The price of crypto has crashed over the last year but that hasn’t stopped bettors from making some coin.
Data provided to Fair Betting Sites indicates that Google searches for crypto betting have grown 4x since 2020.
Crypto also gained a significant share of the online gambling market during that span with cryptocurrency betting handles growing 300 percent over the last two years.
Check out the findings from our experts below.
- Google searches for ‘crypto betting’ are up 4x since 2020
- Crypto betting handle has increased 300% since 2020
- Total number of crypto bets increased 117% in Q1 2022
- Crypto gambling will reach $93 billion by end of 2023
- Bitcoin still represents 72.8% of crypto
- Ethereum betting has grown 34.5% YoY
Read on as we investigate the rise of crypto betting online.
Cryptocurrency Betting Searches Have Grown 4x Since 2020
Interest surrounding cryptocurrency betting has been on a meteoric rise over the last few years.
In fact, Google searches for crypto betting have grown by 4x or 300% since 2020.
With marketing strategies targeted towards young adults, crypto betting sites like Stake.com have been gaining more traction in the online gambling market.
Stake has secured partnerships with the UFC and Premier League while also sponsoring streams for popular celebrities, including Grammy Award-winning artist Drake.
Crypto Betting Increased 117% In Q1 2022
As awareness continues to grow, the crypto betting market has shown no signs of slowing down.
According to a recent report by SoftSwiss, the total number of crypto bets showed year-over-year growth of 117% in Q1 2022.
Sports betting sites accepted over 6.3 billion crypto bets during the quarter, up from 2.9 billion in Q1 2021.
The rapid growth isn’t projected to slow down any time soon either.
Yahoo Finance experts predict that crypto gambling will reach $93 billion by the end of 2023.
Cryptocurrency Betting Handle Up 300% Since 2020
Not only are sportsbooks adopting cryptocurrency but more consumers are using crypto to gamble online.
According to the SoftSwiss report, fiat currency represented only 64 percent of the value of bets made in Q1 2022.
During that same period, nearly 36 percent of the betting handle came from crypto, up 9.66 percentage points year-over-year and 300 percent compared to Q1 2020.
Bitcoin Is The Most Popular Crypto To Bet With
When it comes to betting with crypto, Bitcoin is still the most popular cryptocurrency wagered online.
In fact, according to SoftSwiss, Bitcoin accounts for nearly 73 percent of the handle in the crypto betting market.
However, that mark has been dropping in recent quarters and is down 10 percentage points or nearly 14 percent since Q1 2021.
Ethereum (13.45 percent) and Litecoin (6.45 percent) are among the most popular altcoins to bet online.
Ethereum, in particular, showed promising growth with betting handle growing 34.5 percent year-over-year compared to Q1 2021.
Check out a breakdown of the crypto betting market handle below.
- Bitcoin (BTC) 72.80%
- Ethereum (ETC) 13.45%
- Litecoin (LTH) 6.45%