Which is the most popular cryptocurrency among online gamblers? Cloudbet data says it’s USDT, accounting for over 47% of its total revenue, followed by Bitcoin (BTC) at 28.9% and Ethereum (ETH) at 11.5%. New and faster network coins such as Solana (SOL), Polygon (MATIC), and Tron (TRX) are gaining increased traction. However, they are far behind the established coins in popularity among online gamblers.
USDT Most Preferred
A press release shared by Chainwire says Cloudbet’s year-to-date data shows that USDT, BTC, and ETH accounted for 47.3%, 28.9%, and 11.5% of its turnover. Although the usage of altcoins with faster transaction times like SOL, LTC, XRP, and TRX is growing, they still need to catch up to the established coins.
A Cloudbet spokesperson, quoted in the Press Release, explained that crypto gamblers have the same concerns about volatility and price fluctuations as crypto holders.
“Volatility is a key metric, not just for crypto trading but for crypto gambling. Increased liquidity and 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,” the Cloudbet spokesperson said.
More Coin Choices
In June 2024, Cloudbet introduced a new rewards program that allowed users to earn rewards in USDT. The key feature of this program is that there are no rollover restrictions, meaning users don’t have to meet specific conditions or wager a certain amount to claim their rewards.
In October, Cloudbet updated the rewards program, allowing users to choose the cryptocurrency they want to receive rewards. Going by the trend, the platform expects most users to opt for USDT. However, the update provides them the flexibility to play with other cryptocurrencies.
“We’ve made an important change to the Cloudbet Rewards Program: all rewards will now be credited in your active currency instead of the previous default, USDT. If you switch your wallet currency to BTC, ETH, SOL, BRETT, etc., before claiming, your rewards will follow,” Cloudbet said in an update to its rewards program introduced in June.
“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,” the spokesperson stated.
Cloudbet Unveils New Brand Identity
Recently, Cloudbet adopted a new brand identity. As part of this, the leading crypto casino and sports betting website introduced a new logo, color palette, font, and visual elements. Additionally, a simplified rewards program was also introduced. In June 2024, Cloudbet added TON, sUSDe, ENA, USDe, ETH on Base, BRETT, TOSHI, and DEGEN to its supported cryptocurrencies, which now increase to 24.
These developments at Cloudbet were billed as the precursor to some big moves ahead.
Gaming companies have been aggressively expanding to capitalize on the surge in online gaming fueled by the Covid-19 pandemic. The industry is now estimated to be worth $70 billion. Recent research indicates that cryptocurrency is the third most popular currency for sports betting after the US dollar and euro.
