Polymarket attracts first-time crypto users
- A Bitget Wallet study found that about 60% of users who placed their first FIFA World Cup bets on Polymarket had never previously used blockchain applications.
- The findings suggest prediction markets are becoming a major entry point into cryptocurrency, rather than token trading or decentralised finance.
- World Cup prediction markets have generated billions of dollars in trading volume while attracting increased regulatory scrutiny in the United States.
A Bitget Wallet study found that about 60% of users placing their first FIFA World Cup bets on Polymarket had never previously interacted with blockchain, highlighting prediction markets as a growing entry point into cryptocurrency.
The study tracked the on-chain activity of 857,000 active Polymarket users over 90 days and concluded that many participants entered crypto through prediction markets rather than token trading or decentralised finance applications.
“Prediction markets shifted that dynamic. Users show up because they have a view on something happening in the world,” said Bitget Wallet chief operating officer Alvin Kan.
According to Dune Analytics, Polymarket's daily taker volume reached a record US$713 million after the World Cup began, while the platform's World Cup winner market generated more than US$3.1 billion in trading volume.
Bernstein previously estimated the tournament could generate more than US$3 billion in additional sports betting activity and between US$5 billion and US$10 billion in consumer prediction market trading volume.
Sports prediction contracts have also become the largest category on both Polymarket and Kalshi, although the sector has attracted increased legal scrutiny from U.S. state regulators challenging the operation of prediction market platforms.
The findings suggest prediction markets are expanding the cryptocurrency user base by attracting participants interested in real-world events rather than traditional digital asset investing or decentralised finance services.