News Release – Willemstad, Curacao Island, October 17, 2024
New data from Cloudbet, a leading cryptocurrency casino and sports betting company, reveals that the emergence of newer and faster cryptocurrencies like Solana, Polygon, and Tron is not as popular among online gamblers as the mainstream coins. Platform data shows that gamblers prefer more established cryptocurrencies such as Tether (USDT), Bitcoin (BTC), and Ethereum (ETH).
Data from this year shows that USDT accounts for 47.3% of the total turnover on the platform, involving 35 different cryptocurrencies. Bitcoin accounts for 28.9%, followed by Ethereum at 11.5%.
Usage of faster transactional altcoins like Solana (SOL), Litecoin (LTC), Ripple (XRP), and Tron (TRX) is growing but still lags behind.
A company spokesperson emphasizes, “After looking at the data, you would think, ‘Cryptocurrency gamblers. They’re just like us.’ The same concerns about volatility or price fluctuations worry every cryptocurrency holder, whether you’re betting or not.”
In June 2024, Cloudbet introduced an innovative new rewards program that rewards users in dollars without any rollover restrictions. This month, the company released the second iteration of Cloudbet Rewards, now rewarding users in the cryptocurrency of their choice. For most users, this is still USDT, but it provides Cloudbet users with greater financial flexibility to use more coins.
A spokesperson for Cloudbet states, “We’re curious to see how users will take advantage of the versatility of the rewards program. While the first iteration was clearly well-received by users and accelerated the transition into the next quarter, we may find that users start betting with PONKE or other meme coins as a way to pivot towards alternative crypto projects, especially if they believe in their potential.”
Since its establishment in 2013 as the first licensed Bitcoin casino, Cloudbet has been at the forefront of the evolution in cryptocurrency gambling preferences. The spokesperson shares, “After almost a decade in this space, we’ve witnessed the maturation of the market. Stability is now the mantra for most cryptocurrency gamblers.”
The Cloudbet spokesperson adds, “Volatility is not only a key metric for cryptocurrency trading, but also for cryptocurrency gambling. Strategies like increasing liquidity and stronger blockchain security can effectively manage and reduce the volatility of coins. Gamblers using volatile coins may find themselves betting only to see their winnings decrease as prices fall.”
About Cloudbet
Cloudbet is a proud pioneer in cryptocurrency gambling. Since its launch in 2013 as the world’s first crypto-friendly sportsbook and casino, Cloudbet has served hundreds of thousands of users and processed millions of bets, establishing a reputation as the most trusted, secure, and VIP-friendly brand in cryptocurrency gaming.
Cloudbet users can bet with over 35 cryptocurrencies, from Bitcoin, Ethereum, and stablecoins like USDC and USDT, to SOL and other popular altcoins. The website is available in 18 languages, including Spanish, German, Italian, French, and Japanese.
For media inquiries, odds, and insights, users can contact [email protected] or visit media.cloudbet.com.
