Crypto continues to gain traction in what could be upwards of $20B in global Super Bowl betting this year.
Cloudbet has alerted friends and media that we believe crypto betting on the Super Bowl could reach at least half a billion USD in total value this year. That $500M is part of a staggering $20B in global betting we see as potential turnover on the Super Bowl in 2023.
Here’s how we arrived at those numbers.
In order to accurately forecast the aggregate global Super Bowl betting market, we looked at several factors including:
- Estimated Super Bowl betting market and average bet size in the U.S. [sources here and here]
- Growth in Super Bowl betting over time within the United States [source]
- Global Crypto and sports betting adoption rates [sources here and here]
- An analysis of global betting trends and averages by country [source]
- Super Bowl viewership ratings for the U.S.[source] and rest of the world [source]
- Cloudbet’s own proprietary knowledge and statistics regarding growth in gaming and within the crypto-space
Using the data available, we built a model to estimate the share of Crypto over time along with the likelihood of a user to bet with crypto. While the number is an estimate, we’re confident that the number is within the realm of reason based on the growth we’re seeing internally and through a number of industry-measuring metrics that we trust internally.
Adoption of specific cryptocurrencies also influenced our thinking. In the last 3 months alone, we've seen usage of USDT on the TRON network increase by 184.2% on Cloudbet. Alongside Bitcoin and Ethereum, we expect USDT to be one of the major currencies punters use to bet on the Super Bowl this year. Offering one of the most-trusted stablecoins gives Cloudbettors a great opportunity to bet with less forex volatility, and we think that will drive further increase in total amount bet this year.