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

[suzanne5223]

I think this is the first time i will see something impressive from Polymarket due to how the 60% of the people who use crypto through their platform will experience the benefit, ease, and importance of crypto for the first time, which i believe will somehow build some enthusiasm among the people. But i just hope the Polymarket team won't use their shady gaming service to ruin everything.

[KTChampions]

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

I doubt it's possible to accurately define a wallet as "new" in the sense that it belongs to a crypto newbie. Many seasoned players create new wallets for specific events, maybe even several, but in the statistics, they will all show up as "newbies." That's why I don't trust these statistics at all. The only thing you can gather from them is that the World Cup is a big event and attracts a large audience, but that's true for all platforms, even traditional ones.

[X-ray]

The truth is that they are using crypto for the betting purpose. They have no intention to hold it for long term. To be fair, web3 market prediction aka gambling market prediction brings gateway for unfamiliar people to join crypto. However, as per the latest data. more than 60% of them are suffering the lose.

So it makes they have insignificant contribution to the crypto. Expecting these new users to push crypto doesn't match to the reality.

[rdluffy]

...
The truth is that they are using crypto for the betting purpose. They have no intention to hold it for long term. To be fair, web3 market prediction aka gambling market prediction brings gateway for unfamiliar people to join crypto. However, as per the latest data. more than 60% of them are suffering the lose.

So it makes they have insignificant contribution to the crypto. Expecting these new users to push crypto doesn't match to the reality.

I think some people might enjoy using crypto and stick with it

Everyone who uses crypto had an initial entry point
Mine was through ETH mining, others might have gotten started via betting and prediction markets

Ultimately, I believe this adds value, after all, they are using wallets and on-ramps, interacting with a network, paying transaction fees, and using the service (Polymarket)
At the end of the day, it represents real-world usage

[Charles-Tim]

The truth is that they are using crypto for the betting purpose. They have no intention to hold it for long term. To be fair, web3 market prediction aka gambling market prediction brings gateway for unfamiliar people to join crypto. However, as per the latest data. more than 60% of them are suffering the lose.

There is no way few among the 60% new users will not hold bitcoin. I may not be correct, but that is what I think.

Polymarket was found with deceitful marketing recently, this could be one of the reasons many people are registering on the site to win money, but after they lose money, they will understand that it is about gambling.

[YOSHIE]

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 personal view, the rise in Bitcoin prices is not influenced by those who bet/gamble, even though on certain gambling sites up to 80% of bets use Bitcoin, users who use Bitcoin in Bitcoin gambling are circling within the market, buying and selling in seconds and minutes.

In my opinion, the rise in the price of Bitcoin is greatly influenced by adopters, they will buy in large quantities and freeze them, thus making Bitcoin scarce, with so much demand Bitcoin becomes scarce so the price will become expensive, For those who bet on gambling it has no effect, the figure of 60% of people betting on the World Cup on the Polymarket site is already very high if speculated but still the Bitcoin price drop has no impact.

[Aanuoluwatofunmi]

Even though I don't know how they were able to get this statistics in such manner, but I'm not going to doubt it when it comes to new big gamblast and how they try to explore for more options that could make them engage more gambling opportunities this world cup season, it's just that it is a pity seeing them on prediction market without having more knowledge about what is involved in playing such.

[leea-1334]

Well,,, those people who buy their crypto with credit card and then it creates a wallet for them on Polymarket,,, can we really call them crypto users? It was their credit card that they used And these wallets are all belonging to Polymarket right? Is that really a crypto user?

[Lida93]

I think one thing or the other brought us into knowing about bitcoin and it's similar to the case only that the subject of relativity may be different from ours. The cryptocurrency market has become to big to ignore and with various financial institutions adopting it into their platforms for payment gateway option that's how many new people are made to use it for the first time and then sticking with using it after discovering the solutions it offers.

[taufik123]

Well,,, those people who buy their crypto with credit card and then it creates a wallet for them on Polymarket,,, can we really call them crypto users? It was their credit card that they used And these wallets are all belonging to Polymarket right? Is that really a crypto user?

Directly it cannot be said to be a crypto user because they themselves do not understand how the payment process happens.
Crypto users are aware of how crypto transactions are conducted and the use of credit cards that may be related to crypto, it cannot be said that crypto users can indirectly.

Beginner crypto users will have their own crypto wallet even though in the polymarket a wallet will be created automatically,
then deposits can be made using the crypto wallet that has been provided and if that is the case then it can be said as a crypto user.

[Woodie]

So these guys freely share user data with third-parties just from the data analysis that was undertaken  

Anyway if they say 60% are first time crypto users, then this should be good news as this puts more demand of crypto assets which should see prices going up sooner or later.. just hope they have done the basics of securing their coins correctly and not sending crazy fees for a transaction requiring pennies..

[hedgeh0g]

I think one thing or the other brought us into knowing about bitcoin and it's similar to the case only that the subject of relativity may be different from ours. The cryptocurrency market has become to big to ignore and with various financial institutions adopting it into their platforms for payment gateway option that's how many new people are made to use it for the first time and then sticking with using it after discovering the solutions it offers.

Many people have spoken less than positively about the polymarket and the fact that many lose there, thinking they're experts when in fact they're absolutely not. But if this is true and 60% of players have started using crypto, I consider this a great achievement for the ecosystem as a whole. Of course, I'd like to see more people discovering crypto not through betting or gambling, but through more organic interaction. But in a capitalist world, that's normal; the main thing is that they don't lose a lot and quit crypto altogether after a negative experience.

[coinlary]

How tf did they know that . It can never be accurate , I used a wallet  address that has no history with any address tbat has received multiple utxos or transactions , does that mean I've never used crypto before ? It doesn't  matter where it came from , even if it's a centralised service unless they are actively collecting kYC info's apart from whateverchain analysisthey are doing.  It possible to have more non crypto users starting with crypto using the prediction market but 60%isn't  going to be a correct stat.

[famososMuertos]

The World Cup confirms it: it's the biggest sporting event in the world for both sports fans and those unfamiliar with the sport. Then there's Polymarket's ever-growing popularity, which only increases the number of visitors. In any case, it's a clear example that for many, the incentive isn't the crypto world itself, but rather obtaining an "easy" profit, and they go to the site that generates the most buzz around that.

The reality is that it's very difficult for people not to know about or have heard of cryptocurrencies; that's secondary here. People go there to place a bet and win; the crypto aspect is circumstantial.