On-chain wrap, 21 April 2026: five operators, $444M tracked, one dominant player
Every week we snapshot the on-chain reserves of the crypto casinos we review. We take the numbers from Arkham Intelligence, which clusters addresses to operator entities using its own heuristics, and we treat the figures as what they are: a public view of the hot and cold wallets Arkham has identified, not a statement of solvency. Here is the 21 April 2026 snapshot. It says more about concentration than any ranking table could.
Five of the eight operators we cover are currently indexed by Arkham. The other three (Betplay, Duel, and Razed) have not yet been clustered, which is itself a useful data point. A clustered operator is one that Arkham's analysts have publicly tagged. An unclustered operator is not. Neither state is a judgement on the operator. But when a player asks us which sites they can verify reserves for, the answer right now is: these five.
The numbers
| Operator | On-chain reserves | Share of tracked | Tagged addresses |
|---|---|---|---|
| Stake.com | $351.24M | 79.1% | 7,629,000 |
| Rainbet.com | $52.99M | 11.9% | 329,500 |
| BC.Game | $26.89M | 6.1% | 1,598,300 |
| Roobet.com | $12.38M | 2.8% | 3,201,800 |
| Gamdom.com | $0.65M | 0.1% | 183,000 |
| Combined | $444.15M | 100% | 12,941,600 |
The concentration is the headline. Stake holds roughly four out of every five tracked dollars. The next-largest operator, Rainbet, holds less than one. This is not new. It has been true on every weekly snapshot since we started tracking in late 2025. What changes week to week is not the shape of the market but the scale, and this week the scale is slightly up from last: combined reserves are about 3% higher than on 14 April 2026, driven almost entirely by ETH price appreciation rather than net inflows.
Asset and chain composition
Across the five tracked operators, Ethereum-family assets (ETH, ERC-20 stablecoins, and ERC-20 altcoins) make up roughly 74% of aggregate balances. Bitcoin carries about 14%. Tron, used primarily for USDT-TRC20 routing, carries about 8%. The remaining 4% is spread across Solana, Polygon, BNB Chain, and smaller networks. For Stake specifically, Ethereum concentration is higher than the aggregate, at around 74% of its own book, with USDT alone accounting for the single largest position.
Stablecoins make up a majority of aggregate tracked reserves. The crypto casino market, viewed through this lens, is a stablecoin market with a Bitcoin and Ethereum tail.
Stablecoin dominance is the structural point. Readers who assume crypto casinos primarily hold BTC are looking at the wrong decade. The dollar-pegged assets on these books are the working capital. Native crypto volatility, at the reserve level, is something operators actively manage out of, not into.
Per-address reserves
Another way to read the snapshot is reserves divided by tagged addresses. This is a rough proxy for the average liquidity footprint per depositor wallet. Rainbet looks different from the rest on this measure: $161 per tagged address, an order of magnitude higher than BC.Game ($17), Roobet ($4), and Gamdom ($4). Stake sits at $46 per address across its much larger base. Rainbet's figure suggests a smaller but higher-balance player population, which tracks with our review experience. It is not a solvency or quality signal. It is a distribution signal.
What this does and does not tell you
Reserves as reported by Arkham capture what Arkham has clustered. They do not capture fiat float, bank balances, off-chain custody, or wallets Arkham has not yet identified. A number of $12.38 million for Roobet is not a claim that Roobet has $12.38 million in total assets. It is a claim that the addresses Arkham has tagged as Roobet held $12.38 million in public on-chain balances at snapshot time.
That caveat matters. It also does not make the data uninformative. Clustered reserves let a player verify, with independently-sourced on-chain data, that an operator has meaningful public liquidity. Before this kind of clustering existed, the only source for that claim was the operator's own marketing.
For the per-operator breakdowns, including chain-by-chain and asset-by-asset splits, see the individual pages: Stake, Rainbet, BC.Game, Roobet, and Gamdom. The aggregate index lives at on-chain reserves tracker. Next snapshot drops 28 April 2026.
Methodology, in one paragraph
Balances are taken from Arkham Intelligence's public entity pages. Totals are converted to USD at Arkham's own spot prices at the snapshot timestamp. We do not aggregate unindexed operators into the totals, and we flag every operator that is unindexed rather than omitting them silently. We publish a fresh snapshot every Tuesday and link to the source entity page for each operator. The source pages are public. The numbers are checkable.