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Home»TRADING NEWS»Web3 Casino collected $5 billion in cryptocurrency from 4,000 wallets in 2023 alone, data shows.
TRADING NEWS

Web3 Casino collected $5 billion in cryptocurrency from 4,000 wallets in 2023 alone, data shows.

By Crypto FlexsAugust 6, 20242 Mins Read
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Web3 Casino collected  billion in cryptocurrency from 4,000 wallets in 2023 alone, data shows.
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According to on-chain data, by 2023, approximately 4,000 wallets will power Web3 casinos and gambling websites with $5 billion worth of cryptocurrencies.

According to data from Chainalysis, Web3 casinos and gambling platforms appear to be amassing enormous wealth. In 2023 alone, just 4,000 Ethereum (ETH) wallets deposited $5 billion worth of cryptocurrency.

The New York-based blockchain forensics firm said in a blog post on August 5 that high-frequency players are transacting an average of $7,000 worth of cryptocurrency, which has a huge impact on the web3 gaming business.

Active web3 casino players infographic | Source: Chainalysis

Although the number of crypto whales participating in web3 casinos is relatively small, their financial contribution is enormous. Around 500 whales, each sending around $25,000 in crypto, transferred a total of $320 million in 2023, showing a huge difference between the contribution of casual players and VIP customers.

Casino transactions are mainly done using personal wallets.

According to Chainalysis, most transactions at web3 casinos are made using personal wallets, with most players withdrawing cash from their accounts through this method. The company also added that many “send and receive funds from exchange accounts.” Specifically, personal wallets account for 61% and 70% of deposits and withdrawals related to web3 casinos, while cryptocurrency exchanges account for 38% and 29%, respectively.

According to Chainalysis, since many players do not want to hide their tracks on-chain, businesses can analyze their behavior, adding that the company can gain insights into “player holdings, spending habits, and engagement across blockchain platforms.”

“This information enables businesses to benefit from more precise segmentation, tailored strategies, and a holistic view of off-platform activity that’s critical to user engagement.”

Chain analysis

Over the past four years, web3 casinos have seen steady growth in inflows, amassing $78.7 billion in cryptocurrency. But despite this rapid expansion, Chainalysis has raised concerns about potential risks, saying some platforms “may be conduits for money laundering.”

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