Cryptocurrency Casino Revenues Surpass $81 Billion in 2024

In 2024, cryptocurrency casino revenues reached $81.4 billion, a fivefold increase compared to 2022. This data was provided by the analytical platform Yield Sec.

Such services are banned in regions like the US, China, the EU, and the UK. However, players frequently bypass these restrictions using VPNs, mirrors, or link redirections, reports the Financial Times. Accounts are also sold on P2P markets.

The rapid growth of cryptocurrency casinos is attributed to the lack of strict regulation, noted the publication. Platforms such as Stake, Rollbit, and Roobet are comparable in scale to the largest traditional bookmakers.

Stake, an operator registered in Curaçao, claims that up to 4% of all Bitcoin network transactions are processed on its platform, with last year’s profit reaching $4.7 billion — an 80% increase from 2022.

The company asserts that its operations fully comply with regulatory requirements, and user data is verified using KYC procedures.

FT Investigation

However, Financial Times journalists were able to register an account on the platform from the UK using a VPN, without verifying address and financial information.

Experts believe that cryptocurrency casinos are popular due to the absence of strict betting limits, identity checks, and other restrictions. They often attract minors and individuals with gambling addictions, as well as users from countries with strict gambling bans.

Platforms actively invest in marketing, collaborating with influencers and sports brands. For instance, Stake sponsors the football club Everton, Roobet partners with Chelsea, and Rollbit with Leicester City.

Legal ambiguity and the lack of international control mechanisms allow operators to continue working in a grey area. British and American laws prohibit locals from using such platforms, but direct measures against players are absent.

Experts and public activists have called for stricter regulation, including banning the use of white label licenses, which enable cryptocurrency casinos to enter markets with minimal checks.

According to Yield Sec, there are tens of thousands of platforms serving tens of millions of users. The average deposit size on these platforms exceeds those of regulated sites by tenfold.

Back in July 2024, the former head of Galaxy Interactive, the venture arm of Mike Novogratz’s company, lost investors’ money ($3.67 million out of a total $7 million) raised for the launch of the cryptocurrency casino Zero Edge.