Onchain gambling maintained momentum through 2025 despite broader cryptocurrency market weakness, according to data from blockchain intelligence firm TRM Labs. The sector processed $51 billion in total volume for the year, with a $14 billion quarterly run rate sustaining activity even as major crypto assets declined.
TRM Labs attributed the sector's resilience to two key factors: repeat user engagement and stablecoin adoption. Repeat users drove consistent wagering activity, while stablecoin flows provided a stable settlement layer independent of volatile crypto price swings. This pattern suggests gambling participants prioritized transaction certainty over exposure to broader market movements.
The $14 billion quarterly figure reflects substantial onchain activity. For context, this represents a significant portion of total decentralized finance transaction volume and demonstrates that gambling platforms command real economic activity. The stablecoin connection proves particularly relevant here. Users can deposit dollars-equivalent value without timing market volatility, then deploy capital across prediction markets, sports betting, and casino-style protocols.
Several onchain gambling verticals drive these flows. Prediction markets like Polymarket dominate news cycles with election and sports betting. Decentralized sports betting protocols serve jurisdictions with limited traditional options. Casino-style games on Ethereum and Solana attract smaller daily players but accumulate significant volume.
TRM Labs' analysis suggests regulatory scrutiny hasn't deterred activity. Users continue accessing protocols through various entry points, and stablecoin issuers maintain sufficient liquidity to support the flow. This contrasts with traditional gambling, where regulatory compliance restricts market access.
The data raises questions about sustainable growth. Whether repeat users represent true adoption or churn cycling through new accounts remains unclear. The reliance on stablecoins also creates concentration risk. If major stablecoin issuers face regulatory pressure, settlement capacity could contract sharply.
Market conditions heading into 2026 will