Crypto Casino Rollbit’s Token Soars, But Transparency Concerns Linger

Onchain gambling’s popularity continues to rise, and Rollbit’s RLB token has been one of the primary beneficiaries.

RLB is up 66% in the last 30 days, rallying to $0.1 from $0.062, with the majority of those gains coming in the last week.

Rollbit’s platform features traditional casino offerings such as slots, card games, and sportsbooks, as well as crypto-native gambling like leverage trading and NFT lending.

The move up appears to have been triggered by a tweet from crypto influencer Ansem, who called attention to the disparity between Rollbit’s revenue and market capitalization

“$RLB is making $500M a year and trades at only $150M market cap? and football season starts thursday? am i seeing this correctly or,” Ansem mused.

Social media users quickly jumped into the conversation, insinuating that the revenue numbers are either manipulated or completely manufactured.

Rollbit’s co-founder, known as Razer, responded, “We’re the FOS ( partner for Southampton who play in the English Premier League, the most watched football league in the world. We had to go through extensive due diligence to get this over the line which included audited financial statements and a UK gaming license.

Razer went on to compare Rollbit’s onchain metrics to its primary competitor, Stake, stating that “Stake is ~10x larger in size than Rollbit and the on-chain data such as deposit volume reflects that too.”

The RLB token was mired in a downtrend for nearly 10 months after rallying to an all-time high of $0.24 in November 2023, and continued to fall throughout Q1, despite most altcoins’ strong performance in February and March of 2024