Cryptocurrencies Welcomed in the Online Betting Industry

Cryptocurrencies have always been an investment asset for risk-takers. As a decentralized asset, cryptocurrencies have inherent features that can support the online betting industry.  It also carries advantages for online betting activities that will benefit both operators and gamblers.

With online betting rallying toward a bright future, Real Research launched a survey to know whether people are ready to adopt cryptocurrencies in their gambling activities, specifically on online gambling platforms.

Based on survey results, most people who have experienced gambling are regular employees working full-time (49%) and part-time (25%). Only about a quarter (26%) are not employed for various reasons, including being a job-seeker, dependent, retired, or disabled. This poll shows that the working class has money to spare to engage in betting games.

Gambling Exposure

 In a direct question, if they gamble, most of the respondents admitted that they engage in online betting professionally (32%). Meanwhile, some only enjoy gambling often (18%), and others treat it as a leisure activity (18%) — both of which are regarded to almost the same degree.

When asked what specific betting activities the respondents engage in, most of the respondents engage in small-scale betting activities such as scratch and win cards (34%). It was followed by cryptocurrency-powered gambling activities (18%) ranging from staking to online betting platforms.

There is also a significant percentage of people who bet on the national lottery (12%). Moreover, only roughly 10% of respondents engage in online gambling platforms, including crypto-based and fiat digital platforms. Furthermore, around 11% of respondents were not able to identify the gambling activity they engage in among the options; hence, they answered ‘others.’

In regards to frequency, most respondents admit to gambling daily (26%). In comparison, some others bet weekly (18%) and monthly (19%). Others engage in gambling activities every quarter (10%) or even bi-annually (6%). About 14% revealed that they never joined any form of gambling activity.

Cryptocurrencies on Online Gambling

There are different types of gamblers, and many of them might never have the opportunity to invest in cryptocurrencies. Cryptocurrencies, being digitally native assets,  have always been perfect for the digital economy, and online gambling is not an exemption.

As of now, many platforms usually accept fiat or cash through payment gateways such as PayPal or through direct credit card transactions. In the Homeros survey, respondents were asked about their preferred mode of payment when buying gambling credits or capital, most of them expressed cryptocurrency deposits (32%).

Not so far from the crypto’s vote count are credit card or debit card fund deposits (30%). Then, prepaid deposits also got a relatively significant number of votes with 17%. However, those who answered ‘All of the Above’ (21%) didn’t decide to stick to a single preference and wanted all available options.

Meanwhile, another poll asks: “How likely are you to invest in cryptocurrency for online gambling?” Most have expressed their interest. More than half (60%) of the respondents were positive and receptive, answering ‘Extremely likely’ (30%) and ‘Very likely’ (29%) while 20% of respondents stated that they would ‘Somewhat likely’ invest in cryptocurrency to gamble online. Overall, the majority expressed a likelihood to use crypto assets in gambling activities in the digital arena.

Top Online Gambling Market: Working and Single Young Adults

In conclusion, most of those interested in online gambling are single people (79%) at their prime who are 19 to 29 years old. Only about 20% are married. This information connotes that employed, young, and single people are more likely to have financial risks and gamble assets than married ones.

While traditional fancy casinos are shutting down, online betting platforms have boosted their popularity. Specifically, it has grown an estimated 20 percent of the overall gambling revenue in 2020 alone. Along with these facts and data from this Real Research survey, the online betting industry clearly sees a brighter future.

Lastly, the above findings are notable for Homeros, the survey sponsor, as it is good to know that there is a thriving market that will further grow the online betting industry. Moreover, they know which niche they would cater to and probably lure into the online gambling space: the young and single employees.