It might not surprise you, but sportsbettors using digital assets, specifically BTC and ETH, are the riskiest in the business when it comes to esports investment.
According to a new study from LOOT.BET, the esports betting specialists, digital asset owners have been revealed to be the riskiest investors, having kept up a strong level of betting during the pandemic period.
While many financial markets have taken a bit hit, the resilience of digital assets have led to many speculating on the long-term benefits of the currency against more traditionally tradeable forms. One key indicator of this has historically, in the short-term, at least, sportsbetting.
For the last three years, BTC and Ethereum have been hugely popular currencies, with digital currencies in general contributing 15% of LOOT.BET’s turnover.
“The widespread use of BTC and ETH in esports betting can be explained by the fact that both cryptocurrency owners and esports fans tend to be young, progressive, and tech-savvy,” says Paul Brel, Head of Communications at LOOT.BET’s operating company, Livestream. “We are continuously improving the betting and gambling experience for crypto users on our platform. For example, we recently upgraded the technical side of things, enabling us to offer literally instant BTC and ETH transactions, and also added Litecoin and Bitcoin Cash support.”
As well as the stark reality that digital asset spending is on the up, so too is the curve indicating a higher risk element to investors. The average LOOT.BET client bet 100% more when using BTC. That rate is halved when they use Ethereum, but a 50% hike on standard bets is still big.
Both those percentages translate exactly to deposits, too and this extends to making larger deposits by volume as well as amount. Riskier gambling on esports sites can be linked to esports slots, with around 35% of bettors engaging with this element of esports betting if they use digital currency, more than twice as much as fiat funds.
When it comes to the games themselves, CS:GO is the most popular, with 55% of the trading traffic tooling up in that game. With 35% of the investment going on Dota2 and League of Legends trailing with 5%, all the other games bet on combined total 5%, showing just how dominant those particular games – which lead the world in esports betting in general terms not just in terms of digital currency.
With digital currencies stronger than ever during the global pandemic and betting patterns indicating that digital asset investors are taking more risks, the health of the esports betting market has possibly never been in a better position to keep growing and emerge from the global coronavirus pandemic with a lot to look forward to.
LOOT.BET are sure to provide plenty of the investors out there with new options of how to stake their money as the market for esports bettors becomes bigger in the future. We’re sure that they’ll be a great place to look for the latest news on exactly how to do so.