I see around 40 people online when i log.
Is there any provision to hide our online status because by seeing the jackpot amount and frequency of dice rolls, I guess many gamblers would have opted not to show their online status. Is there any personal settings available for this, I checked twice still I am not sure about where and how to do.
You cannot hide your online status, but you can hide your username from bets so that it shows 'hidden' instead of your username if you wish to be more anonymous.
The new accounts that can be made without email combined with the option of hiding your name in the bets should be enough to feel anonymous.
I think that is more than better...

Too much...anonynity can "hurt" some times.

What exactly do you mean? You are just anonymous if you prefer to be, but in case your account will be compromise or any related problems you might encounter, you can provide the necessary information that might require your personal information to solve the problem fast.
If there's no problem that you will encounter then being anonymous is always best to maintain.