The Rise of Tether and the Evolution of Crypto Gambling: Insights from Cloudbet
Willemstad, Curaçao, Netherlands, October 17th, 2024 – Chainwire
As digital currencies continue to revolutionize the landscape of online gaming, a recent report from Cloudbet—a leading crypto casino and sportsbook—offers intriguing insights into the preferences of crypto gamblers. The data reveals a striking trend: established cryptocurrencies like Tether (USDT), Bitcoin (BTC), and Ethereum (ETH) remain the go-to options for players, overshadowing newer and faster alternatives such as Solana, Polygon, and Tron.
Dominance of Established Cryptos in Online Gambling
Data from Cloudbet highlights that Tether has firmly established itself as the leading cryptocurrency for online bettors, accounting for an impressive 47.3% of the platform’s total turnover year-to-date. Bitcoin follows with a substantial 28.9%, while Ethereum captures 11.5% of the market share. This trend signifies a strong preference for stability, as gamblers favor well-known cryptocurrencies over more volatile options, even those that offer quicker transaction times.
Although cryptocurrencies like Solana (SOL), Litecoin (LTC), Ripple (XRP), and Tron (TRX) show signs of increasing usage, they remain far less popular in the online gambling sector. This could be attributed to the inherent concerns associated with volatility and price fluctuations, echoing the sentiments shared by many crypto holders outside the betting realm. A spokesperson from Cloudbet noted, “It was one of those moments where you’re just like, ‘Crypto gamblers. They’re just like us.’”
Cloudbet’s Innovative Approach to Rewards
In June 2024, Cloudbet introduced an innovative rewards program that enables users to earn rewards in USDT without any rollover restrictions. This development was designed to enhance user experience and have players see more value in their engagement with the platform. Recently, they launched an updated version of the Cloudbet Rewards program, which allows users to receive rewards in the cryptocurrency of their choice. While the majority may still opt for USDT, this flexibility is paving the way for users to explore a broader range of cryptocurrencies in their gaming activities.
The spokesperson expressed enthusiasm for this evolution: “We’re interested to see how users will take advantage of the versatility of the rewards program. While the first iteration has clearly been a hit, 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.”
A Decade of Observing Market Evolution
Since its establishment in 2013 as the first licensed Bitcoin casino, Cloudbet has witnessed the gradual maturation of the crypto gambling industry. The spokesperson shared insights reflecting on nearly ten years in the space, stating, “Stability is the watchword now for the lion’s share of crypto gamblers.”
Amidst this evolving landscape, volatility remains a pivotal metric. “Increased liquidity, more robust blockchain security, among other strategies, can effectively manage and reduce a coin’s volatility,” the spokesperson elaborated. For gamblers, using volatile cryptocurrencies can feel akin to placing a bet with the risk of seeing their winnings evaporate due to sudden price drops.
Cloudbet: Pioneering the Future of Crypto Betting
Cloudbet, a pioneer in the realm of crypto betting, has built a solid reputation over the years. Since its launch as the world’s first crypto-friendly sportsbook and casino, Cloudbet has garnered a dedicated following, having served hundreds of thousands of users and facilitating millions of bets. The platform boasts support for over 35 cryptocurrencies, encompassing both well-known coins like Bitcoin and Ethereum as well as stablecoins such as USDC and USDT.
Available in 18 languages, including Spanish, German, Italian, French, and Japanese, Cloudbet is designed to cater to a global audience, reinforcing its standing as one of the most trusted and user-friendly brands in the crypto gaming sector.
Conclusion
The findings from Cloudbet resonate with wider trends in the cryptocurrency market, where stability is increasingly prioritized among users. While newer cryptocurrencies continue to carve their niche, the enduring popularity of established coins like Tether, Bitcoin, and Ethereum highlights a significant aspect of crypto gambling dynamics. As platforms evolve and provide enhanced user experiences, the industry will be keenly observing how these trends shape the future of online betting.
For further insights and a glimpse into the world of crypto gaming, you can visit Cloudbet. If you have media inquiries, feel free to reach out to [Irene Halcyon](mailto:[email protected]) at Halcyon Super Holdings B.V. for more information.
