Cryptocurrency Punters Take the Most Risks in the Esports Betting Industry
Published: Oct 5, 2020 - Last Updated: Sep 25, 2023
A new study has revealed that esports betting participants that use cryptocurrencies Bitcoin and Ethereum are the most likely to take the most risks with their digital assets.
In a new study conducted by esports betting firm Loot.bet (you can read our extensive Loot.bet review by following the link), the data collected revealed that throughout the Covid-19 pandemic period, punters that have used BTC and ETH as their primary sources of funding for their betting have maintained not only a steady stream of esports bets, but they have also been the least risk-averse of all esports betting punters.
Loot.bet, with 15% of its turnover generated from cryptocurrency transactions, has a keen interest regarding the behaviour and actions of punters that use crypto as their first choice of currency. It seems that in terms of the esports betting industry at the very least, the pandemic has not dissuaded these types of punters from wagering.
“Young, Progressive and Tech Savvy”
Speaking about the results of the study, Livestream’s (the operating company of Loot.bet) Head of Communications Paul Brel explained:
“The widespread use of BTC and ETH in esports betting can be explained by the fact that both cryptocurrency owners and esports fans tend to be young, progressive and tech-savvy.”
“We are continuously improving the betting and gambling experience for crypto users on our platform. For example, we recently. Upgraded the technical side of things, enabling us to offer literally instant BTC and ETH transactions, and also added Litecoin and Bitcoin Cash support.”
Certainly, it is clear that Loot.bet’s focus on its cryptocurrency offering for esports betting enthusiasts is paying dividends, but just how much more these punters are betting is shocking.
100% More
The study found that compared to punters that place bets on esports using standard currency, the average bet using BTC would be double the amount compared to standard currency on Loot.bet. Furthermore, while the hike for Ethereum was not as great, bets made using ETH were on average 50% greater in value than standard currency bets.
The study also found that in addition to making larger bets using the cryptocurrency on offer, punters that used this newer technology were also more willing to deposit more with the company and also they tend to make more deposits compared to standard currency bettors. This means that cryptocurrency punters are not just depositing more each time on Loot.bet, but they are also making more of these deposits too.
One of the most popular forms of Bitcoin esports betting alongside the standard esports bets was betting on esports slot games, with 35% of cryptocurrency bettors playing esports slots games with their money. This is more than double the amount of people that played esports slots but who deposited using standard currency.
Popular Games
The two most popular games for BTC and ETH bettors proved to be CS:GO, which attracted 55% of the trading traffic, while 35% of the remaining bets were spent on Dota 2. League of Legends accounted for just 5% of these bets with other games combining for the remaining 5%.
Given these somewhat surprising findings, it appears that the esports betting industry, and particularly those that focus on cryptocurrency customers, is in rude health even despite the pandemic and the future for the industry looks very rosy indeed.
Since: August 10, 2015
