TRM Labs report shows repeat users and stablecoin adoption insulated gambling from crypto downturn
Onchain gambling reached $51 billion in transaction volume during 2025, according to a blockchain intelligence report released by TRM Labs on June 10, 2026. The sector remained resilient even as broader crypto markets declined, driven by repeat users and stablecoin infrastructure that kept activity flowing across platforms including Stake, WINk, and Rollbit.
The report analyzed wallet behavior from January 2022 through March 2026, tracking 2 million personal wallets that interacted with gambling platforms. It found that consistent user engagement insulated the gambling sector from market pullbacks. “This does not mean anything about concentration risk in itself, since there is quite a large gambling user base. It shows how a consistent user activity can insulate an industry from a market pullback and in fact drive growth,” a TRM Labs spokesperson said.
Onchain gambling volume peaked at $15 billion in Q4 2025 before declining to $14 billion in Q1 2026. During that same quarter, prediction markets surged to $36.6 billion, overtaking gambling for the first time. Prediction markets had generated $54 billion in total volume during 2025.
User Cohorts Drive Sustained Activity
TRM Labs segmented gambling users into five behavioral groups. Dabblers made 5 or fewer transactions before disappearing within a month. Casual Bettors averaged 18 transactions across eight active days per month, with their collective volume growing 11x from $17 million in January 2022 to $188 million by March 2026.
Daily Grinders gambled on 30% or more of their active days, with their monthly volume increasing 12x over the same period. High Rollers, representing 6.3% of personal gambling wallets, drove 91.8% of all personal wallet gambling volume since 2022. This cohort averaged $13,558 per bet and $378,000 in lifetime gambling volume.
The distinction between gambling and prediction markets carries different compliance implications. Prediction markets like Polymarket and Kalshi operate as peer-to-peer platforms for binary outcomes, while gambling platforms function like traditional casinos with platform-set odds and house edges. “Gambling services and prediction markets carry distinct inherent financial crime risks, and firms should calibrate controls accordingly,” the TRM Labs spokesperson said.
Prediction markets face regulatory scrutiny over insider trading risks, while gambling platforms confront greater money laundering exposure. Both sectors expanded rapidly during 2025 and early 2026 without retreating alongside the broader crypto market correction, suggesting structural demand for onchain wagering and outcome betting independent of price cycles.
