In the midst of cryptocurrency market fluctuations, the upcoming Champions League Final on May 28th between Liverpool and Real Madrid is poised to attract record viewership. Despite the recent slump in cryptocurrency values, there’s a notable surge in crypto betting, indicating a robust trend in the sports betting industry.
Crypto Betting Trends
Cryptocurrency usage in sports betting has witnessed remarkable growth, outpacing the general sports betting industry. According to Softswiss, there’s been a substantial 117% year-on-year increase in cryptocurrency bets in 2022, compared to a 60% growth rate in traditional sports betting.
Stability in Crypto Betting
Despite the volatility in cryptocurrency values, platforms like Cloudbet report steady turnover in sports betting using crypto. Moreover, Cloudbet notes a rising trend in crypto spending within casinos, suggesting sustained interest in crypto-based gambling despite market fluctuations.
Bitcoin’s Performance
Notably, Bitcoin’s value has surged by over 250% since Real Madrid last faced Liverpool in a Champions League Final in 2018, when Bitcoin traded at $8,500. This growth underscores the potential returns available to sports enthusiasts and investors alike amidst the broader growth of the crypto market.
Insights from Cloudbet
Leandro Rossi, Director of Cloudbet, anticipates a surge in crypto betting during the Champions League Final, highlighting the enduring appeal of Bitcoin and the decentralized blockchain model in sports wagering. Rossi emphasizes the range of betting options available at Cloudbet as an opportunity for users to maximize their Bitcoin investments.
The convergence of major sporting events like the Champions League Final and the growing popularity of cryptocurrencies signals a dynamic shift in the gambling landscape. Despite market volatility, crypto betting continues to thrive, reflecting the increasing adoption of digital assets in traditional sectors like sports betting. This trend not only showcases the resilience of crypto in the face of market challenges but also offers enthusiasts unique avenues to engage with their favorite sports while leveraging the potential of blockchain technology for financial gain.