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Crypto casinos have been shaking things up in the online gambling world - they've gone from a niche thing for tech-savvy gamblers to a serious part of the online gambling ecosystem. Fast transactions, mostly anonymous play and fewer restrictions are their core upsides and main selling points, though it’s hit or miss depending on which platform you’re using.
In 2024, crypto casinos experienced a huge boom, with industry revenue reaching $81.4 billion — five times more than the previous year. This surge is mainly due to the way these platforms operate: they’re often based offshore in places like Curaçao or Malta, where regulations are loose. Because of this, they can offer gambling services to people in countries where it’s usually banned, like the U.S., the U.K., or China. Many players get around restrictions by using VPNs or special mirror links to access the sites.
What makes these sites so appealing? It's a mix of quick crypto transactions, the potential for anonymous or low-verification sign-ups, accessibility, and lack of restrictions. Players don’t always need to verify their identity, and deposits and withdrawals often happen in minutes — a huge contrast to the slow KYC and banking processes at traditional online casinos. If trends keep up, cryptocurrency gambling might not take over completely, but it’ll become a permanent parallel universe in online gambling.
Stake Leads the Pack
One of the biggest players in the crypto casino boom is Stake.com, which pulled in an estimated $4.7 billion in gross gaming revenue in 2024 alone. Launched in 2017 and licensed in Curaçao, Stake has become a household name thanks to high-profile sponsorships and aggressive marketing. Its partnerships include Kick and Twitch streamers, celebrities, and sports teams like Everton FC.
Stake, along with competitors like Roobet and Rollbit, offers a mix of traditional casino games and sports betting, but mainly through cryptocurrencies. Despite suffering a $41 million hack in 2023, the platform continued to grow rapidly and now competes with industry giants like Flutter and Entain in both traffic and brand visibility.
These platforms pour money into influencer-driven advertising, often blurring the lines between entertainment and promotion. In addition to football sponsorships, their content regularly floods social media, YouTube, and streaming platforms — all while skirting traditional gambling ad regulations due to the offshore nature of the businesses.
Stake.com is the biggest and most talked-about crypto casino right now - no question about it.
- Massive Player Base
Stake is pulling in millions of users globally. They’ve hit big not just with crypto players, but also with Twitch streamers, influencers, and high-stakes gamblers.
- Crypto-Only Platform
They started as 100% crypto-focused and still mostly are. You can deposit and play with Bitcoin, Ethereum, Litecoin, Dogecoin, and others.
- Global Reach
Even though they’ve had issues with regulators (like being blocked in some countries), they set up alternative sites like Stake.us for the U.S. market (which is a sweepstakes version, not real money).
- Massive Sponsorships
These guys aren’t hiding. They’ve partnered with Drake, the UFC, Everton FC, and even F1 teams. That kind of exposure makes them hard to miss.
- Their Own In-House Games
Stake has a library of exclusive “Stake Originals” that are provably fair —basically built for crypto gambling, with transparent game fairness.
- A Huge Variety of Casino GamesBeyond Originals
Players can enjoy a large selection of slot games from well-known developers like Pragmatic Play, Hacksaw Gaming, and Twist Gaming. These slots cover a mix of themes, features, and volatility levels to suit different play styles.
Stake also features live casino games, mostly powered by Evolution. These include live dealer versions of classics like Blackjack, Roulette, and Baccarat, as well as interactive game show-style experiences such as Crazy Time and Monopoly Live.
There are also traditional table games available in digital format. These include standard versions of Blackjack, Roulette, Poker variants, and Baccarat, which can be played without a live dealer.
- Stake Offers a Full Sportsbook
They also have a strong sports betting section with live streaming, expert insights, and coverage of both traditional sports and esports.
From RuneScape to Billion-Dollar Bets: The Story Behind Stake.com
Ed Craven and Bijan Tehrani, two young Australians who met online running a RuneScape betting operation as teens, have become the self-made billionaires behind Stake.com.
Their journey began in 2013 with Primedice, a simple online dice game that let users gamble Bitcoin. It was an instant success among early crypto users and laid the groundwork for their next venture. In 2017, under their company Easygo, they launched Stake.com, combining cryptocurrency with online gambling in a way few had done before.
Stake thrived in a legal gray area, operating out of Curaçao —where low taxes and minimal regulation allowed the site to offer anonymous, KYC-free accounts, faster crypto transactions, and easy access for users in markets excluded from regulated gambling. Despite being banned in countries like the U.S., U.K., and much of Europe, Stake quickly grew into a powerhouse, generating $2.6 billion in annual revenue, with that figure soaring to $4.7 billion by 2024.
Much of Stake’s growth was driven by aggressive, high-profile marketing, including:
- $12 million/year sponsorship of an English Premier League football team
- $100 million over 3 years for Formula 1 naming rights
- Over $1 million/month paid to Twitch streamers
- A massive $100 million partnership with Drake, helping the brand go mainstream
The platform also benefited from the rise of crypto Twitch streamers, who flaunted high-stakes bets to massive audiences during the pandemic. Stake positioned itself as both a gambling site and an entertainment brand, reaching millions of viewers around the world.
As regulatory scrutiny increased, Craven and Tehrani began to pivot away from the crypto-first model, which meant a push for long-term legitimacy. Some of the moves the’ve made toward this goal included:
- Hiring dedicated legal and compliance teams
- Introducing customer verification (KYC)
- Launching regulated fiat-based versions of Stake in the U.K., Portugal, Italy, and Colombia
- Operating a social casino in the U.S., where players use valueless coins
Today, 70% of bets on Stakeuse traditional (fiat) currency, though the platform still maintains its crypto roots. The shift reflects a broader strategy to reduce exposure to crypto volatility—something Craven summed up with:
“We’re already in the gambling business—we don’t want to double down.”
In 2022, following Twitch’s ban on crypto gambling ads, the duo launched Kick.com, a rival streaming platform offering:
- A 95% revenue split to streamers (compared to Twitch’s 50%)
- Multimillion-dollar signing deals to lure top talent
- Looser moderation policies
Despite losing over $100 million since launch, Kick gained 5% market share by Q4 2023. Craven and Tehrani frame it not as a cash cow but as a strategic investment in disruption and creator loyalty.
Now in their late 20s and early 30s, Craven and Tehrani are each worth approximately $1.3 billion USD. Their wealth has translated into eye-catching purchases - a $47 million Manhattan townhouse (Tehrani) and a $76 million real estate in Melbourne’s upscale Toorak area (Craven).
From teenage gamers dabbling in digital currency to moguls reshaping online gambling and streaming, their rise has mirrored the chaotic, opportunistic energy of the crypto era—staking everything on a bet that paid off.
Legal Trouble
Legal Action in California (2025): Dennis Doyle filed a lawsuit against Stake's U.S. subsidiary, Sweepsteaks Limited, alleging illegal operation of an online casino in California. Doyle, identifying as a gambling addict, claimed the site targeted vulnerable individuals and operated without proper licensing, violating California's strict anti-online gambling laws. He sought $75,000 in damages and the cessation of Stake's operations in the state.
Legal Action in Illinois (2025): Illinois resident and former online gambler, Emily Parker, filed a class-action lawsuit against Stake.com, claiming that the crypto casino operated illegally within the state. Parker, a gambling addict who had used the platform to place high-stakes bets, alleged that Stake.com targeted vulnerable individuals in Illinois with aggressive advertising campaigns and failed to adhere to state gambling regulations.
The lawsuit claims that Stake.com violated Illinois’ strict online gambling laws, which only permit licensed operators to offer gambling services within the state. Despite Illinois’ clear regulations that prohibit unlicensed gambling platforms, Parker alleges that Stake.com marketed its services to Illinois residents, facilitating illegal gambling transactions through its platform. The lawsuit seeks damages of $150,000 per plaintiff in the class and an injunction requiring Stake to cease operations in Illinois.
Parker’s legal team argues that Stake.com’s operations, which include the use of cryptocurrencies and anonymous accounts, bypass standard consumer protections and age-verification protocols. The suit also highlights the fact that Illinois law mandates operators to register with the Illinois Gaming Board (IGB), a requirement that Stake.com allegedly ignores by operating without proper registration.
Stake, which has been under increasing regulatory scrutiny in the U.S., has yet to comment on the pending lawsuit. The outcome of this case could potentially shape future crypto gambling regulation in Illinois, where lawmakers have been debating the inclusion of cryptocurrencies in the state’s regulated gambling framework.
The Illinois Gaming Board has confirmed it is reviewing Stake’s activities in the state but declined to comment further on the specifics of the ongoing investigation.
Stake leaves GB market (2025): Stake made headlines in March 2025 when it voluntarily surrendered its U.K. gambling license amid mounting regulatory scrutiny. The UK Gambling Commission had been investigating a social media ad featuring adult film actress Bonnie Blue, raising concerns that the promotion used sexualized content that could appeal to minors. On top of that, Stake’s marketing of cryptocurrency-based gambling to British users ran afoul of the country’s stricter stance on crypto-related financial promotions. While not officially banned, the gray area surrounding crypto betting prompted regulators to take a closer look.
Other Big Crypto Players Worth Mentioning:
- BC.Game – Lots of altcoins supported, staking features, and a strong community.
- Rollbit – Known for aggressive marketing, NFTs, crypto trading, and even a sportsbook.
- Betfury – Offers a mix of gambling and DeFi-style earnings.
- Roobet – Another crypto-focused casino with a strong presence, especially in streaming circles.
What’s Next for Stake and Crypto Gambling?
Crypto gambling has gone from the fringes to a major force in online gaming, with 2024’s $81.4 billion revenue milestone proving it’s not just a passing trend. But as the space matures, it’s hitting some growing pains — and not all of them are regulatory.
One shift we’re already seeing is increased pressure from regulators. Countries like the UK and Australia are cracking down on crypto gambling ads and licensing, and even long-standing offshore jurisdictions like Curaçao are tightening rules. These moves could push some operators to clean up or drive others further underground.
Still, enforcement remains inconsistent. While some regulators are stepping up, players continue to access offshore crypto casinos using VPNs and mirror links, especially in countries where online gambling is restricted. That means the market is still operating in a grey zone, and likely will for some time.
Another wildcard is the volatility of crypto itself. Big wins can shrink overnight, and sudden crashes can hurt both players and platforms. Hacks, like the $41 million breach at Stake in 2023, haven’t helped either, though most major sites have rebounded quickly and kept growing.
At the same time, market saturation is becoming an issue. Dozens of new crypto casinos are launching every year, all competing for the same pool of players. Some lean heavily on influencer marketing, while others try to stand out with gamified features or better odds. The race to differentiate is on, but not everyone will last.
So what does the future look like? Crypto casinos probably won’t replace traditional gambling sites, but they’re carving out a lasting niche, especially among players who value speed, privacy, and fewer restrictions. The question now is how long regulators will let them run with it, and how many players will still be around when the rules catch up.
Despite the growing regulations, Stake continues to lead the pack. Its global presence, appeal to high rollers, and relentless marketing keep it firmly at the top of the crypto gambling game. The platform’s ability to adapt quickly to changing rules and restrictions is a big reason it’s managed to stay ahead.
While other crypto casinos are still figuring things out, Stake has positioned itself as more than just a place to gamble. It’s created a whole brand experience — one that’s about high-energy promotions, exclusive perks for loyal players, speed and ease in user experience. Even with the regulatory pressure mounting, Stake isn’t backing down. Instead, it’s doubling down on what works and continuing to stay relevant, keeping its name front and center. That’s what makes it stand out in an industry where the rules seem to change every other day.
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