September 22nd, 2023, Rishad Dsouza
Industry estimates suggest that between one-third and three-fifths of all global cryptocurrency transactions are related to gambling. While traditional cash and payment methods still dominate the gambling landscape, there's a clear segment of consumers eager to use their crypto assets for betting.
A new YouGov survey reveals that approximately half of US consumers with online gambling accounts express interest in the prospect of using cryptocurrency for their wagers (49%). This includes 26% who say they are “very interested” in the idea. Looking at the overall adult US population, 15% indicate either strong or moderate interest in utilizing cryptocurrency for gambling.
In this article, we'll refer to individuals with online gambling accounts as online gamblers, and those interested in cryptocurrency gambling as potential cryptocurrency gamblers.
For sportsbooks and gambling companies seeking to cater to this audience, understanding their demographics is essential. As expected, given cryptocurrency's association with the modern financial landscape, a significant portion of this audience falls within the 18-34 age group, comprising 62% of potential cryptocurrency gamblers. In contrast, only 46% of all US online gamblers fall into this age bracket. This group makes up an even smaller segment of the overall US population at 30%.
There's also a heightened gender disparity within this group – three-fifths of potential crypto bettors are male (62%), with only 38% being female. In contrast, women constitute 43% of the broader online gambling community.
Let’s look at betting preferences, particularly related to online gambling habits. The first thing to note is that nearly a quarter of these potential crypto bettors don’t have an online gambling account yet. For betting companies seeking growth, enabling and/or marketing the availability of crypto payment methods might be one way to tap into this audience.
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To help tap into the market, it might be instructive for companies to know how potential crypto bettors who do hold online gambling accounts interact with them. Two-fifths of this group say they tend to withdraw money from their accounts after big wins (42%) compared to just 27% of all online gamblers.
It’s worth noting that potential crypto bettors with online accounts over-index on almost behavioral statements compared to the general group, perhaps indicating that they simply tend to use their accounts more frequently or with more scrutiny. Two-fifths of these potential crypto bettors say they prefer to move money into and out of gambling accounts using a payment app rather than directly from a bank (40% vs 30%). Fast withdrawal is a main aspect among both groups (34% vs 29%).
Approximately one-fifth of consumers in both audience segments apply betting controls by imposing restrictions on the amount they can wager from their gambling accounts (23% vs. 18%). This shared behavior underscores the significance of responsible gambling measures in both traditional and cryptocurrency-based gambling.
It is also worth noting that this audience loves its sport. Three-quarters of them (74%) said they were following the FIFA Women’s World Cup closely compared to just a half of all online gamblers (52%) and just a fifth of Americans overall (19%). This group was also markedly more likely to say they were likely to bet on the Premier League this season compared to all online gamblers (75% vs 50%).
As cryptocurrency continues to gain prominence in the gambling industry in the United States, adapting to the needs of this audience will be essential for businesses in the sector.
YouGov now has a Gamblers Omnibus, targeting 3 distinct samples, in 6 key markets worldwide. Other countries are available upon request. For more information, including ways to get in touch, please CLICK HERE to see our rate card.
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Methodology: YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. This study was conducted online on Jul 31 - Aug 1, 2023, with a nationally representative sample of 2,105 British adults (aged 18+ years), using a questionnaire designed by YouGov. Learn more about YouGov Surveys: Serviced.