Report: Bitcoin surge correlates to crypto gambling spike
Data from operator Cloudbet details bettor behaviour as cryptocurrency prices rocketed in 2020
The astronomical surge in the price of bitcoin has seen bettors flock to crypto sportsbooks, according to data from crypto-first operator Cloudbet.
Bitcoin hit a record high value of $42,000 on 8 January, and currently sits at $37,150, with the rise paving the way for crypto-first bettors to up the ante.
Cloudbet betting volume in December 2020 surpassed the average of the previous six months by 80%.
Based on these averages, January volume is on track to be almost double that of January 2020, according to the operator.
If daily current averages continue, Cloudbet expects to achieve a 188% year-on-year increase in bet volume.
The last major bitcoin surge occurred in December 2017, with Cloudbet also noting a spike in activity and turnover during that period.
However, the spike of 2020 has proved even more popular with bettors, as Cloudbet recorded a 163% increase in bet volume in December 2020 compared to 2017.
A Cloudbet spokesperson told EGR that the increase in betting volumes showed no signs of slowing down with US sports and MMA proving highly popular.
The spokesperson said: “US sports has been a huge recipient of the extra betting surge. Both NBA and NFL play-offs last weekend were very popular. The Premier League is also showing sustained interest and Liverpool’s recent stumbles have so far failed to deter crypto-bettors from backing them.
“The UFC is also picking up a lot of interest. As long as BTC stays strong around $35,000 or above, I would expect to see [Conor] McGregor fight [vs. Dustin Poirier] do big business,” they added.