Cloudbet anticipates crypto-betting bounceback at Champions League final
Despite the recent turbulence in global cryptocurrency markets, Cloudbet remains optimistic about crypto-betting volume at the UEFA Champions League final this Saturday.
Dubbed the ‘crypto crash’, two weeks ago the cryptocurrency market fell in value by over $100 billion in a matter of minutes, following a Bitcoin price warning.
The crash has seen some of the most recognisable digital coins, including Bitcoin, Ethereum, Solana, Cardano and Avalanche, decline in value.
However, crypto-betting operator Cloudbet anticipates a strong performance for crypto-wagering markets based on a sustained demand from consumers – according to the firm, turnover has ‘held steady’ and casino spend ‘may even be increasing’.
“As two of the biggest teams in the world meet in the most-watched club match on the planet, we anticipate the busiest day ever for crypto betting,” said Cloudbet Director Leandro Rossi.
Cloudbet has also pointed to data released earlier this year by SoftSwiss which showed strong interest in cryptocurrency as a payment method for wagering among many bettors.
SoftSwiss revealed that cryptocurrency use in sports betting grew 116.7% year–on-year in Q1 2022, in comparison to a growth rate of just 60% in overall sports betting.
Publishing full-year results for its Game Aggregator platform, SoftSwiss noted that 40% of all currencies used for betting in 2021 were cryptocurrencies, with Bitcoin accounting for 83.3% of transactions, followed by Ethereum (8%) and Litecoin (3.9%).
However, although these results covered the entirety of 2021, we are now nearly halfway into 2022 and SoftSwiss update came around just over five months before the crypto crash.
On the other hand, this is not the first time cryptocurrency has taken a hit only to rebound later on, as Eric Chen, Injective Labs Chief Executive of Decentralised Exchange Protocol Injective Development noted to Payment Expert following the Crash.
“Fed meetings always signal uncertainty and volatility, which may impact not only digital assets but also broad markets as a whole,” he remarked.
“But crypto markets are more attached to the underlying technology and value behind the projects and larger market trends over time have only proven that fact.”
Saturday’s match between Liverpool and Real Madrid at the Stade de France in Paris – the second Champions League final between the two in four years – is expected to yield a viewership of up to 700 million.
Maintaining its optimism for crypto-betting on the event, Cloudbet noted that despite the recent crash Bitcoin is still 250% more valuable than it was at the time of Liverpool and Real’s last UCL Final meeting.
Rossie concluded: “It is clear that the Bitcoin betting boom will continue despite the sector’s setbacks, and that an increasing number of bettors are reaping the benefits of the decentralised blockchain model.
“In the four years since Liverpool’s last Champions League Final against Real, the Bitcoin market has grown exponentially, offering tremendous potential returns for soccer fans despite recent market fluctuations.”