Sportsbook and casino website Cloudbet has reported a significant increase in the crypto deposits and wagers placed during the FIFA World Cup 2022.
The company said in a statement that despite the market slump unleashed by FTX’s collapse, crypto betting activity has not subsided. In fact, it has increased in volume and intensity.
A Cloudbet spokesperson confirmed that new Cloudbet accounts are now being registered at a “record pace” and the number of first-time depositors had doubled, with bettors showing “incredible enthusiasm”.
Cloudbet offered a breakdown of the cryptocurrencies that bettors were turning to, including popular options such as TRON.
TRON is the cryptocurrency that currently drives the most deposits at Cloudbet, the company confirmed, acknowledging that this was unusual.
However, this could be explained by more people turning to stablecoins amid the collapse of the private market.
The other cryptocurrencies used to deposit money were BNB Smart Chain, Ethereum and Bitcoin – in that specific order.
Cloudbet also detailed its marketing strategy, referring to a “word of mouth system of referrals” which has helped boost its player base by incentivizing consumers to share Cloudbet with their friends through a lifetime loyalty point commission.
“It’s almost working too well at this point. Players are earning points so quickly that we’ve had to add some big-ticket items to our loyalty marketplace to give them things to save up for”, the company said.
Cloudbet admitted that because of the pick of host country, Qatar, the company initially expected a lower than usual interest in the event, but just the opposite has turned out to be true.
Equally, Cloudbet said that the collapse of exchanges was also a red flag at first, but this has also proved less of an issue than anticipated. Find out more about our Cloudbet in our dedicated review.
Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.