The crypto gambling and betting industry is experiencing rapid growth, attracting both increased volume and public attention. In November 2024, Polymarket made headlines with its accurate prediction of the next US president and a monthly trading volume of $2.5 billion. In December 2024, Crypto.com launched a sports event trading platform. In January 2025, crypto casino Stake.com, with a monthly deposit volume of $1.1 billion, secured naming rights for an F1 car. The growing adoption of cryptocurrencies and advancements in technology, particularly in the DeFi sector, are driving the industry’s influence.
The iGaming sector, which includes online gambling and betting, has been growing significantly over the past two decades. According to iGamingbusiness, total winnings amounted to nearly $139 billion in 2023 and are projected to reach $266 billion by 2030. Statista estimates the total size of the iGaming market (company revenues) to be $97 billion in 2024, with sports betting accounting for 46%, online casinos for 36%, and lotteries for 16%.
Crypto-based gambling has seamlessly integrated into the industry, providing key advantages to both centralized and decentralized platforms. In centralized casinos, blockchain technology enables faster transactions, lower fees, and global accessibility, although certain regions impose restrictions. In decentralized gambling, blockchain powers betting operations with enhanced transparency and efficiency, while DeFi innovations introduce new models such as decentralized betting pools.
Softswiss, a software company serving the iGaming industry, reported that around 17% of all iGaming bets in the first three quarters of 2024 were placed in crypto. This figure is slightly lower than the equivalent period in 2023 due to slower growth. While fiat betting increased by 50%, crypto betting only grew by 15%.
According to Softswiss, the top five most popular cryptocurrencies in iGaming have remained consistent over the years, with some shifts in ranking. Bitcoin, Ethereum, Litecoin, Tether, and Dogecoin continue to dominate among crypto gamblers. Bitcoin remains the most popular cryptocurrency, but the share of altcoins has significantly increased from 25% in the first nine months of 2023 to over 47% during 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, capturing an impressive 52% of the market share among the biggest crypto casinos (excluding prediction markets and trade signal games). Stake.com is a centralized platform that primarily utilizes blockchain for processing crypto bets, handling approximately $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. In May 2022, Drake won $17 million on a single roulette spin but lost $660,000 on sports bets in the same month. However, the platform does face security risks, as it suffered a $41 million hack in September 2023.
According to DappRadar, Trade Signal on BNB Chain leads the market among onchain gambling DApps with a monthly volume of $2 billion, followed by Polymarket with $760 million (lower than during the election craze, but still impressive). CryptoFights Pro ranks third but with a much lower volume of $18 million. Notably, CryptoFights operates on PlayBlock, a layer 3 network on Arbitrum Nova specifically designed for gasless gambling. DappRadar lists 24 gambling DApps currently operating on the network.
Despite its growth, crypto gambling is facing increasing regulatory scrutiny. Many jurisdictions restrict access to these platforms, such as Stake.com being banned in the European Union. In 2024, Taiwan and France banned Polymarket, and Singapore joined them in January 2025.
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.