Majority of sports bettors in the US interested in wagering with crypto, report

An overwhelming majority of the U.S. sports bettors are interested in using cryptocurrency to fund wagers.

That’s evident based on a new report by the global payments platform, Paysafe.

83% of bettors keen to deposit crypto for sports wagers

Earlier this week, the company released its new report focusing on the use of cryptocurrency, All the Ways Players Pay: Crypto Edition, outlining the appetite of bettors to use their digital assets for sports wagers.

Interestingly, an overwhelming majority of 83% of the respondents admitted to being keen to use cryptocurrency to fund bets with online sportsbooks, according to the research.

Equally as important, Paysafe’s report uncovered that 64% of the active U.S. bettors already own cryptocurrency.

In the context of the potential expansion of the use of crypto for sports betting, the report highlights: "When permitted, crypto would be a top-3 payment method for funding wagers, with 45% of players listing crypto as a preference after digital wallets (favored by 55%) and debit cards (50%)."

Paysafe’s new report outlines a growing desire by bettors not only to wager with cryptocurrency but also to withdraw their winnings in crypto.

Currently, while several states offer depositing for betting with crypto, no states permit withdrawing winnings in cryptocurrency.

Still, 85% of the respondents, or more than eight in 10 people, are keen to withdraw their winnings in crypto.

Zak Cutler, Paysafe’s President of Global Gaming, spoke about the newly released report, Casino Guru News learned from a press release.

"While crypto payments are only currently permitted in a relatively modest cohort of U.S. states, our latest research indicates that there’s strong player appetite for crypto at the cashier in not just these jurisdictions but across the broader market," he explained.

Moreover, Cutler pointed out: "As regulation evolves and as more iGaming markets embrace digital assets’ impressive value at the cashier, we’re confident that crypto will not just become an important payment method, but arguably pivotal to the industry’s transactional future."

Cryptocurrency won’t replace other popular payment methods

Interestingly, while a majority of the U.S. bettors are keen on using crypto for deposits and withdrawals, other payment methods would keep their popularity, the report says.

Even if cryptocurrency is available, 37% of the respondents said they would use credit cards, and the same percentage of consumers would agree to pay-by-bank solutions.

Some 23% said they would use local payment methods, while 14% favor eCash solutions, the report suggests.

Still, the top payment methods, per Paysafe’s report, would be digital wallets and debit cards, followed by crypto in third place.

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