Reserves and days of cover
Most sites that publish a coverage figure divide reserves by an estimated daily payout taken from a public bet feed. That feed is weighted toward wins, so the estimate comes out far too high and the resulting ratio is meaningless. We calculate the denominator from settled on-chain withdrawals instead.
| Casino | On-chain reserves | Median daily withdrawals | Days of cover |
|---|---|---|---|
 Rainbet | $84.91M | $7.11M | 11.9 |
 Duelbits | $4.70M | $639k | 7.4 |
 Shuffle | $19.80M | $4.56M | 4.3 |
 500 Casino | $1.16M | $506k | 2.3 |
 Duel | $12.38M | $7.15M | 1.7 |
 Stake | $82.33M | $67.85M | 1.2 |
 Gamdom | $628k | $5.78M | 0.1 |
Days of cover is reserves divided by the median daily withdrawal over the last 30 days, both read from public blockchains. It is a scale comparison, not a solvency rating: a casino settles new deposits every day, so this is not the number of days it could survive without income.
The gap between the two methods is not small. For one operator in this table the feed-derived figure claimed roughly 19 million dollars of daily payouts; the median of its actual on-chain withdrawals is closer to 4 million.
What a treasury is made of
Size is only half the picture. A treasury sitting in stablecoins behaves differently from one riding a volatile asset, because player balances in the second case move with the market whether anyone is playing or not.
| Chain | Asset | Value | Share |
|---|---|---|---|
| ETH | ETH | $36.97M | 44.9% |
| SOL | SOL | $12.00M | 14.6% |
| ETH | USDC | $7.47M | 9.1% |
| ETH | DAI | $6.45M | 7.8% |
| ETH | USDT | $3.72M | 4.5% |
| POLYGON | USDC | $2.71M | 3.3% |
| ETH | LINK | $2.64M | 3.2% |
| BSC | USDT | $1.68M | 2.0% |
Wallet composition for Stake, read on-chain. A treasury held mostly in stablecoins is a more conservative position than one exposed to a volatile asset.
Read the chain column too. Funds spread across several chains are easier to move and harder to freeze in one place; funds concentrated on one chain are simpler to audit.
What reserves do not prove
A visible, funded treasury rules out the worst failure in this industry: an operator with nothing behind it taking deposits until it disappears. That is worth something, and it is the limit of what the number establishes.
Reserves say nothing about how a disputed withdrawal is handled, whether terms are applied evenly, or whether an operator will still be trading next year. They also move hourly, so every figure here is a reading from a moment rather than a standing guarantee.
We publish days of cover as a scale comparison, not a solvency rating. A casino takes in new deposits every day, so this is not the number of days it could survive with no income.