Recent data from Cloudbet, a prominent crypto casino and sportsbook, reveals an interesting trend: despite the emergence of faster cryptocurrencies, users still prefer established coins for their wagers.
Mainstream Coins Dominate
Year-to-date figures show a clear preference for well-established cryptocurrencies:
- Tether (USDT): 47.3% of total turnover.
- Bitcoin (BTC): 28.9%.
- Ethereum (ETH): 11.5%.
These three coins account for nearly 88% of all betting activity on the platform, which supports over 35 different cryptocurrencies.
Speed vs. Stability
While newer altcoins like Solana (SOL) and Tron (TRX) offer faster transaction times, they have yet to gain significant traction among gamblers.
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.”
Evolving Rewards Program
In response to user preferences, Cloudbet has updated its rewards program:
- June 2024: Introduced a program awarding USDT without rollover restrictions.
- Recently: Launched a new iteration allowing users to choose their reward cryptocurrency.
“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.”
As the crypto landscape continues to evolve, it’s clear that while innovation in blockchain technology offers new possibilities, users still prioritize the stability and reliability of established cryptocurrencies for their online activities.