Crypto and Gambling Ads Top the List for Highest User Acquisition Costs

Crypto and gambling advertisements remain the most expensive methods for onboarding users in the digital finance space.

ContentsDeFi and CeFi Campaigns More Cost-EfficientMarket Conditions Impact Campaign CostsEmerging markets offer mixed resultsRecent data shows that campaigns targeting existing crypto wallet holders are especially costly compared to other sectors, including decentralized and centralized finance.

The Web3 marketing firm Addressable presents fresh data which shows gaming and gambling advertising as the most expensive methods to attract users. Asaf Nadler who co-founded the firm indicated that gaming and gambling campaigns spend an average of $8.74 for each acquired wallet while the least expensive deals reach prices as low as $3.40. The sector considers these options as its most inefficient spending strategy. The cost of acquiring crypto wallet holders stands at the core of measuring expense through the CPW metric.

This is some interesting research.

Basically, the amount of money it costs to onboard someone into web3 increases during bear markets and decreases during bulls.

This was the case for every single region tested, except for Southeast Asia.

This is likely why we have a stable…

— Jihoz.ron 🍚 (@Jihoz_Axie) April 12, 2025

DeFi and CeFi Campaigns More Cost-Efficient

Addressable provides data that demonstrates DeFi combined with CeFi advertisement costs are lower than alternative crypto campaigns. The cost per winner for DeFi and CeFi campaigns typically amounts to $2.79 and can reach as low as $0.10. Data for these findings originates from campaigns involving over 200 programmatic programs, reaching 9.5 million users with more than 70 participating advertisers worldwide.

Due to reduced customer turnover, marketers behind DeFi and CeFi-focused campaigns experience less erratic user conduct. Nadler explains that both the gaming and gambling industries experience high expenses due to fierce market competition and excessive user speculation behaviors. According to his statement, marketers need better user acquisition systems to ensure growth similar to Web2 for Web3 gaming.

Market Conditions Impact Campaign Costs

Axie Infinity co-founder Jeff “JiHo” Zirlin weighed in on the topic, pointing out that cost per wallet rises during bear markets and drops during bull markets. He noted that this trend was true across nearly every region except Southeast Asia. This may explain why some platforms retain a stable user base but struggle to grow beyond initial markets.

Zirlin recommends implementing new experiments when the Customer Psychological Welfare reaches its peak. According to him these favorable times enable organizations to experiment with new products while enhancing existing systems for future business expansion. Zirlin indicates that campaigns should work for market share consolidation during high user acquisition costs.

Emerging markets offer mixed results

Nadler’s report also shows that emerging regions like Latin America and Eastern Europe provide low CPW under favorable conditions. However, these areas also face sharp cost fluctuations, especially during volatile periods. In 2024, CPW in the US and Western Europe increased fourfold and twenty-seven times respectively between the first and third quarters, as market interest dropped.