He explained that while Shuffle initially struggled to raise funds, now the attitude towards crypto has shifted and “gone the other way.”
He mentioned that nearly every month, he sees a crypto operator raising tens of millions of dollars in funding.
Haque’s optimism comes as several countries begin to adopt more crypto-friendly stances.
“There may be some countries that might take a more harsh approach, but you know, the United States, Hong Kong, and Singapore are very pro-crypto,” he explained.
“As a whole, I think the major powers of the world are shifting towards adopting crypto. It’s the way things are going.”
Haque predicted significant progress in crypto adoption over the next decade, a shift he believes will “eventually trickle down into crypto gambling.”
Are crypto operators ignoring Brazil?
This, he believes will also apply to new markets like Brazil.
When asked whether crypto gaming operators had overlooked the potential in Brazil, he responded: “I don’t think they have entirely.”
He pointed to the success of Blaze, a major crypto and fiat operator in Brazil.
“The licensing structures in Brazil are more complex, which raises the barrier to entry. That’s one of the reasons we’re not there yet.”
He also added that the market requires well-funded players to succeed.
However, he believes that as more companies gain the resources to compete, there will definitely be more activity in the region.
Why crypto casinos are thriving
Melbourne-based operator Shuffle is part of a new generation of crypto casinos making waves in the industry.
Led by CEO Noah Dummett, Shuffle launched in February 2023 and became profitable by its fifth month, according to Haque.
Since then, the company has seen impressive growth, currently generating more than A$2bn in wagering volume and nine-figure revenue run rates, Haque revealed.
When asked about Shuffle’s success, he highlighted several key factors.
He pointed out that the rapid growth of crypto and increasing adoption, especially during price surges such as Bitcoin reaching over $100,000, provides a strong tailwind for the industry.
Additionally, he believes that the user experience in crypto casinos is superior, with instant deposits, fast withdrawals, and the ability to place larger bets compared to fiat casinos.
Haque also noted that while fiat operators rely on licensing advantages, crypto casinos are creating finely tuned products and original experiences.
Lastly, he added: “Crypto teams tend to be a little bit younger, a little bit more energetic,” and driven by the desire to offer “something new.”
Crypto marketing secret: streamers and gamers
Haque believes it was no coincidence that crypto casinos were the first to collaborate with streamers and influencers.“It’s primarily crypto casinos that have succeeded in this area,” he said, noting that the younger teams behind these casinos play a key role in their success.
“Many of the crypto casino operators were gamers before, or grew up playing video games,” Haque said.
“We all worked with influencers before starting these crypto casinos, so it made sense that we’d be the ones to use this as a marketing channel.”
Micro-influencers: Small following, big impact
According to Haque, another key element of Shuffle’s success has been its strategic use of micro-influencers, particularly those active on platforms like X.
He explained that many crypto-savvy users, even with smaller followings — from around 9,000 followers — are highly engaged with their communities.
These influencers often guide their followers to private group chats on platforms like WhatsApp or Discord, where they share bets and build personal connections with their audience.
Haque pointed out that this type of influencer marketing had been largely ignored by fiat casinos, making it an affordable and effective option for crypto casinos.
Despite their smaller audiences, he said these influencers generate millions in monthly NGR.
However, as the strategy proved successful, other casinos began to notice and bid on the influencers, making it harder to maintain the same advantage, Haque added.
Token takeover
The subsequent stage of Shuffle’s growth was propelled by the launch of the Shuffle token.
Haque said this had created a network effect, with the token’s value rising alongside the casino’s growth.
One key strategy was the use of airdrops, which incentivised users to wager on the platform in exchange for free tokens.
This approach led to a surge in wager volume, which increased from $200m to nearly $1bn in a short time.
“That was pretty crazy, because at the time, I think we were only 25 or 30 people. We had to hire 10 support staff in a matter of two weeks.”
More recently, Shuffle has focused on achieving product parity with its competitors.
Haque noted: “It takes a while to build a good product; it doesn’t happen overnight. All of our engineering and development happens in-house.”
Although Shuffle’s primary focus is the crypto market, the company’s platform is modular, which means it could add a licence to parts of its product for specific regions in the future.
However, Haque said that Shuffle’s main goal is to continue growing in the crypto market.
He added: “I’m very excited about the crypto market and its fast growth. By 2030, I want Shuffle to be a meaningful part of all crypto bets, whether it’s casino, sports betting, or lottery, and to power games on other casinos.”
While there are only a few big players in the crypto space, Haque added that there are probably 1,000 to 1,500 smaller crypto casinos.
The market is large and continues to grow, offering ample opportunity for businesses to co-exist. “It’s not a winner-takes-all market,” he concluded.
