Assessing interest in cryptocurrency gambling in the UK
YouGov’s Oliver Rowe examines the niche cohort of potential crypto gamblers in the UK and why it’s crucial operators get to grips with their needs as digital currencies gain prominence
Gambling using cryptocurrency is an increasingly popular activity. According to various industry estimates, anywhere between a third to half of all cryptocurrency transactions globally are gambling-related.
Cash and other conventional payment methods still make up the bulk of all gambling payments, but there clearly is a niche of consumers interested in deploying their crypto holdings for their wagers.
According to a fresh YouGov study, about one in seven UK gambling consumers with an online gambling account say that they are interested in the idea of placing bets using cryptocurrency (15%).
This includes 5% of the audience who mention that they are ‘very’ interested. Looking at the overall UK adult population, 7% say they are either very interested or fairly interested in placing wagers using cryptocurrency.
The audience comprised those who say they are interested in placing bets using cryptocurrency will be referred to as potential cryptocurrency gamblers.
Somewhat unsurprisingly, given the status of cryptocurrency as an ultra-new-age mechanism of finance, young people make up a very big chunk of the audience.
Over half of those who say they are interested in placing bets using cryptocurrencies are aged between 18-34 (54%). In comparison, only 37% of all UK online gamblers fit into that bracket. For additional context, those aged 18-34 make up only 26% of the overall UK population.
The cohort of potential cryptocurrency gamblers is also twice as likely to be residents of London than all online gamblers (29% versus 15%). There’s a rather significant gender gap as well – over seven-tenths of the potential crypto betting audience are men and just 28% are women. Conversely, women make up 37% of the overall UK online gamblers group.
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The poll also looked into some betting preferences. Those interested in gambling using crypto are twice as likely as online gamblers to move money into and out of gambling account(s) using a payment app rather than directly from a bank (18% versus 9%).
They’re likelier to have faced issues withdrawing money from their gambling accounts (10% versus 6%) as well as having had a gambling account locked in the past (10% versus 6%).
These experiences indicate the cryptocurrency gambling audience may be more tech-savvy but also potentially face more challenges when it comes to managing their accounts.
A third of potential cryptocurrency gamblers say that fast withdrawal of their money from gambling accounts is an important feature, which is echoed by a slightly smaller but nevertheless substantial share of all online gamblers (32% versus 28%).
Somewhat surprisingly, the potential crypto bettors are marginally less likely to actually withdraw money from their gambling accounts after big wins (25% versus 28%).
About a fifth of consumers in both audiences resort to a form of betting control by placing restrictions on the amount they can bet (20% versus 18%).
This common behaviour emphasises the importance of responsible gambling measures in both traditional and cryptocurrency-based gambling.
Gambling companies looking to cater to potential cryptocurrency gamblers should take note of their preferences and behaviours, as well as the potential regulatory challenges associated with unlicensed gambling activities.
As cryptocurrency continues to gain prominence in the gambling industry, understanding and adapting to the needs of this audience will be crucial for businesses in the sector.
Having worked for YouGov for over a decade, Oliver Rowe has advised companies including Tesco and Barclays on their reputation management. He now brings that experience to a sector which includes the betting and gaming industry in his role as global sector head for leisure and entertainment.