Onchain Betting Overview | Q4 2023

Jan 19

Onchain casino volumes surge with Rollbit surpassing 1M users, >$5B wagered

Cody Garrison | 1/24/2024

Coverage on Polymarket, Rollbit, and JustBet for publication in OurNetwork, the leading onchain analytics community & research newsletter.

Onchain gambling and the popularity of decentralized crypto-native casinos has skyrocketed to become an enduring use case for crypto especially as bull market exuberance promotes consumers to take on longer tail risk. Rollbit, a leading onchain casino & trading venue, is pulling in $2.8M/day in fee revenue from their casino vertical with expectations to hit an impressive $65M/month.

Polymarket, a leading decentralized predictions market on Ethereum, is on pace to set a monthly record for betting volume on the platform. This was boosted on the back of the January 10th Bitcoin ETF approval that brought in daily volume records.

JustBet – a decentralized casino developed by WINR Labs – has seen $77.6M of betting volume since its launch just 9 months ago, despite a regression from summer 2023 highs. The platform's breakout game, Limbo, has captured >60% of this betting volume to date, with Plinko taking 10% of betting share.