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

[Oshosondy]

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?

[stadus]

One of the reasons I see is the restrictions from some countries, so instead of using sportsbooks, some people use prediction markets.

Another reason is that prediction markets are becoming more popular now. Some people even believe they are better than sportsbooks because sportsbooks always have juice, while in Polymarket or other prediction markets, you are betting against other users, or it feels more like trading.

So basically, I think prediction markets could be the future, and this is already proof that more people are starting to see them as a real alternative.

[xenomorfo]

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.

[rdluffy]

Last month, I started a thread (it’s already been locked) discussing major competitions and the resulting surge in the number of bets and bettors

Here: https://bitcointalk.org/index.php?topic=5583085.msg66726617#msg66726617

It’s exactly what I was talking about: these major global competitions attract a lot of newcomers to betting, and now to crypto, specifically Polymarket, as you’ve been posting about
There will definitely be audience retention

I imagine all the betting sites must be seeing high volumes of new users as well

[Ruttoshi]

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.

Why will they use only bitcion when there are other crypto currency out there or you don't know that's a competition and they need to have various crypto currency for users to choose their preferred options. Using only bitcoin will limit the traffic compared to using various cryptocurrency.

The OP said, majority of them are using crypto for the first time because more people love to gamble with shitcoins than bitcoin and Moreover, some people always know shitcoins first before bitcoin. I prefer to bet with stablecoins than bitcoin.

[Emjay24]

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 more people are finding ways to gamble through prediction markets, especially those from countries that restrict gambling. The world cup is a major event that involves every continent at once, so it is natural for lots of people to want to gamble on it. Most of these new bettors should have known crypto before now and since most had the privilege of travelling out of their restricted countries, they're trying their hands at sportsbooks and prediction markets since the law would not catch up with them on foreign soil.

[Doan9269]

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.

Some gamblers have thought about seeing fully markets or any form of prediction market as part of gambling, most of the newbies will take this as the same because all they wanted is to risk their chances for winning the bet regardless of the condition and platform involved, there are flashy things that easily got attracted to their eyes when it comes to poly market advertisement and this is where mostly and newbies that first get into this kind of trap to play prediction market.

[Sanitough]

I imagine all the betting sites must be seeing high volumes of new users as well

Yes, it is possible because of this big event, people really want to bet. But the information shared that 60% are new bettors is too high. Imagine how many millions are being wagered on Polymarket for this event, and these new bettors might push Polymarket to become more popular in the global market.

The good thing about it is that it really feels like trading, since you can see the buy and sell options. It is not like a typical sportsbook where the odds are already available and you just choose from those odds.

[mirakal]

we are talking of huge money here, as based on the article.

World Cup contracts drive $3.1 billion in volume to Polymarket

This World Cup really invites bettors to use Polymarket as their betting platform. It is not the usual type of betting platform, and yet people are still using it, which means they probably like the platform.

I believe some of them feel they have a better chance to win there compared to sportsbooks with normal betting odds and markets. The good thing is that Polymarket also shows the volume, so we can actually track how much money is being placed on a certain event.

https://polymarket.com/event/world-cup-winner

[rdbase]

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.

Why will they use only bitcion when there are other crypto currency out there or you don't know that's a competition and they need to have various crypto currency for users to choose their preferred options. Using only bitcoin will limit the traffic compared to using various cryptocurrency.

The OP said, majority of them are using crypto for the first time because more people love to gamble with shitcoins than bitcoin and Moreover, some people always know shitcoins first before bitcoin. I prefer to bet with stablecoins than bitcoin.

Agreed with you there, why would they only use bitcoin and not some other altcoin to place their bets on polymarket.
I think the platform even has their own coin to use so to place those bets now.
Most of the bigger bets I have seen in some of those news articles mentioned those bettors used a stablecoin to place their bets. Which would make more sense especially if they have a bet on the outright winner market where it could take months to settle once the finals of the seasons are done.

[adultcrypto]

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?

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.

[lodocus]

Polymarket and other prediction markets are a sector that’s still in its early stages of development, and it’s normal to see an increase in new users with the World Cup. Even if they don’t advertise directly, people are hearing about prediction markets one way or another and are curious about them, because this is something that didn’t exist before.

It’s normal that their user bases haven’t stabilized yet, and I think they’ll continue to attract new users for quite some time. It’s also great that people are learning about cryptocurrency on these sites, or at least gaining a basic understanding of how it works.

[Karl_3000]

It’s normal that their user bases haven’t stabilized yet, and I think they’ll continue to attract new users for quite some time. It’s also great that people are learning about cryptocurrency on these sites, or at least gaining a basic understanding of how it works.

They have huge number of customers, so their business is stabilized, only what they are seeing is growth and this is just one of the examples.

What I like most about this is that it is about cryptocurrencies in general. If more people know more about cryocklrtorti

[danherbias07]

I guess this is the one good thing that the prediction markets did.

Well, I don't think the whole percentage of those first-time crypto users don't know about Bitcoin or other cryptocurrencies. The restrictions might also be a problem, which is why they are forced to use it. Still, I think of this as a positive effect with Bitcoin because of its usage.
If one is buying, that means movement. If there's movement, that means a healthy market for Bitcoin. Who knows, maybe it's time that the widespread use of Bitcoin might happen. It may be from gambling or prediction markets, but it's still usage.

[Perfectbaby]

If others are that using crypto to gamble at the first time, then there would be issues between them because they have same mindset to understand her how the market reacts over when it is lower because more people are intending to double their portfolio knowing too well that drop is a good entry points. Look, for you to know those who are used to crypto they wouldn't pick offense because it has become a normal routine for them. Currently, the market is dipping the more.

[cryptopick.bet]

The 60% stat is interesting, but the bigger story is what happens after.

Prediction markets are a low-barrier entry point — no house edge, feels like trading, no need to trust a casino operator. But once someone sets up a wallet and moves crypto around, the jump to crypto casinos becomes much smaller.

So Polymarket basically onboarded half a million people who now understand wallets, gas fees, and on-chain transactions. Whether crypto gambling platforms can actually retain this audience depends on how smooth their experience is — and right now KYC friction is still the biggest drop-off point.

[Dr.Osh]

I believe this data is completely real. It's not easy to determine whether someone is a good gambler or just a newbie. In this case, someone who was even a first-time gambler was actually placing a bet out of love for their favorite team. Amazingly, they went straight to Polymarket to gamble, as if they knew the best place to gamble.

[Localhostspeed]

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 more people are finding ways to gamble through prediction markets, especially those from countries that restrict gambling. The world cup is a major event that involves every continent at once, so it is natural for lots of people to want to gamble on it. Most of these new bettors should have known crypto before now and since most had the privilege of travelling out of their restricted countries, they're trying their hands at sportsbooks and prediction markets since the law would not catch up with them on foreign soil.

Polymarket is becoming too much political elements that's why countries have started to banned them. There are plenty of countries that doesn't want Polymarket to engage in their affairs because they can list anything they find interesting in the country, it can be war, politics, events and this things can be manipulated on the platform, to protect users some countries banned it completely unless you want to access your account it with a vpn.

I was liking it the first time I saw it during the US election, people made money from it beyond what they expected, it was at that same time Bitcoin had it rally but the disadvantage of this Polymarket is that some crypto traders doesn't want to do the traditional trading anymore, they have turned full time gambler that go around making predictions just so they can make money. It's a huge red flag for so many centralized exchanges that need users to trade.

[Charles-Tim]

I believe this data is completely real. It's not easy to determine whether someone is a good gambler or just a newbie. In this case, someone who was even a first-time gambler was actually placing a bet out of love for their favorite team. Amazingly, they went straight to Polymarket to gamble, as if they knew the best place to gamble.

I make use of Polymarket for predicting bitcoin price, but I have not used it to bet on sports, although I know how it is because it is the same with other betting options available on the site. I still prefer to use Stake.com for anything that has to do with casinos and sport betting.

[Orpichukwu]

This year the world seems to carry a lot more popularity and attention than the previous ones, but one question I want to ask is how Bitget identifies and confirms that all those new bettors are actually new to crypto. I can be a holder using different exchanges and self-custody wallets and decide to use Bitget, doing my funding directly from fiat to crypto and down to the betting platform. Does that make me new to crypto?