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A brief history of crash games
Katya Machuganova, Gaming Product and Partnerships Manager at Silverback Gaming, on where the crash format originates and how studios have continued to up the ante with the games that are hitting the market today
The rise of crash games has been so meteoric that we haven’t taken the time to look back at where the format originally came from.
It’s easy to see how the industry has become distracted by crash games and their ability to tap into lucrative but hard-to-reach audiences like Millennials and Gen Z.
But to determine the direction we now take with the format it’s important to understand where it originated and why it was able to generate such tremendous momentum in a short space of time.
The genesis of crash games:
MoneyPot was the first ever crash game and it was produced back in 2014 by Eric Springer, a Canadian developer and Bitcoin enthusiast.
Springer introduced the game on the Bitcoin Talk forum and drew inspiration for the format from the crazy volatility of the cryptocurrency markets where assets can skyrocket and then crash in value.
In 2015, Springer sold MoneyPot to Ryan Havar who rebranded the game to Bustabit and moved it to a new site where it can still be played today.
Havar kept much of the core gameplay the same, including a last-longer bonus. This saw 1% collected for every player’s wager that went into a bonus prize which went to the last player to cash out successfully.
In 2018, Havar decided to sell Bustabit to another crypto developer, Daniel Evans, who made a few tweaks to the game including removing the bonus system.
Evans still operates Bustabit to this day and even allows third-party investors to bankroll the game in return for a share of its profits.
The next generation of crash games arrive:
With crash a popular but niche game format for crypto enthusiasts, it took developer SPRIBE to catapult it into the mainstream with the launch of Aviator in 2019.
Aviator was the first crash game developed for online casino players and was the catalyst for the surge in popularity the format has attracted since.
Given the success of Aviator and the rising demand for non-traditional content, studios have continued to move the needle and come up with their own crash games.
Some use the same aeroplane theme as Aviator, while others are based around sports, Wild West shootouts, hot air balloons and many other themes.
These games mostly take the increasing curve format with a multiplier that continues to rise – players must then decide when to cash out.
If they go too early, the win will be small, but wait too long the curve crashes, taking their accrued winnings and original stake with it.
What makes crash games so popular:
Players are drawn to the intuitive and simple format of crash games – even those new to the format can pick it up in a couple of game rounds.
Players like that these games are usually multiplayer and with social features such as a chat and leaderboards where they can compete with others for the highest multiplier score.
Crash games work incredibly well on mobile – which has seen them really hit the mark with players in emerging markets – and this has driven their appeal among younger audiences, too.
In fact, the high risk/high reward nature of the gameplay – which has its roots in those volatile crypto markets – really appeals to those players.
The rise and fall of crash IP
Given the huge success of crash games, and in particular SPRIBE’s Aviator, it should come as no surprise that the format has had its fair share of controversy.
Most notable is the legal case SPRIBE has found itself embroiled in – another company has argued that SPRIBE has breached the IP it holds for the Aviator logo and brand assets.
The case is ongoing and shows the growing attention that is being paid to intellectual property rights within the crash game genre, a genre whose value is only set to rise.
Crash is a huge opportunity for studios:
Crash presents a huge opportunity for studios and is one that Silverback Gaming is looking to explore with our first crash title set to hit the market shortly.
It will be offered in the simulated gaming format initially before being rolled out as a real money game later in the year.
Just as with slots, studios are not looking to differentiate within the crash vertical and the way we have approached this is to give players more control over the gameplay.
With our crash game, they can toggle the level of risk/reward they wish to play to – this degree of personalisation is simply not being offered by the current games in the market.
We are really excited about our first crash game and the scope within the format for us, and other studios, to continue to innovate and push boundaries, just as Eric Springer did back in 2014.
DraftKings Inc. announced its second quarter 2025 financial results. The Company also posted a second quarter 2025 business update and a slide presentation on the Investor Relations section of its website at investors.draftkings.com.
Second Quarter 2025 Highlights
For the three months ended June 30, 2025, DraftKings reported revenue of $1513 million, an increase of $408 million, or 37%, compared to $1104 million during the same period in 2024. The increase in the Company’s second quarter 2025 revenue was driven primarily by continued healthy customer engagement, efficient acquisition of new customers, higher structural Sportsbook hold percentage, and sportsbook-friendly outcomes. Revenue of $1513 million, net income of $158 million, and Adjusted EBITDA of $301 million in the second quarter set new records for the company.
“We set records for revenue, net income and Adjusted EBITDA in the second quarter, driven by an acceleration in revenue growth to 37% year-over-year. We are pleased to be maintaining our fiscal year 2025 guidance, with revenue expected to be closer to the high end of our range, highlighting the strength of our platform as we prepare for an exciting new state launch,” said Jason Robins, DraftKings’ Chief Executive Officer and Co-founder.
“We remain focused on investing in key growth initiatives across the organization to maximize shareholder returns over the long-term. In addition to our investments, we repurchased 6.5 million shares through our stock repurchase program in the first two quarters of this year,” said Alan Ellingson, DraftKings’ Chief Financial Officer.
Monthly Unique Payers (MUPs) increased to 3.3 million average monthly unique paying customers in the second quarter of 2025, representing an increase of 6% compared to the second quarter of 2024. This increase reflects strong unique payer retention and acquisition across DraftKings’ Sportsbook and iGaming product offerings and the impact of the acquisition of Jackpocket. Excluding the impact of the acquisition of Jackpocket, MUPs increased by 5% compared to the second quarter of 2024.
Average Revenue per MUP (ARPMUP) increased to $151 in the second quarter of 2025, representing a 29% increase compared to the same period in 2024. The increase was primarily due to improvement in the Sportsbook hold percentage and improved promotional reinvestment for Sportsbook. Excluding the impact of the acquisition of Jackpocket, ARPMUP increased 30% compared to the second quarter of 2024.
Fiscal Year 2025 Guidance
DraftKings is maintaining its fiscal year 2025 revenue guidance of $6.2 billion to $6.4 billion, which the Company previously announced on May 8, 2025. The Company is on track to deliver revenue closer to the high end of this range due to sportsbook-friendly outcomes in the second quarter as well as continuing strength across our core value drivers. Fiscal year 2025 revenue guidance equates to 32% year-over-year growth based on the Company’s fiscal year 2024 revenue and the midpoint of the Company’s fiscal year 2025 revenue guidance range.
DraftKings is maintaining its fiscal year 2025 Adjusted EBITDA guidance of $800 million to $900 million, which the Company previously announced on May 8, 2025. The Company is on track to deliver Adjusted EBITDA near the midpoint of this range.
The Company’s guidance now includes anticipated financial impacts from DraftKings launching mobile sports betting in Missouri later this year.
In addition, the Company’s guidance now includes anticipated financial impacts from higher tax rates in New Jersey, Louisiana, and Illinois.
The Company’s guidance for fiscal year 2025 does not include the potential launch of a Prediction Markets offering.
Mobile Sports Betting and iGaming Footprint
DraftKings is live with mobile sports betting in 25 states and Washington, D.C., which collectively represent approximately 49% of the U.S. population. DraftKings expects to launch its Sportsbook product in Missouri pending market access, licensure, regulatory approvals, and contractual approvals where applicable.
DraftKings is also live with iGaming in 5 states, which represents approximately 11% of the U.S. population.
DraftKings is live with its Sportsbook and iGaming products in Ontario, Canada, which represents approximately 40% of Canada’s population.
bet365 has announced its official launch in Kansas, bringing its award-winning sportsbook to the Sunflower State.
Customers across Kansas will have access to bet365’s comprehensive suite of sports betting markets, competitive odds, and innovative features.
This milestone in bet365’s US expansion sees Kansas join Arizona, Colorado, Iowa, Illinois, Indiana, Kentucky, Louisiana, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, and Virginia as the fourteenth live state.
A bet365 spokesperson said: “We are thrilled to bring the bet365 experience to sports fans in Kansas.
“With our industry-leading product, user-friendly interface, and a reputation built over two decades, we’re excited to provide Kansans with a trusted and dynamic platform for their sports betting entertainment.
“We’re focused on proving to customers that with our Bet Boosts, the fastest In-Game product, and Same Game Parlays, it’s Never Ordinary with bet365.”
Gaming
Global Gaming League Launches New Era of Competitive Video Gaming with T-Pain vs. NE-YO Showdown and More
The Global Gaming League (GGL) announced its first season of year-around competitions titled SZN Zero. Backed by entertainment visionary Clinton Sparks and Grammy-winning artist and streaming icon T-Pain, the GGL is the first-of-its-kind, multi-title, live-action gaming entertainment league, where professional gamers, influencers, and casual players compete side-by-side in front of live audiences in Las Vegas and available globally on major platforms. Teams compete in popular game titles ranging from Call of Duty and Rocket League to Tetris and Street-Fighter.
Each event will feature two celebrity owned teams made up of four players each – high profile influencers, actors, athletes, artists, and both professional and casual gamers – facing off in four round matches covering four different genres. Superstar hosts and half time shows from major artists will turn up the entertainment factor. SZN Zero events will take place in Las Vegas, building up to a championship match in November live from the iconic Palms resort and casino, and the Global Gaming League will continue with SZN One in 2026.
SZN Zero’s first competition on August 23rd will feature T-Pain’s team Nappy Boy Grizzlies against three-time, Grammy award-winning hitmaker NE-YO and his Gentleman’s Gaming Team – finally facing off after months of social media trash talk and rivalry about who’s better at Tekken. The event will stream live on the GGL’s YouTube channel and other major platforms.
T-Pain, who is GGL’s Director of Strategy, was the league’s first team owner. NE-YO joins previously announced owners Flavor Flav and Bryce Hall along with Gillie Da Kid & Wallo.
“We wanted to build something that brought gamers from different backgrounds and cultures together in a unique way that was equally fun and competitive. With SZN Zero, we will introduce an authentic and relatable form of entertaining competition that will converge music, fashion, celebrity, and culture bringing the biggest form of entertainment in the world – video gaming – to the masses,” said Clinton Sparks, Founder and CEO of the Global Gaming League.
“Gaming is just as important as music or any other sport, to me. NE-YO had some words for me on socials, I heard enough of what he had to say and felt it was time to show him that I actually do this. But honestly I’m just ready to have some fun with my friend, because bottom line, that’s what gaming is all about. Now folks will just have to see what happens on August 23rd when we face off in Las Vegas at the GGL SZN Zero launch,” said T-Pain.
NE-YO responded: “Honestly, I was trying to connect with T-Pain to maybe be part of his team but when he kept blowing me off and then I saw that video of him talking about my lips, I decided the only way to get his attention would be to call him out. Now, we’ll see just how good he really is – or isn’t – when we go head to head.”
World-class Publishers such as Activision Blizzard, Bandai Namco, Capcom, EA, Tetris, and Ubisoft have all agreed to allow GGL to use some of the most popular and challenging games during SZN Zero, attracting a new audience and offering viewers a unique and compelling gaming experience. In addition to YouTube, the Global Gaming League SZN Zero will be available on other major streaming platforms in partnership with Dooya Media Group.
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