How Blockchains Are Reshaping the Casino Industry

Crypto casinos are emerging as a rare exception to the 'blockchains in search of a problem' critique, with the Financial Times estimating the niche market at $81 billion in 2024. Shuffle, incubated by Fisher8 Capital and co-founded by ex-Alameda trader Noah Dummett, exemplifies this trend. The platform generates $100 million in annualized net gaming revenue, yet its SHFL token trades at a modest 2.3x revenue multiple—far below the 10-40x typical of top DeFi projects.

Despite its financial performance, Shuffle remains overlooked in crypto Twitter's 'revenue meta' discussions. The platform operates primarily offchain to avoid overwhelming L2 networks with transaction volume, while sourcing games from established iGaming studios like Evolution and Pragmatic Play. This hybrid approach blends traditional gambling infrastructure with crypto-native payment rails.