Cloudbet Study Shows Crypto Gamblers Prefer USDT And BTC

4 weeks ago 2

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Willemstad, Curaçao, Netherlands, October 17th, 2024, Chainwire

New data from Cloudbet, a leading crypto casino and sportsbook, reveals that the emergence of newer, faster cryptocurrencies like Solana, Polygon, and Tron, are not as popular as mainstream coins for online gambling. The platform data suggests that gamblers prefer established cryptocurrencies such as Tether (USDT), Bitcoin (BTC), and Ethereum (ETH).

Year-to-date data shows that USDT accounted for 47.3 percent of the platform’s total turnover, across more than 35 cryptocurrencies. Bitcoin claimed a 28.9 percent share followed by Ethereum at 11.5 percent.

Altcoins with speedier transaction times, like Solana (SOL), Litecoin (LTC), Ripple (XRP), and Tron (TRX), are growing in usage but are still lagging behind.

A company spokesperson highlighted, “After looking over the data, it was one of those moments where you’re just like, ‘Crypto gamblers. They’re just like us.’ The same concerns about volatility or price fluctuations bond every crypto holder, whether you bet or not.”

In June 2024, Cloudbet released an innovative new rewards program, awarding users in USDT without rollover restrictions. This month, the company released a second iteration of Cloudbet Rewards which now awards users in the cryptocurrency of their choice. For the majority of users, this will still be USDT, but it gives Cloudbet users the financial flexibility to play with more coins.

“We’re interested to see how users will take advantage of the versatility of the rewards program,” says a Cloudbet spokesperson. “While the first iteration has clearly been a hit with our users and has accelerated the shift toward this next quarter, we might find that users start betting with PONKE or other memecoins as a way to lean into alternative crypto projects, especially if they’re bullish on their potential.”

Since its founding in 2013 as the first licensed Bitcoin casino, Cloudbet has had a front-row seat to the evolution of crypto gambling preferences. “After nearly a decade in the space, we’ve seen the market mature,” the spokesperson shares. “Stability is the watchword now for the lion’s share of crypto gamblers.”

“Volatility is a key metric, not just for crypto trading but for crypto gambling. Increased liquidity, more robust blockchain security, among other strategies, can effectively manage and reduce a coin’s volatility. Gamblers using volatile coins can feel like placing a bet, only to see your winnings diminish with a price drop,” adds the Cloudbet spokesperson.

About Cloudbet

Cloudbet is a proud pioneer of crypto betting.

Since its launch in 2013, as the world’s first crypto-friendly sportsbook and casino, Cloudbet has served hundreds of thousands of users and taken millions of bets, establishing a reputation as the most trusted, secure, and VIP-friendly brand in crypto gaming.

Cloudbet users can bet with 35+ cryptocurrencies, from Bitcoin, Ethereum, and stablecoins like USDC and USDT, to SOL and other popular altcoins. The site is available in 18 languages (including Spanish, German, Italian, French and Japanese).

For media inquiries, odds, and insights, users can contact irene@media.cloudbet.com or check out media.cloudbet.com.