Last Updated: June 3, 2024

The February revenue is over 3-fold that of January and 6-fold that of December 2023.

The crypto-based gambling platform Rollbit has witnessed a dramatic rise in sports betting revenue over the past three months, culminating in a staggering $34.1 million in February. This surge coincides with a boom in the industry, driven by legislative changes and major sporting events.

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According to data released by Rollbit, sports betting revenue in December 2023 was $5.9 million, followed by a significant jump to $10.7 million in January. However, February saw an over threefold increase, reaching $34.1 million.

The 2024 Super Bowl, which took place on February 11, likely contributed significantly to Rollbit’s February revenue surge. The American Gaming Association (AGA) estimates that Americans alone wagered a staggering $23.1 billion on the Super Bowl alone.

Rollbit, which offers betting on over 1500 tournaments, is also the official European Betting Partner of SSC Napoli, a renowned Italian football club. Announced in September 2023, the two-year contract aims to enhance fan engagement and community interaction.

As of March 12, 2024, Rollbit’s native coin RLB was trading at $0.134, up 10.14% on CoinMarketCap’s weekly timeframe. The trading volume for the same period was worth $8.03 million.

Record Breaking 2023

This mirrors the broader trend in the United States, where legal sportsbooks experienced record-breaking revenue in 2023. The American Gaming Association (AGA) reported a 34.4% increase in wagers placed during the fourth quarter compared to the same period in 2022, culminating in $40.02 billion in bets and $3.41 billion in revenue.

Experts attribute this growth to several factors, including the expansion of legal sports betting. Five states - Kentucky, Maine, Massachusetts, Nebraska, and Ohio - legalized sports betting in 2023, contributing an additional $1.49 billion to the national total. Notably, Ohio ranked fourth in revenue at $936.6 million, highlighting the significant potential of newly legalized markets.

This trend is expected to continue in the first quarter of 2024. North Carolina will legalize online sports betting on March 11, coinciding with the highly anticipated NCAA March Madness basketball tournaments.

About the Author

Arun is a seasoned writer with more than 10 years worth of experience writing for various digital media companies. He is well-versed in the field of blockchain, gaming, and tech. LinkedIn: LinkedIn