The crypto gambling and betting industry is experiencing rapid growth, both in terms of volume and public attention. In November 2024, Polymarket made headlines for accurately predicting the next US president and achieving an impressive monthly trading volume of $2.5 billion. In December 2024, Crypto.com launched a sports event trading platform.
In January 2025, the crypto casino Stake.com, with a monthly deposit volume of $1.1 billion, secured naming rights for an F1 car. The increasing adoption of cryptocurrencies and advancements in technology, particularly in the DeFi sector, are driving the industry’s growing influence.
The iGaming sector, which includes online gambling and betting, has experienced significant growth over the past two decades. According to iGamingbusiness, total winnings reached nearly $139 billion in 2023 and are projected to reach $266 billion by 2030. Statista estimates that in 2024, the total revenue of the iGaming market was $97 billion, with sports betting accounting for 46%, online casinos for 36%, and lotteries for 16%.
Crypto-based gambling has seamlessly integrated into the industry, offering advantages to both centralized and decentralized platforms. In centralized casinos, blockchain technology enables faster transactions, lower fees, and global accessibility, although some regions impose restrictions. In decentralized gambling, blockchain powers betting operations with enhanced transparency and efficiency, while DeFi innovations introduce new models like decentralized betting pools.
According to Softswiss, a software company catering to the iGaming industry, around 17% of all iGaming bets in the first three quarters of 2024 were placed in cryptocurrencies. This number is slightly lower than the equivalent period in 2023, mainly due to slower growth. While fiat betting increased by 50%, crypto betting only grew by 15%.
Bitcoin, Ethereum, Litecoin, Tether, and Dogecoin continue to be the top five most popular cryptocurrencies in iGaming, with some shifts in ranking. Bitcoin remains the most popular, but the share of altcoins has significantly increased from 25% in the first nine months of 2023 to over 47% in the same period in 2024.
Another notable trend is the emergence of casino-specific tokens aimed at enhancing player engagement. These tokens, such as Rollbit’s RLB and Shuffle’s SHFL, are designed for cross-platform compatibility, reduced volatility, and exclusive perks for users.
Since the launch of SatoshiDice, the first crypto gambling site in 2012, the sector has evolved significantly. According to Tanzanite, Stake.com is now the largest crypto gambling website, holding 52% of the market share among the biggest crypto casinos. It is a centralized platform that primarily uses blockchain for handling crypto bets, processing around $1.1 billion in monthly deposit volume.
Stake.com is also known for its partnership with Drake, who serves as its official ambassador. The Canadian rapper frequently places large bets on the platform, often during live-streamed events. However, the platform has faced security risks, experiencing a $41 million hack in September 2023.
According to DappRadar, the leading onchain gambling DApps in terms of monthly volume are Trade Signal on BNB Chain with $2 billion, Polymarket with $760 million (lower than during the election craze but still impressive), and CryptoFights Pro with $18 million. CryptoFights is particularly interesting as it runs on PlayBlock, a layer 3 network on Arbitrum Nova designed for gasless gambling. DappRadar lists 24 gambling DApps already operating on the network.
Despite its growth, crypto gambling is facing increasing regulatory scrutiny. Many jurisdictions restrict access to these platforms, and Stake.com, for example, is banned in the European Union. In 2024, Taiwan and France banned Polymarket, and Singapore joined them in January 2025.
Please note that this article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making a decision.