Crypto Gambling Revenue Reaches $81.4 Billion Despite Regulatory Challenges

In 2024, crypto casinos generated $81.4 billion in gross gaming revenue, five times more than in 2022. Gamblers bypass regulations using VPNs to access unregulated platforms. Major sites like Stake report substantial revenues, but concerns linger regarding accountability and regulatory compliance in the booming industry.

Recent reports indicate that crypto casinos accrued approximately $81.4 billion in gross gaming revenue (GGR) in 2024, a substantial increase of five times compared to 2022. This data, published by the Financial Times and based on research from Yield Sec, highlights the significant appeal of cryptocurrency gambling, even amidst strict regulatory prohibitions across numerous jurisdictions.

Gamblers are increasingly engaging with unregulated offshore platforms, navigating bans enforced in countries like the United States, China, the European Union, and the United Kingdom. Experts report that users are employing techniques such as Virtual Private Networks (VPNs), mirror links, and URL redirection to access these platforms.

Prominent crypto gaming sites, including Stake, Rollbit, and Roobet, operate from jurisdictions where digital asset gambling is permissible. For instance, Stake, registered in Curaçao, reported a GGR of $4.7 billion for the previous year, marking an 80% increase from 2022. The platform asserts compliance with legal regulations and implements rigorous customer verification and anti-money laundering measures for account creation.

Despite these claims, investigations reveal that accounts can be established on Stake with relative ease, even from restricted locations like London, using a VPN. YieldSec estimates the existence of tens of thousands of crypto casinos globally, catering to a multitude of users. This situation raises questions regarding the effectiveness of current regulations and the ability to monitor and control the burgeoning crypto gambling sector.