Crypto Casino Industry Surpasses $81B in Revenue

In 2024, the crypto casino industry saw an extraordinary surge, with revenue skyrocketing to $81.4 billion, marking a staggering fivefold increase from the previous year. According to a report from the Financial Times, this massive growth is largely driven by the unregulated nature of offshore platforms and the use of VPNs by players to bypass geo-blocking restrictions. Crypto casinos, often incorporated in jurisdictions like Curaçao and Malta, have carved out a substantial share of the global gaming market, competing directly with traditional gambling giants.

The Rise of Crypto Casino Platforms

A key player in this rapid expansion is Stake, a crypto betting platform that reported a gross gaming revenue (GGR) of $4.7 billion in 2024, representing an 80% increase from 2022. This revenue places Stake in direct competition with major gambling groups such as Entain, which posted $5 billion, and Flutter, which saw $14 billion in 2024. Stake’s business model blends traditional casino games like blackjack and roulette with sports betting, all conducted through cryptocurrency transactions. Despite a high-profile security breach in 2023, where hackers withdrew $41 million, Stake has continued to grow its user base, attracting millions of players worldwide.

Other platforms like Rollbit and Roobet have also experienced significant growth, with their GGRs contributing to the broader trend of crypto gambling outpacing traditional betting companies. These casinos offer a range of services from slots to live dealer games, further solidifying their position in the online gambling ecosystem.

Regulatory Challenges and Geo-Blocking Workarounds

While the growth of the crypto casino sector is undeniable, it operates in a complex regulatory environment. In many countries, including the United States, the United Kingdom, and China, online gambling platforms are blocked or restricted. However, players continue to access these sites using VPNs, mirror links, or redirected URLs. The Financial Times report highlights how easy it has become for users to bypass geo-blocks, with guides and tutorials available online showing players how to circumvent these restrictions.

Despite these challenges, crypto casinos thrive by offering higher stakes and more attractive odds than their regulated counterparts. The appeal of these platforms is further enhanced by the absence of traditional betting limits and fewer regulatory checks, making them attractive to gamblers in countries with strict gambling laws. As a result, players in regions like China, where all forms of online betting are illegal, flock to unregulated sites to place bets.

Marketing and User Accessibility

Crypto casinos invest heavily in online marketing and influencer partnerships to drive their growth. These platforms often collaborate with high-profile figures in the entertainment industry, including athletes and social media influencers, to promote their services. For instance, Stake has been associated with Everton Football Club, while Roobet and Rollbit have partnered with Premier League teams Chelsea and Leicester City.

However, these marketing strategies come with risks. The promotion of illegal gambling sites via social media, especially on platforms like Facebook and Instagram, has raised concerns among regulators. While the UK Gambling Commission has launched investigations into these promotional tactics, enforcement remains challenging due to the global nature of the internet and the use of VPNs to access blocked sites.

The Risks and Concerns of Crypto Gambling

Despite the allure of crypto casinos, there are significant risks associated with gambling on these platforms. The lack of proper know-your-customer (KYC) processes and the volatility of cryptocurrencies make these sites especially risky for underage and problem gamblers. Campaigners argue that crypto casinos often attract individuals who are unable to access regulated sites due to legal restrictions in their home countries. This has created an environment where users are gambling on unregulated platforms, often without adequate safeguards or responsible gambling measures in place.

Moreover, the misinformation spread by influencers claiming that crypto casinos offer "fairer" odds compared to regulated platforms has further fueled the industry's growth. These claims, while appealing to new players, may not reflect the reality of the gambling experience on these sites.

Source:

Crypto casino takings top $80bn as gamblers bypass blocks, ft.com, April 21, 2025