Some of Twitch’s biggest stars’ viewers are going broke after watching their favorite streamers play crypto gambling in multi-million dollar ad deals, According to a report by Bloomberg (opens in new tab).
The Slots section of Twitch is where its gambling content resides, Seventh most watched category (opens in new tab) at the time of writing.This puts it ahead of several games we usually think of as streaming giants, such as Fortnite and Dota 2, and it’s potentially incredibly lucrative marketing with some of Twitch’s most famous stars (e.g. xQc, Trainwreckstv) Deal related, and others – sign up with crypto gambling sites to promote their products to interested audiences millions of (opens in new tab).
The Bloomberg report details the massive cash flow flowing between streamers and the gambling sites that sponsor them. In one clip, Trainwreckstv swaggered that he was making more than $1 million a month from trading, while Stake reportedly made $119 million in a single month thanks to his deal with xQc.
Meanwhile, fans of these streaming media find themselves drawn into gambling by the fun and camaraderie of streaming, with never-ending horror stories of empty bank accounts, depleted life savings, and loan after loan. This is in stark contrast to the glitz and glamour of the stream that got them into crypto gambling in the first place, which tends to happen when your losses aren’t covered by multi-million dollar ad deals.
It’s a very thought-provoking read, and it’s worth reading for the grim and gory details of what happens when some of the biggest stars of the modern era – including Drake, I don’t know – get a mind-bending amount of money. Impressive audiences promoting highly dubious products. In some cases, kids as young as 16 are losing thousands of dollars a month on gambling sites they see for the first time through their favorite streaming media.
A Bloomberg reporter contacted a Twitch spokesperson, who confirmed that Twitch is currently conducting an “in-depth study” of gambling on the platform, suggesting they may be preparing to take action against such live broadcasts. For some, however, it’s already too late, and it’s hard not to think that Twitch may be inclined to move slowly to reduce a relationship that makes so much money for everyone but its viewers.