Crypto Casinos Hit $81.4B Revenue as Players Evade Restrictions
The crypto casino industry experienced explosive growth in 2024, achieving an unprecedented $81.4 billion in annual revenue—a dramatic fivefold rise compared to the prior year. According to the Financial Times, this immense surge is largely attributed to unregulated offshore platforms and widespread use of VPN services, enabling players to circumvent geo-blocking restrictions. Jurisdictions like Curaçao and Malta frequently host these crypto gambling sites, which are swiftly capturing significant market share from established traditional gambling operators.
Dominance and Expansion of Crypto Gambling Platforms
A prominent factor behind this growth is the continued success of crypto betting giant Stake. In 2024 alone, Stake's gross gaming revenue (GGR) soared to $4.7 billion, marking an impressive 80% jump since 2022. This rapid expansion positions Stake alongside major traditional betting groups, such as Entain ($5 billion in GGR) and Flutter ($14 billion in GGR). Stake’s appeal lies in its hybrid model, merging conventional casino games like blackjack and roulette with sports betting, all exclusively through cryptocurrency transactions. Remarkably, Stake maintained growth even after suffering a severe cyber-attack in 2023, which saw hackers withdraw $41 million from the platform. Nevertheless, the company’s global player base continues to swell.
Stake isn't alone in this upward trajectory. Platforms such as Rollbit and Roobet have similarly enjoyed substantial revenue increases, bolstering the overall crypto casino sector’s position within the online gambling ecosystem. Both casinos offer diverse gaming options ranging from slots to live dealer experiences, further attracting gamblers away from traditional online betting companies.
Regulatory Challenges and VPN Workarounds
Despite their financial success, crypto casinos operate in a complex and contentious regulatory landscape. Countries like the United States, United Kingdom, and China impose strict restrictions or outright bans on online gambling activities. Yet, crypto casinos continue to thrive as players easily circumvent these prohibitions through VPNs, mirror websites, and alternative URLs. Online forums frequently provide detailed instructions and tutorials guiding players on bypassing geo-restrictions, a phenomenon highlighted extensively by the Financial Times.
Crypto casinos also draw players by offering notably higher stakes, fewer restrictions, and more favorable odds compared to regulated platforms. These benefits make such casinos especially appealing in regions with strict gambling prohibitions, such as China, where all forms of online gambling remain illegal, pushing users toward unregulated crypto platforms.
Aggressive Marketing and Influencer Partnerships
Crypto gambling platforms invest heavily in digital marketing campaigns, often collaborating with prominent athletes and social media influencers to boost visibility and credibility. Stake, for example, has partnered with Everton Football Club, while Roobet and Rollbit have sponsored Premier League football teams Chelsea and Leicester City, respectively.
However, these marketing strategies carry significant regulatory and reputational risks. The promotion of crypto gambling sites via mainstream social media networks, including Facebook and Instagram, has drawn the attention of regulators such as the UK Gambling Commission. Despite initiating investigations, enforcement remains complicated due to the inherently global nature of the internet and the ease with which gamblers use VPNs to evade local laws.
Risks and Ethical Concerns in Crypto Gambling
The rapid rise of crypto casinos has intensified concerns around player safety and responsible gambling practices. The platforms’ lax or absent Know Your Customer (KYC) procedures, combined with the inherent volatility of cryptocurrencies, significantly elevate risks for underage or vulnerable gamblers. Advocates for responsible gambling emphasize that crypto casinos disproportionately attract individuals unable to access regulated gambling environments due to local restrictions, creating scenarios where users face heightened dangers without adequate protective measures.
Moreover, some influencers have amplified misleading claims, suggesting crypto casinos provide "fairer" odds than regulated counterparts. Such misinformation continues to lure inexperienced gamblers into potentially risky scenarios, further fueling regulatory unease and calls for stricter oversight.
Source: Crypto Casino Industry Surpasses $81B in Revenue, lcb.org, April 24, 2025.