On-chain data indicates that around 4,000 wallets contributed $5 billion worth of crypto to web3 casinos and gambling platforms in 2023.

These web3 casinos and gambling platforms seem to be generating significant wealth. Only 4,000 Ethereum wallets deposited $5 billion worth of crypto in 2023, according to data from Chainalysis.

The blockchain forensic company reported on August 5 that high-frequency players have a substantial impact on web3 gaming businesses, with an average transaction value of $7,000 worth of crypto.

While the number of crypto whales engaging with web3 casinos is relatively small, their financial contributions are substantial. Approximately 500 such whales, each sending around $25,000 in crypto on average, collectively transferred $320 million in 2023. This highlights the disparity between the contributions of casual players and VIP clients.

Casino transactions primarily involve personal wallets. Chainalysis reports that most transactions on web3 casinos involve personal wallets, with the majority of players cashing in and out of their accounts through these means. Specifically, deposits and withdrawals related to web3 casinos from personal wallets account for 61% and 70%, respectively, while crypto exchanges make up 38% and 29%.

Since many players do not hide their traces on-chain, businesses can analyze their behavior. Chainalysis notes that companies might gain insights into player holdings, spending habits, and engagement across blockchain platforms. With this information, businesses benefit from more accurate segmentation, tailored strategies, and a holistic view of off-platform activities crucial for engaging users.

Over the past four years, web3 casinos have seen steady growth in inflows, accumulating $78.7 billion in crypto. However, Chainalysis has raised concerns about potential risks, stating that some platforms could also be a vector for money laundering.

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