad sets that recorded five or more conversions, the top country carried 39% of conversions and the top three 87%. A third of the countries they delivered to recorded none.

In wide ad sets, the top three countries carried 87% of conversions
Top country
Next two countries
All other countries
Share of conversions
39%
48%
13%
Countries that delivered but recorded no conversion
One in three

Wide ad sets, targeting two or more countries, that recorded five or more conversions. Medians across ad sets.

The State of Advertising in Crypto, iGaming and Finance 2026

A breakout gives the market scale

When an advertiser moved a country out of a wide ad set into its own, delivery in that country rose about six times per active month. It rose for four in five advertisers, comparing the same country for the same advertiser.

Delivery in a market rose about six times once it had its own ad set
Inside the wide ad set
1x
In its own ad set
6.3x
Advertisers whose delivery in the market rose
Four in five

Impressions per active month in the same country for the same advertiser, inside the wide ad set before the breakout and in the country's own ad set after it. Median across advertisers.

The State of Advertising in Crypto, iGaming and Finance 2026

The advertisers kept building in those markets

7 in 10 advertisers went on to run more ad sets in the country they broke out, and that country's share of their delivery doubled, from 4% to 9%.

In three of four cases, the wide ad set stopped delivering once the country had its own.

The broken-out country's share of the advertiser's delivery doubled
4%
Before the breakout
9%
After the breakout
Advertisers who went on to run more ad sets in that country
7 in 10
Wide ad sets that stopped delivering once the country had its own
Three in four

Share of each advertiser's impressions landing in the broken-out country, before and after the breakout month. Medians across advertisers.

The State of Advertising in Crypto, iGaming and Finance 2026

07

Measured Acquisition

Measured Acquisition names the sequence this report's findings point to: define what to measure before launch, test in short batches, rebuild around what the results show, and carry the evidence into the next campaign.

It connects the findings into four stages: Define, Prospect, Converge and Sustain.

Measurement gives the opening campaign a record of what happened. Awareness brings in the first sign-ups before conversion ad sets ask for deposits. Short tests establish which combinations to investigate. Dedicated country ad sets, first-party audiences and additional formats give the next round more direction.

01
Define
Stage 1

Decide what each ad set needs to achieve.

Set up conversion tracking before launch and choose the action each ad set will be judged on. Awareness can bring in visits and sign-ups; conversion ad sets ask for deposits or trades.

66%
recorded a conversion on the first ad set, against 29% among those who added tracking later
02
Prospect
Stage 2

Give the first campaign enough tests to inform the next move.

Open with awareness and use platform segments to select the audiences you want to reach. Standard display was the most common starting format. Where the market is uncertain, a multi-country launch provides a starting point.

5
ad sets in month one, about six days each, 94% overlapping another of the advertiser's own
03
Converge
Stage 3

Use the results to make the next tests more specific.

Use what the first tests show. In wide ad sets, the top three countries carried 87% of conversions, so give those countries their own ad sets. Keep platform segments running and add your own visitor and customer data.

6.3x
the reach for a market once it had its own ad set, compared with sharing a wide ad set
04
Sustain
Stage 4

Carry the learning into subsequent campaigns.

Keep building inside the markets and audiences that hold up. Add new ad sets there, refresh the creative with each launch, and carry the findings into the next campaign.

62%
of ad sets combining platform segments with your own data recorded a first deposit, against 53% for segments alone
1
2
3
4
How long each move took

Median days after the step each move follows

First single-country ad set, after the first wide ad set
12 days
First-party audiences, after the first platform-segment ad set
25 days
Second format, after the first display ad set
28 days
Next campaign, after the previous one
52 days
0
10
20
30
40
50
60
days

Medians across the advertisers who made each move. Each interval is measured from its own starting point.

The State of Advertising in Crypto, iGaming and Finance 2026

Key takeaways

1

Make the first campaign measurable from launch.

Advertisers who added tracking later had no record of what their first ad sets produced. Set it up before spending and check that the intended events are being recorded.

2

Give awareness a defined role in acquisition.

Four in five awareness-first advertisers had recorded an event before launching their first conversion ad set.

3

Budget for the next test as well as the first launch.

The most active advertisers developed their first month through several short, overlapping ad sets. Plan for creative changes and follow-up tests.

4

Give the countries that carry results their own ad sets.

In wide ad sets, the top three countries carried 87% of conversions. Break those countries out, then keep building in the ones that hold up.

5

Keep platform segments in use as first-party data joins the campaign.

More than three quarters of first-party ad sets also carried platform segments. Assess both sources as campaigns develop.

References

1. Crypto.com, Crypto Market Sizing Report H1 2026. Estimates built on other methods run closer to 560 million.

2. The Business Research Company, Online Gambling Global Market Report 2026.

3. Boston Consulting Group and FT Partners, Global Fintech Report 2026.

Cite this report

Blockchain-Ads (2026). The State of Advertising in Crypto, iGaming and Finance 2026. blockchain-ads.com/research/state-of-advertising-crypto-igaming-finance

Research by BCA Labs Institute, the research team at Blockchain-Ads.

Run Measured Acquisition on Blockchain-Ads.
Conversion tracking, platform segments and first-party audiences, for qualified advertisers in crypto, iGaming and finance.
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