The analytical platform Yield Sec reported that the revenue of cryptocasinos exceeded $80 billion in 2024. The use of VPNs, mirror sites, and URL redirection has contributed to the growth of this sector, despite bans in many countries around the world.
This is reported by Finway
According to the data, cryptocurrency casinos generated over $81.4 billion in gross gaming revenue (GGR) in 2024, which is five times more than in 2022. The founder of Yield Sec, Ismail Wali, noted:
“This explosive growth is everywhere”
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Bypassing Geoblocks and Popularity
Despite bans in the United States, China, the European Union, and the United Kingdom, players easily bypass geoblocks using various methods, experts and activists confirm. Former problem gambler Jordan Lee stated:
“Users are aware of this. Guides on bypassing blocks are spread by influencers who deliberately ‘drive’ people there. Moreover, accounts on cryptocasinos can be purchased on P2P platforms”
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Jurisdictions and Leading Platforms
Most cryptocasinos are registered in jurisdictions with legal gambling businesses, such as Curacao, Malta, the Isle of Man, and Gibraltar. Among the leading platforms are Stake, Rollbit, and Roobet. Stake Casino, founded in 2017, has already processed 300 billion bets from 25 million users, and its GGR in 2024 reached $4.7 billion, an 80% increase compared to 2023.
Stake representatives claim that the company does not consider itself a cryptocasino, as most transactions occur in traditional currencies. They emphasize compliance with legislation and KYC (Know Your Customer) procedures. However, Financial Times journalists were able to create an account from London using a VPN and start playing without confirming their address or financial status.
Yield Sec estimated the number of active cryptocasinos to be in the tens of thousands, with the number of users in the tens of millions. This confirms the trend that deposits on crypto platforms are ten times larger than on legal gambling sites. Analysts note:
“The absence of spending limits and proper identity checks makes cryptocasinos attractive to minors, problem gamblers, and residents of countries where gambling is completely banned”
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While playing on offshore sites is not a criminal offense for users in the UK and the US, operators may violate the law if they provide services to British residents. It is worth noting that in November 2024, the cryptocasino Monkey Tilt received $30 million in investments from Polychain Capital, PokerGo, Hack VC, and other companies.