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Rollbit Recorded $38M in September Betting Revenues, RLB Token Climbs
Over 1.2% of the token’s supply was destroyed, a co-founder said.
Updated Oct 3, 2023, 9:52 a.m. Published Oct 3, 2023, 9:52 a.m.
Crypto casino and trading platform Rollbit clocked $38 million in revenues last month, and burned more than 1.2% of the circulating supply of its RLB tokens Monday, in line with long-term plans for a “buy and burn” program.
Token prices jumped as much as 8% before retreating to extend weekly gains to nearly 40%, data shows.
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When burned, tokens are permanently removed from supply by being sent to an address that is not controlled by anyone.
“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),” co-founder @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.
— Lucky (@Lucky_Rollbit) October 2, 2023
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… pic.twitter.com/DHgJpl4XBR
Such volumes seemingly correspond to just under 20,000 token holders, platform data shows. In the past 24 hours, the platform has clocked $851,000 in casino revenues, $338,000 in futures revenue and $141,000 in sports betting.
Rollbit allows users to trade tokens using 1000x leverage and offers sports betting and arcade games, as well as a tokenized jackpot. Crypto games and similar offerings have drawn users to the product, even in a bear market.
Earlier this year, Rollbit said 30% of all fees generated from crypto futures, 20% from sports betting and 10% from casino games would be used to purchase RLB on the open market and be burned.
Such a move could set perpetual buying pressure on RLB as long as platform usage continues to grow, as CoinDesk previously reported.
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