Gamblers are bypassing blocks in their new home countries to bet on unregulated offshore platforms. New data shows that crypto casino takings have soared to tens of billions of dollars a year.
Despite being illegal in most countries, cryptocurrency wagers in 2024 generated $81.4 billion in gross gaming revenue (GGR). GGR refers to the difference between bets placed and winnings paid out. This is according to research by anti-online-crime platform Yield Sec — a fivefold rise since 2022.
Yield Sec founder Ismail Vali said that it’s explosive growth everywhere.
Experts, campaigners, and former users told the Financial Times that jurisdictions such as the US, China, the EU, and the UK block crypto gambling sites. However, users still access them easily using VPNs, mirror links, or URL redirection.
According to a former problem gambler who now campaigns against the harms of the industry, Jordan Lea, consumers know this. He said guides for bypassing geoblocking are widely available online. Influencers who actively promote these platforms often share them. He added that users could also buy crypto casino accounts on peer-to-peer marketplaces.
Companies that operate crypto casinos—such as Stake, Rollbit, and Roobet—are incorporated in jurisdictions where crypto gambling is legal, including Curaçao, Malta, the Isle of Man, and Gibraltar. These companies now rival the largest traditional gambling groups in scale.
Stake is operated by Curaçao-incorporated Medium Rare. The platform claims it accounts for up to 4 percent of all transactions on the global Bitcoin network. Since its launch in 2017, 25 million users have placed 300 billion bets on the site. According to the company, last year, its GGR was $4.7 billion, up 80 per cent from 2022.
That makes it a serious competitor to some of the biggest traditional gambling groups of the world. Entain and Flutter reported total revenues of £5 billion and £14 billion for 2024, respectively. Bet365’s revenue for the year ending March 2024 was £3.7 billion. None of the three report GGR.
