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

[Akbarkoe]

Since many gamblers switched to crypto usage, this has been helping the crypto space to have more users and adoption gradually until what it is now. The adoption will keep spreading as more gamblers and casinos switch to safe crypto payments that is swift and you will not have to be waiting for longer time before your deposit is confirmed.

The existence of crypto adds an alternative transaction in the world of gambling was created for a much better privacy space than using funds directly from your account number, like me who feels much safer using crypto, and with this increasing use so casinos strengthen the real adoption of crypto transactions to the extent that it is now and you are right that with crypto we can be much faster in confirmation and at a low cost if you use a cheap network.
I see crypto casinos growing even more in the future as people and gamblers embrace crypto, but the big challenge is also addiction given the huge growth so far, let's see what the polymarket thinks about this prediction market, will it stay hype or will it become a bubble that will be abandoned in its gambling model.

[tabas]

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 so. But we're still far from that time for the next bull run. If it's on the right period that we're also in the bull run and the world cup happens, that will massively add to the demand of it. But because we're currently in the bear market, that doesn't add that much. Well, I haven't used polymarket and I think many of us here haven't so. These first time crypto users probably just bought crypto to bet for the world cup and support their respective teams and countries. Hopefully whoever made these case studies will continue to do it once the world cup ends.

We are just talking about gambling here, so let us not assume that it will result in a bull run.

I believe not even 50% of gamblers are investors. Many of them use crypto only for gambling purposes, so they can still use it regardless of the market situation because they are after convenience, not its future value. And they are not even just using Bitcoin in gambling, they also use stablecoins. Those who probably bet bigger are using stablecoins to protect themselves from volatility.

I'm only saying that if this happened on the right period and we're also in the same cycle of the bull run, it would add impact. I understand that it won't result to a bull run and right now it's totally we're in a bearish market that's why bitcoin's price and the entire market is down. It's a good introduction for these gamblers who have used crypto for the first time. They'll see that the price is volatile and they have variety to choose from, so, who knows how many of them will continue to become investors while they see the bearish market which is a good opportunity for them. But not a problem if they only see it as a tool to gamble with.

[taufik123]

-snip-
There is some benefit to that from the usability angle, but on the other hand it also increases the chance that normal people will engage in gambling when otherwise they would not. So in the end it is actually better to keep it completely separated and not to have everything on the same platform.

But some betting mechanics will also be different and not like in polymarket of course, It's just the hype of the world cup that will end when the world cup also ends.
The Exchange Platform will definitely not extend this Feature, Convenience will not always provide comfort and security, there are risks as well.

[Dogedegen]

As far as I know, the Polymarket platform accepts bets not in BTC, LTC, ETH, or XMR, but in the centralized stablecoin USDC. This is certainly much better than betting in fiat currency, but the connection between stablecoins and real cryptocurrency is indirect rather than direct.

The wording that you used in this part is not true, the connection between stablecoins and most crypto is direct as possible. Indirect would mean something else, unless you want to define direct as actually using Bitcoin but that would not make sense in the situation of prediction platforms. Because if you define it so strictly then even if they are betting inside the platform using Bitcoin, that would not be direct experience of Bitcoin in the way that it would not feel any different if they were using Bitcoin or some shitcoin like ETH.

How many of these 857,000 people will buy Bitcoin? And how many of them will buy Monero in the future? I don't know... I don't have a definitive answer to this question.

Certainly, using stablecoins is a very important step toward exiting the fiat system. But to fully immerse yourself in the world of cryptocurrency, in my opinion, you need to take another step (for example, buying Bitcoin). And then another step... And another...

That is up to the individual person and not to Polymarket or this situation. Nobody can force a person to get educated about Bitcoin even if you expose them directly to Bitcoin and not a stablecoin instead, many will choose to ignore it or not get any education. So the issue whether people will buy or not does not relate to the exposure to the stablecoin.

-snip-
There is some benefit to that from the usability angle, but on the other hand it also increases the chance that normal people will engage in gambling when otherwise they would not. So in the end it is actually better to keep it completely separated and not to have everything on the same platform.

But some betting mechanics will also be different and not like in polymarket of course, It's just the hype of the world cup that will end when the world cup also ends.
The Exchange Platform will definitely not extend this Feature, Convenience will not always provide comfort and security, there are risks as well.

I am not talking about any platform in specific but you can imagine my argument more in examples of other platforms. What would happen if you had a prediction market directly built into Facebook? A lot more people would gamble who would otherwise never gamble, this is why it is very bad to provide gambling elements everywhere, it is very dangerous. I do hope that it stays separate from most platforms, I do not mind some seasonal appearance of extra features but it should not be a permanent thing because of this danger potential. The question for me here is are these people who are just unfamiliar with crypto, or are they also a lot of people who are unfamiliar with gambling? Stories that get hype online about people making money on something like prediction markets is what hooks people who do not have knowledge about gambling, and because of that most of these people will simply lose money and may not come back to use them again.

[shawonngp]

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 so. But we're still far from that time for the next bull run. If it's on the right period that we're also in the bull run and the world cup happens, that will massively add to the demand of it. But because we're currently in the bear market, that doesn't add that much. Well, I haven't used polymarket and I think many of us here haven't so. These first time crypto users probably just bought crypto to bet for the world cup and support their respective teams and countries. Hopefully whoever made these case studies will continue to do it once the world cup ends.

I believe not even 50% of gamblers are investors. Many of them use crypto only for gambling purposes, so they can still use it regardless of the market situation because they are after convenience, not its future value. And they are not even just using Bitcoin in gambling, they also use stablecoins. Those who probably bet bigger are using stablecoins to protect themselves from volatility.

Right, I think most new bettors on the Polymarket may not know much about Bitcoin; they are just depositing Bitcoin and other coins to gamble. I think most bettors are used to betting with stablecoins, because if you bet with Bitcoin, your original deposit may decrease due to price volatility. So it cannot be said that there will be a bull run if all Polymarket users use Bitcoin because many new gamblers use Bitcoin or crypto just for the convenience of betting.

[Johnlomape]

Right, I think most new bettors on the Polymarket may not know much about Bitcoin; they are just depositing Bitcoin and other coins to gamble. I think most bettors are used to betting with stablecoins, because if you bet with Bitcoin, your original deposit may decrease due to price volatility. So it cannot be said that there will be a bull run if all Polymarket users use Bitcoin because many new gamblers use Bitcoin or crypto just for the convenience of betting.

It is very easy to use stablecoins to gamble since it is pegged to the United States dollar and the value does not depreciate the way we see the price of Bitcoin falling and rising which can make the coin to lose value at any moment in time.
Some gamblers also use Bitcoin to gamble since not everyone that believes in altcoins that can be manipulated and frozen as they are majorly centralized. Using stablecoins to gamble is very easy and the transaction can be confirmed almost immediately depending on the network that is being used by the gamble.

[goldkingcoiner]

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?

It seems obvious that anything new and overhyped is going to target the most gullible people first. And those people are usually newbies who have no idea what is going on. All they know is that some influencer promised them amazing returns in breathless terms while standing in front of a Lamborghini. Even the show South Park had an episode on Polymarkets. Which is more than enough to attrac naive newbies.

It would also not surprise me if half of the people who made those world cup bets were also first time gamblers (or extremely rare gamblers).

[danherbias07]

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?

It seems obvious that anything new and overhyped is going to target the most gullible people first. And those people are usually newbies who have no idea what is going on. All they know is that some influencer promised them amazing returns in breathless terms while standing in front of a Lamborghini. Even the show South Park had an episode on Polymarkets. Which is more than enough to attrac naive newbies.

It would also not surprise me if half of the people who made those world cup bets were also first time gamblers (or extremely rare gamblers).

I'd go with very rare gamblers and mostly occasional. World Cup, Olympics, FIBA, Super Bowl. Something like that.

But I think nowadays they are able to use cryptocurrencies in the likes of Polymarket because of how easy it is to learn. Heck, even AI can explain it plainly, and how they will be able to deposit and withdraw. So, there's really no stopping anyone from placing a bet in a big event, especially if they are a hardcore fan of a certain team.

The scary part is that now that they have learned it, more gamblers will be coming, and Polymarket's traffic will probably be high. It will gain more attraction, and more new gamblers will come. I just always wish they were not kids.

[avp2306]

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?

It seems obvious that anything new and overhyped is going to target the most gullible people first. And those people are usually newbies who have no idea what is going on. All they know is that some influencer promised them amazing returns in breathless terms while standing in front of a Lamborghini. Even the show South Park had an episode on Polymarkets. Which is more than enough to attrac naive newbies.

It would also not surprise me if half of the people who made those world cup bets were also first time gamblers (or extremely rare gamblers).

Its usual thing to see since hype could easily pull those people don't have experience to try those new thing which is currently popular at the moment.

But to be fair on Polymarket those data's shown is different, because lots of world cup better are truly new on the scene.

But for sure we can't generalize that everyone or lots of them are there because they are hype by Lamborghini promotion or those over exaggerated influencers. Lots of them came on Poly market because they are hype with the event itself the Worldcup and betting made easy on that platform if they just buy or have USDC.

[davis196]

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 mind more people entering the crypto world by using prediction markets, bookmakers and crypto casinos. However, this creates a twisted image of Bitcoin/crypto being more like a "gambling currency", which would scare away all the people, who have a negative view towards gambling in general. I'm a little bit skeptical about such researches since I don't know if the data is true or manipulated and there's no way for me to verify the trustworthiness of the people, who conducted this research. Maybe this is just a sneaky marketing tactic, that is being used to bring more users to Polymarket.

[CryptoHeadlineNews]

This data is likely to be possible because ever since Polymarket was launched in 2020 as a general prediction market that uses crypto, the platform was never as popular as it is today until 2024 during the US presidential election which brought in Donald Trump as the leader of the United States of America. Because from research, we were made to understand that during that election, over millions of people got to know about Polymarket and started using it for predicting about the political events, and since after 2024 US presidential election, more than 200,000 users have been using the platform to place bet. And when this FIFA 2026 World Cup started, those individuals are likely to have deposited their accounts with crypto and place a bet on the world cup. So I'm not surprised, because the betting platform truly deserves the attention it has got.

[Maslate]

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.

Yes, Polymarket seems like a real financial trading where users easily buy and sell contract positions rather than trying to beat the house edge in sportsbook, that's why its not surprising why there are already billions betting on it. Its dynamic pricing, quick access and privacy and its regulatory flexibility attract more users or bettors to stick on it rather than facing strict restrictions with traditional sports betting.

With its immense popularity, its expected that more and more bettors will go for Polymarket over traditional sportsbooks.

[CryptoBuds]

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?

For many, this may be a good on-ramp to crypto. But I think a large portion of them are coming for purely gambling or betting purposes.

I will not deny that in shortterm it will help crypto adoption. However from my personal experience, for a sustainable bull run we need more utility and longterm holders than just bettors.

However I welcome the new users who have learned about the wallet and onchain activity through this. These activities will only bring positive things for us. I sincerely hope that these new users will stay involved in crypto even after the World Cup is over and this influx continues.

[Fiatless]

I don't mind more people entering the crypto world by using prediction markets, bookmakers and crypto casinos. However, this creates a twisted image of Bitcoin/crypto being more like a "gambling currency", which would scare away all the people, who have a negative view towards gambling in general. I'm a little bit skeptical about such researches since I don't know if the data is true or manipulated and there's no way for me to verify the trustworthiness of the people, who conducted this research. Maybe this is just a sneaky marketing tactic, that is being used to bring more users to Polymarket.

Bitcoin and other crypto was majorly used for gambling in their early stages. It had the image of money designed for gambling. However, this didn't stop the increase in the adoption of the currency for other financial transactions. The use of crypto in prediction markets has increased crypto awareness and it will not be out of place to assume that some gamblers have started using crypto for other things apart from gambling.

[danadc]

For many, this may be a good on-ramp to crypto. But I think a large portion of them are coming for purely gambling or betting purposes.

I will not deny that in shortterm it will help crypto adoption. However from my personal experience, for a sustainable bull run we need more utility and longterm holders than just bettors.

However I welcome the new users who have learned about the wallet and onchain activity through this. These activities will only bring positive things for us. I sincerely hope that these new users will stay involved in crypto even after the World Cup is over and this influx continues.

Yes, this is fantastic because cryptocurrency is much easier. There's not as much trouble as making bets with credit cards or something like that. You make the deposit from your wallet, and I hope many of you have done so from a decentralized wallet and not an exchange. All of this is important because it allows you to avoid so many obstacles, such as taxes. From the USA, everything has to be declared, and that's the downside.

[knuckey]

It is clear that most users on Polymarket are people who are familiar with crypto, of course because Polygon chain users definitely want to try it, maybe because of the future airdrop, so most people are chasing the prize if there is one, I think there is no other reason except that onchain users are hunting for future prizes

[Orpichukwu]

Bitcoin and other crypto was majorly used for gambling in their early stages. It had the image of money designed for gambling. However, this didn't stop the increase in the adoption of the currency for other financial transactions. The use of crypto in prediction markets has increased crypto awareness and it will not be out of place to assume that some gamblers have started using crypto for other things apart from gambling.

I don’t know about other crypto, but Bitcoin's most transactions in their early stage were mostly done for gambling-related activities, and it contributed to that adoption process. Currently, the World Cup and gambling at large have also made some people come into crypto, which is not bad, but the idea some of them might have of it is what will matter; not all will have the time to research the use beyond just using it for gambling.

[Fivestar4everMVP]

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?

If this is about knowing bitcoin and how this could affect the next bull run, then I can tell you for sure that alot of people in the world today already know a thing or two about Bitcoin but they simply don't have that investor and investment inclined mindset, so there is absolutely no reason for them to buy bitcoin except comes to purposes like this one where they have to use it for betting.

This is not limited to bitcoin alone though, there are other cryptocurrencies like the stable coin, USDC which is also popular for Polymarket users..
I am always forced to believe that far more than 50 percent of the world's population already know about Bitcoin, but unfortunately, far more than those who are showing interest don't have that mindset to want to invest in any thing that is outside what they are already used to, except something happens they are heavily tempted to, like during the bull run when every crypto asset is always going up and the chances of making profit is almost 100%.

[Italian Panic]

If we consider that the use of cryptocurrencies has certainly grown over the last four years since the last World Cup, and that prediction markets have emerged in the meantime, then I think it’s only natural that we’re seeing this kind of adoption amongst newbee users.
Unfortunately, cryptocurrencies are not used for their intrinsic value, such as decentralisation, but solely for pure speculation.

[Hispo]

It is clear that most users on Polymarket are people who are familiar with crypto, of course because Polygon chain users definitely want to try it, maybe because of the future airdrop, so most people are chasing the prize if there is one, I think there is no other reason except that onchain users are hunting for future prizes

Cryptocurrency is not difficult to understand, in my opinion. There are just so many people who are scared of taking the first step because of the countless stories of scams they have heard, so there are millions of bettors who prefer to stick to FIAT bookies and casinos which offer markets to bet on the world cup.

Also, what airdrop are you talking about?
Is there some reward planned for people who carry out transactions on the main chain of polygon this year?
If so, the amount needs to be significant in order to attract the attention of so so many people to use Polygon, nobody would do it if it was just some cents.