Ten iGaming tokens, also called GambleFi tokens, had a combined market cap of $6.24 billion on 24 October 2026, according to CoinGecko. Their combined fully diluted valuation (FDV), the price multiplied by the whole supply, was $10.17 billion. The $3.93 billion difference is supply that exists but is not counted as circulating: tokens that are locked, vesting, held by a team or treasury, or simply classified differently. RAIN accounts for 89% of the gap. Without it, the other nine tokens had a market cap of $483 million and an FDV of $919 million. We also checked CoinGecko’s supply figures against the blockchains, and in 7 of 11 cases they do not match.
How we measured
We pulled price, market cap, FDV, circulating, total and maximum supply from CoinGecko’s markets endpoint at 13:04 UTC (15:04 CEST) for the iGaming tokens we track that have both a market cap and an FDV there. At the same time we read each contract’s total supply on Ethereum, BNB Chain, Arbitrum or Solana through public nodes and subtracted the balance of the standard burn address (0x…dEaD). For every token in the sample, CoinGecko’s FDV equals its price times its own total-supply figure, so any error in that figure flows straight into the FDV.
RAIN: 62% circulating
CoinGecko counts 710.8 billion of RAIN’s 1,142.4 billion tokens as circulating, which leaves $3.49 billion between its market cap ($5.75 billion) and FDV ($9.25 billion). The total matches the Arbitrum contract. DefiLlama’s unlock tracker splits the allocation into insiders (37.1%), liquidity (24%), ecosystem (24%) and private sale (14.8%), and follows vested tokens as they are withdrawn from Sablier lockup streams. Its latest recorded release was 1.577 billion RAIN ($13.2 million) for ecosystem growth and staking claims on 21 October. DefiLlama notes that the reserve and treasury allocation has no onchain vesting contract yet. Our RAIN report covers its burns and holders.
SHFL, BC and BFG: half or less counted
For Shuffle’s SHFL, CoinGecko counts 495.9 million of 919.1 million tokens (54%), an FDV gap of $191 million. Its total matches the Ethereum contract after 80.9 million SHFL sent to the burn address. Shuffle’s own Q2 2026 update used a narrower measure: an “effective circulating supply” of about 425.3 million on 26 June, when 288.2 million SHFL were staked in its lottery.
BC.GAME’s BC has the lowest share in the sample: 3.21 billion of 9.41 billion (34%), an FDV gap of $233 million. The Solana mint, however, shows 9.99 billion BC, about 578 million more than CoinGecko’s total. Valued on the onchain supply, the FDV would be $376 million rather than $354 million.
For BetFury’s BFG, the error runs the other way. CoinGecko uses the full 5 billion minted as total supply, but 1.70 billion BFG (34.0%) sit at the burn address, leaving 3.30 billion. On that basis the FDV is $13.6 million, not $20.6 million. CoinGecko counts 2.33 billion BFG as circulating; BetFury’s tokenomics say 1 billion team tokens are locked for three years in its staking pool and then released at 5% a month over 20 months.
Fully circulating tokens
Four tokens in the sample have no meaningful gap, because CoinGecko counts all or practically all of their supply as circulating: Rollbit’s RLB (1.55 billion tokens left of the 5 billion maximum after burns, $112 million), TG.Casino’s TGC (76.1 million after 23.9 million burned, $11.3 million), SolCasino’s SCS ($4.8 million) and BazedBet’s BAZED ($180,000). Our burns report shows how RLB and TGC got there. A full float removes unlock risk, but not liquidity risk: our liquidity report found little order-book depth behind the same market caps.
Where the data disagree
Of the 11 tokens we checked onchain (the ten above plus Moon Roll’s MRC, which has an FDV but no market cap on CoinGecko), CoinGecko’s supply matched the chain within 0.01% for RAIN, SHFL, RLB and TGC. It differed for seven. BC and BFG are described above. CoinGecko counts 76.7 million more SCS than the Solana mint holds (3.07 billion against 2.99 billion), 88.6 million more WSM as circulating than the BNB Chain contract holds (1.99 billion against 1.90 billion), and 38.8 million more MRC (854.1 million against 815.3 million). For HunnyPlay’s HUNNY, the circulating figure matches, but the 100 million total includes 15.6 million at the burn address. For BAZED, CoinGecko’s 76.3 million is 700,000 below the 77.0 million left after burns.
Key facts
Sample: 10 iGaming tokens with a CoinGecko market cap and FDV, 24 Oct 2026, 13:04 UTC.
Totals: $6.24bn market cap, $10.17bn FDV, $3.93bn gap; RAIN 89% of the gap.
Without RAIN: $483M market cap, $919M FDV.
Lowest circulating shares: BC 34%, BFG 47%, SHFL 54%, RAIN 62% (CoinGecko figures).
Fully circulating: RLB, TGC, SCS, BAZED.
CoinGecko vs chain: supply differs for 7 of 11 tokens checked; BFG’s FDV would be $13.6M on onchain supply, BC’s $376M.
Why it matters for GambleFi
Many iGaming tokens pay holders through staking, revenue share or lotteries, mechanisms explained in our game mechanics guide. Tokens that are not yet circulating can still enter the market through unlocks, team releases or the end of a staking lock, and an FDV is only as good as the supply figure behind it. Where an aggregator’s figure and the contract disagree, the contract is the record. Our project pages list the onchain supply we track for each token, and our statistics page compares all 17 projects. This is a data report, not investment advice.