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Crypto gambling has emerged as the latest investment narrative in 2024 as investors look for returns in a tepid range-bound market.
Rollbit Coin ($RLB) is currently among the top performers in crypto, surging more than 65% in the last 30 days as of September 12, 2024.
Other crypto casino tokens, such as Shuffle ($SHFL) and WINR Protocol ($WINR), have posted similar gains in the same period.
In this article, we explain Rollbit and decipher whether the crypto gambling investment narrative is more than a fad.
What is Rollbit?
Rollbit is a crypto casino platform that launched in 2020. Users can play online casino games such as slots, roulette, and blackjack on Rollbit. Sports betting and crypto futures trading are also available on the platform.
According to Rollbit’s website, the platform has a gaming services provider license authorized by the Government of Curaçao. It is also licensed in Gibraltar and the UK.
The platform was originally built on the Solana (SOL) blockchain and then migrated to Ethereum (ETH).
Rollbit was the second-largest Ethereum-based crypto casino platform in the world, with a market share of 11.7% as of September 12, 2024, data on Tanzanite showed.
Stake was the market leader, with a market share of 63.4%.
According to its official website, the Rollbit platform is restricted in the U.S., France, Germany, and several other countries.
Rollbit Coin (RLB): Crypto Casino Utility with Burn Mechanism
RLB is the native crypto of the Rollbit platform. The token is integral to the platform as it offers exclusive benefits to its holders. It also has a burning mechanism designed to keep the token deflationary.
According to Rollbit’s whitepaper, RLB was not sold in an initial coin offering (ICO) nor was it sold over the counter.
About 23% of the total RLB supply was distributed via airdrops to platform users. The remaining 77% was distributed to Rollbot NFT holders.
Utility of RLB Coin
Here is what the RLB coin is used for:
- Increased rakeback: In gambling, rakeback refers to a certain amount of coins that you get back from every bet you place. On Rollbit, RLB holders can increase their rakeback percentage between 1% to 10% based on the amount of their RLB holdings.
- Reduced trading fees: On Rollbit, users who hold RLB are offered reduced crypto futures trading fees. A user who holds RLB tokens worth $100 gets a 5% trading fee reduction. Meanwhile, RLB holdings above $2.5 million will get you a 60% trading fee reduction.
- RLB Lottery: Holders can use RLB tokens as entry tickets to enter the Rollbit Lottery.
- Providing liquidity: RLB holders can deposit their tokens in liquidity pools to receive passive income from trading fees earned by the pool. Liquidity providers must deposit equal dollar value of RLB and USD.
Buy and Burn Program
Rollbit’s buy-and-burn program buys RLB tokens from the open market using a portion of daily platform revenue and burns it. The process is designed to make RLB a deflationary crypto asset.
According to the Rollbit whitepaper, 30% of daily revenue from 1000x crypto futures trading, 20% of daily revenue from sports betting, and 10% of daily revenue from casinos is used in the buy-and-burn program.
As of September 12, 2024, 50.9% of the original total RLB supply has been burned.
Tokenomics
Here is a table showcasing the tokenomics and other important market metrics of the RLB token as of September 12, 2024:
| Metric | Statistic |
|---|---|
| Original total supply | 5 billion |
| Circulating supply | 2.455 billion (49.1%) |
| Burnt supply | 2.544 billion (50.9%) |
| Market cap | $265.85 million |
| Crypto rank | 215 |
| All-time high | $0.263 hit on November 2023 |
| Current market price | $0.099 |
| Number of token holders | 24,889 |
Rollbit Coin Price Analysis & News
After seeing intense selling pressure for much of the year, the Rollbit Coin prices is showing signs of bottoming out.
In the last 30 days, as of September 12, 2024, the RLB token has gained over 65%, outperforming bigger names such as BTC (-1%), ETH (-11%) and SOL (-7%).
It’s not just the RLB token that has defied broader market trends. Crypto gambling coins such as SHFL (+32%) and WINR (+77%) have mirrored RLB gains over the past month.
Crypto Twitter seems to have played an influential role in driving investor attention to the burgeoning sector.
On September 4, 2024, RLB coin prices closed over 16% higher after popular crypto influencer Ansem told his 487,000 followers on X:
“$RLB is making $500M a year & trades at only $150M market cap? & football season starts thursday? am I seeing this correctly or…”
The intraday RLB surge was the biggest since July 15, 2024, when RLB token closed 14% higher after Rollbit announced a Front of Shirt sponsorship deal with British football club Southampton FC.
Five Premier League teams progress to the EFL Cup third round! 🙌 pic.twitter.com/EbmmPTCKMm
— Premier League (@premierleague) August 28, 2024
Southampton FC is the second football team to partner with Rollbit. In 2023, the crypto casino platform signed a two-year sponsorship deal with Italian football club SSC Napoli.
Despite the recent uptick in Rollbit Coin prices, the token was trading 62% below its all-time high level.
Over one year, the RLB token was down 23%, as of September 12, 2024.
The Bottom Line
The crypto gambling narrative could have a longer runway than other fallen narratives, such as non-fungible tokens (NFTs) and the metaverse. Crypto casino platforms may well find a product-market fit with clearer digital asset regulations and crypto awareness.
As of now, crypto-native users make up the majority of the customer base at crypto casinos, prediction, and sports betting websites such as Rollbit and Polymarket. The industry still needs to do a lot of heavy lifting to attract the next wave of non-crypto users.
