Crypto casino Rollbit generated $38 million in revenues last month. The network’s native RLB token, trading at $0.1415 on CoinMarketCap at publication time, recorded a 7-day gain of over 35%. The number of on-chain RLB holders crossed 10,000 in September.
However, the number surges to 19,600 if all holdings on Rollbit.com are considered, another co-founder, Razer at Razer_Rollbit, said in an X post.
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Strong $38 Million Revenue
Breaking the news of strong September revenues, Rollbit co-founder Lucky @Lucky_Rollbit said in an X post,
“The number of on-chain RLB hodlers breached 10,000 today after a strong month of revenue for Rollbit in September. Nearly $38,000,000 was generated across our three revenue streams, resulting in a buy and burn of over $5,000,000 in RLB (1.265% of the circulating supply)! More buys, burns and on-chain.”
Rollbit launched its casino platform in 2020 and introduced futures trading in 2021. Besides casino games, it also offers futures trading and sports betting services. In futures trading, Rollbit offers betting services on price movements of crypto tokens with a 1000x leverage option.
Buy and Burn Program
Earlier this year, Rollbit announced an RLB buy and burn program under which the platform said it would buy the RLB tokens from the open market and burn. It said it would spend 30% of the fees from crypto futures, 20% from sports betting, and 10% from casino games to buy the tokens and burn.
In today’s announcement, Rollbit said it has bought and burned RLB tokens worth $5 million, about 1.2% of the supply.
Sunsetting Degen EXchange
In August 2023, this crypto casino platform launched a crypto trading platform called Degen EXchange – a centralized crypto exchange. However, the newly released trading platform was sunsetted in over a month, citing a challenging environment and low adoption.
The Rollbit team said it withdrew the project to protect and focus on the core business.