60% of World Cup bettors on Polymarket were first-time crypto user

[Junii]

What do you think about this? More people are knowing bitcoin and other coins which can be helpful for the next bitcoin bull run? What is your take on this?

I think this is an interesting development. If 60% of those users had never used cryptocurrency before and their first experience came through Poly market  it shows that prediction markets can act as a gateway to crypto adoption. What i believe is not everyone who uses crypto once will become a long term investor. Many people may only use it to place bets for fun and because of greed and then leave. The real impact will depend on whether those users continue exploring wallets  and other blockchain applications after their first experience or not. If the answer is yes then may be it will give benefits to the market makers in the next bullrun.

[Mhizlove]

This is according to 90-day Bitget Wallet study shared with Cointelegraph on Thursday that tracked the onchain activity of 857,000 active Polymarket users.

You can read more about it on https://cointelegraph.com/news/polymarket-first-crypto-touchpoint-world-cup-bettors

It means 60% of people that bet on world cup matches on Polymarket have not bet with cryptocurrencies before until they bet on Polymarket this time during world cup.

What do you think about this? More people are knowing bitcoin and other coins which can be helpful for the next bitcoin bull run? What is your take on this?

At least one positive thing about polymarket is that it has brought people closer to our world.
certainly it would have been better if they had only approached bitcoin rather than various scam coins, but it is a first step, better a wrong step than no step forward i always say.

For me I will say that most times people's first experience with crypto  do not need to be perfect. The main thing or important thing is that it encourages them to learn more and spark curiosity about the space. As far as people continues educating themselves and give aside solid projects from the risky ones, this first step will eventually lead to a better decision and a deeper understanding of the space or industry.

[SUPERSAIAN]

It didn't surprise me much in fact, I might have thought it was even more surprising. Because although Polymarket is known as a prediction marketplace, it has been a platform mostly known and used within the cryptocurrency community until now.

Therefore, it's normal for the platform to reach a much wider audience thanks to a globally popular event like the World Cup. This is where the positive side comes in. While people were initially only interested in match results or tournament predictions, they also get acquainted with Bitcoin, stablecoins, and blockchain technology in the process.

[KTChampions]

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It means 60% of people that bet on world cup matches on Polymarket have not bet with cryptocurrencies before until they bet on Polymarket this time during world cup.

What do you think about this? More people are knowing bitcoin and other coins which can be helpful for the next bitcoin bull run? What is your take on this?

In my opinion, this is a questionable study, I don’t see any justification for these percentages. In any case, I think the influx of newcomers to every gambling platform (including Polymarket) increases during major sporting events, which undoubtedly include the World Cup, so drawing conclusions based on such statistics is incorrect. As for Polymarket, they have an optional KYC and turn a blind eye to VPN use, so it's not surprising that, given the tightening of restrictions on internet users, they have a worldwide audience.

[Cryptomultiplier]

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It means 60% of people that bet on world cup matches on Polymarket have not bet with cryptocurrencies before until they bet on Polymarket this time during world cup.

What do you think about this? More people are knowing bitcoin and other coins which can be helpful for the next bitcoin bull run? What is your take on this?

In my opinion, this is a questionable study, I don’t see any justification for these percentages. In any case, I think the influx of newcomers to every gambling platform (including Polymarket) increases during major sporting events, which undoubtedly include the World Cup, so drawing conclusions based on such statistics is incorrect. As for Polymarket, they have an optional KYC and turn a blind eye to VPN use, so it's not surprising that, given the tightening of restrictions on internet users, they have a worldwide audience.

Polymarket might be getting a lot of attention from newcomers but lets not forget that these newcomers may not be conversant with the need for cold storage after either funding their wallets or winning and leaving the wins on the hot wallet they use.

This case actually shows how much progress Bitcoin has made and is still making as per worldwide adoption and use case.
It's good so much on chain infrastructure has been built to enable new users feel welcomed and like I said, it could be a starting point for many other users who would use this opportunity to learn and invest more in Bitcoin.

[TypoTonic]

I don't understand how they arrive at these statistics because I know that someone can simply use exchange specifically for betting on the world cup and use other means of deposit options for other gambling activities. Assuming I bet on the world cup via polymarket though a new wallet, I will be counted in this number even when I have used other wallets to bet on other events. This is the reason this data is a little confusing to me. I know that a lot of people are using polymarket due to privacy but there are casinos and sportsbook that offer no KYC that lots of people are using safely without any problems.

Bitget didn't mention how they determined a first-time crypto user, so I wonder how they came up with their conclusion? If it's just through onchain wallet history lookups, then I don't think the statistic is justified. Having no prior history in their address, doesn't automatically mean that it's their first-time using crypto, so it's not a reliable basis. Surely there are lot's of new users, given that it's the World Cup, and prediction markets are popular right now, but I doubt all 60% of them are first-time crypto users.

[Ojima-ojo]

Is possible tvhat they expuser to crypto came after they need to make deposit on poly market and with cryptocurrency like Bitcoin, stable coins and the other accept currencies on poly market.


Such service like predictions market increases expuser of any thing like cryptocurrency which is an important aspect of they service.

[Hispo]

This is according to 90-day Bitget Wallet study shared with Cointelegraph on Thursday that tracked the onchain activity of 857,000 active Polymarket users.

You can read more about it on https://cointelegraph.com/news/polymarket-first-crypto-touchpoint-world-cup-bettors

It means 60% of people that bet on world cup matches on Polymarket have not bet with cryptocurrencies before until they bet on Polymarket this time during world cup.

What do you think about this? More people are knowing bitcoin and other coins which can be helpful for the next bitcoin bull run? What is your take on this?

My take on this: it was predictable and also expected.
Let us not forget that Bitcoin started to be useful as a medium to transfer value because gamblers started to buy and mine Bitcoin for the sake of being able to gamble on casinos which were mostly anonymous on the internet, so it should not surprise us that the same is happening with sport betting (and betting in general), now having stablecoins have the main protagonist within this ecosystem.

Many of those people who are being introduced to stablecoins thanks to polymarket will eventually get used to managing crypto assets and may even get into truly decentralized assets like Bitcoin and some other alternative currencies.

The clear pattern is obviously having a tougher Blockchain in the long term in which there are more and more participants.

[Findingnemo]

Polymarket is banned on many countries even in the country where gambling is legal but people know about this platform and use bitcoin to bypass the ban/georestrictions which we can say good for the bitcoin's demand but these might do more bad to the reputation of bitcoin in the long run.

[Dogedegen]

This is according to 90-day Bitget Wallet study shared with Cointelegraph on Thursday that tracked the onchain activity of 857,000 active Polymarket users.

You can read more about it on https://cointelegraph.com/news/polymarket-first-crypto-touchpoint-world-cup-bettors

It means 60% of people that bet on world cup matches on Polymarket have not bet with cryptocurrencies before until they bet on Polymarket this time during world cup.

What do you think about this? More people are knowing bitcoin and other coins which can be helpful for the next bitcoin bull run? What is your take on this?

There are many issues to consider with this kind of topic. First I will doubt the validity of the claim that these are users that have never used crypto before. How would they know that? If I install a wallet for the first time and fund it for the first time, that does not mean that I have never used crypto before. They can not conclude that based from this behavior. I may have for some reason installed this wallet to participate in Polymarket, that is all. Secondly, it seems to me that the article and whole story is about generating more publicity and marketing for prediction markets.

Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph that earlier crypto onboarding efforts largely focused on making blockchain technology easier to understand through simpler wallets and better user interfaces, but users were still expected to learn how crypto worked before they could participate.

“Prediction markets shifted that dynamic. Users show up because they have a view on something happening in the world,” Kan said.

There you see a part where they want to say that prediction markets are onboarding users to crypto in a good way, but they are not. And also to mention that we have discussed this in other threads, but betting on sports in prediction markets should not be allowed as that is pure gambling and they want to present themselves as trading platforms so that it is still possible is also not good.

[BALIK]

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It means 60% of people that bet on world cup matches on Polymarket have not bet with cryptocurrencies before until they bet on Polymarket this time during world cup.
What do you think about this? More people are knowing bitcoin and other coins which can be helpful for the next bitcoin bull run? What is your take on this?

In my opinion, this is a questionable study, I don’t see any justification for these percentages. In any case, I think the influx of newcomers to every gambling platform (including Polymarket) increases during major sporting events, which undoubtedly include the World Cup, so drawing conclusions based on such statistics is incorrect. As for Polymarket, they have an optional KYC and turn a blind eye to VPN use, so it's not surprising that, given the tightening of restrictions on internet users, they have a worldwide audience.

But the on-chain analysis of Bitget Wallet on Eight-fifty-seven thousand active users of Polymarket is very important. They can view direct wallet creation and activity connected to the platform.

You know,  they never claimed that all of these 60% users will hodl crypto for life. But it is more accessible than the old bookies stuck in legal regulations. Again, the advantage of crypto in borderless betting is revealed in its medium.

I think many of them are short-term gamblers but each new wallet will serve as a potential touchpoint for Bitcoin in the next cycle. I have seen such onboarding during election and sports events as well. Some users drop out of course, but the network effect is still compounded

[Nwada001]

World Cup brought new set of crypto users to the system, those are bettors who never saw need to gamble with crypto until now, few of them will still stick around after the end of the competition they will either figure out more events to stake on or dive into the system fully, this is exactly the type of trend poly market benefits from.

[Furious 7]

It means 60% of people that bet on world cup matches on Polymarket have not bet with cryptocurrencies before until they bet on Polymarket this time during world cup.

What do you think about this? More people are knowing bitcoin and other coins which can be helpful for the next bitcoin bull run? What is your take on this?

Polymarket is currently quite a buzz among crypto users and I also tried polymarket recently even though I have never been in a prediction market like this before just because I wanted to be in crypto-based betting so it would be quite natural when this number appears because surely not a few gamblers who use crypto do the same thing as I did by trying polymarket.

But for now I have to be extra if I want to access the polymarket again after previously there was a prediction about the president of my country making regulations about the polymarket being made illegal in my country because it is considered gambling.
So it's a little complicated to use polymarket in my country now because access is banned

[pawel7777]

Even though the study may not be very accurate, that's still quite interesting.
I've noticed that Polymarket launched a wide-scale advertising campaign and you can see their logo in many popular sports events. This probably accounts for a big chunk of new users.
That's an unexpected benefit of crypto-gambling sites, they increase crypto-awareness and adoption rates. But it's also possible that a lot of those new users have not yet transacted outside of placing bets, as Polymarket allows deposits with cash money. But if they want to withdraw, they would need to learn how to use crypto wallets.

The study is said to have tracked the on-chain activity of 857,000 active Polymarket users, but it would be interesting to know what was the number of the first time crypto users. The 60% does not refer to all users, but to those who bet on the World Cup games for the first time.

[Fiatless]

What do you think about this? More people are knowing bitcoin and other coins which can be helpful for the next bitcoin bull run? What is your take on this?

It is quite interesting that Polymarket, which has been under attack by critics because of irregularities, is also a tool for Bitcoin awareness. My take is that everything that has advantages also has disadvantages. I hope these young gamblers would not think that cryptocurrencies are just for gambling. I am just hoping that they will move further to embrace decentralization and self-custody.

[Franctoshi]

This is according to 90-day Bitget Wallet study shared with Cointelegraph on Thursday that tracked the onchain activity of 857,000 active Polymarket users.

You can read more about it on https://cointelegraph.com/news/polymarket-first-crypto-touchpoint-world-cup-bettors

It means 60% of people that bet on world cup matches on Polymarket have not bet with cryptocurrencies before until they bet on Polymarket this time during world cup.

What do you think about this? More people are knowing bitcoin and other coins which can be helpful for the next bitcoin bull run? What is your take on this?

Good for the crypto industry if their bet on polymarket exposes them the more into starting or continuing using of Bitcoin and other cryptocurrency to run their transactions because if these 60% number of users or at least half of them doesn't end up using cryptos then it's of no value to the industry. But issues is that these set of users may have little contributions to the Bitcoin ecosystem because they're not going to be long-term holders but only for short period of time because they're likely going to only find cryptod useful only when they want to play a bet

[Jegileman]

It means 60% of people that bet on world cup matches on Polymarket have not bet with cryptocurrencies before until they bet on Polymarket this time during world cup.

What do you think about this? More people are knowing bitcoin and other coins which can be helpful for the next bitcoin bull run? What is your take on this?

This is quite a large number of people getting to know about cryptocurrency payment through the polymarket. I am certain it was incorporated to make payment system more diversified rather than just focusing on way method of payment and maybe for also anonymity sake. The polymarket is growing and new users onboard will go for the best payment methods, which is very exciting to see crypto being amongst them. I don’t think their adoption of the cryptocurrency through this means will really have effect on the bull run, aren’t them just this number and don’t bet with a big amount of money possible of moving the market or cause a change in the market price or trend. I doubt if that will affect anything in the market and on big moments in the market like during bull run.