A single token makes up about 90% of what CoinGecko counts as GambleFi, the iGaming token sector. On 22 October 2026 its Gambling (GambleFi) category was valued at $6.96 billion, and RAIN, the token of the Arbitrum-based prediction and options protocol Rain, accounted for $6.24 billion of it. Every other token in the category, casino tokens included, added up to about $717 million. RAIN’s fully diluted valuation was $10.03 billion. We compared those figures with what the chain and the main on-chain data sites show.
Valuation and activity
DefiLlama’s Rain page showed $15.6 million in total value locked on 22 October, so the market cap was about 400 times the money held in the protocol. DefiLlama recorded $1.51 million in fees over the past 12 months, with the busiest month in May 2026 at about $595,000. It recorded $920 for September and nothing so far in October; that may reflect a tracking gap rather than an absence of trading, and we could not confirm which. According to Rain’s fee documentation, each market charges 5% of trading volume, and 2.5% of volume is used to buy back and burn RAIN. Trading in the token itself is mostly off-chain. CoinGecko’s RAIN page listed $19.7 million in 24-hour volume, of which $9.6 million was on HTX and about $1.2 million on Uniswap on Arbitrum. RAIN traded at $0.00878, 55% below its all-time high of $0.01946 on 25 August 2026 and 35% lower over 30 days.
One burn did almost all the work
We read the token contract on Arbitrum directly. Its total supply fell from 1,149,830,315,609 RAIN at the start of 25 August to 1,142,406,012,068 on 22 October, a drop of about 7.42 billion tokens across 1,963 burn transfers. One of them accounts for 99.9% of the total: a single burn of 7,419,354,838 RAIN at 08:43 UTC on 25 August. According to TokenPost, that burn closed a DAO-approved settlement of Rain’s Credit Refund programme. The Rain Foundation had alleged that some participants used multiple wallets to get around a $5,000 cap. It committed $23 million in USDT to buy the locked allocations at $0.0031 per RAIN and then destroyed them. The other 1,962 burns in the period added up to about 4.9 million RAIN, worth roughly $43,000 at the 22 October price.
Key facts
Category: CoinGecko Gambling (GambleFi) $6.96B on 22 Oct 2026; RAIN $6.24B, about 90%.
On-chain value: Rain TVL $15.6M (DefiLlama); fees $1.51M over 12 months.
Supply (Arbitrum): 1,149.83B on 25 Aug to 1,142.41B on 22 Oct 2026; 1,963 burn transfers.
Settlement burn: 7,419,354,838 RAIN on 25 Aug 2026, bought for $23M USDT at $0.0031.
Price: $0.00878 on 22 Oct, 55% below the 25 Aug all-time high.
Why it matters for GambleFi
Headlines about the size of GambleFi mostly measure one token, so category totals say little about casino tokens or the wider iGaming token market. The category also still includes Goated’s GOATED at about $3.5 million, although CoinGecko’s data for it stops on 11 August and the token now only exists at a fixed on-site price, as our Graveyard entry explains. For revenue-funded burns at casinos, compare our burn tracker and the Rollbit project page, where weekly burns show up in the supply data. This is a data report, not investment advice.