Crypto casinos saw a sharp increase in betting activity last year, collecting over $80 billion in gross gaming revenue despite being banned in several large markets. According to a new Financial Times report, many gamblers continue to access offshore platforms using workarounds like VPNs and mirror links.
Good to know
- Crypto casinos pulled in $81.4 billion in gross gaming revenue in 2024, according to Yield Sec.
- Stake alone generated $4.7 billion, rising 80 percent from the previous year.
- Users often bypass local bans using VPNs, mirror sites, and URL redirects.
Yield Sec, a platform focused on tackling illegal online activity, provided the data cited by the Financial Times. Its research shows that crypto-based casinos brought in $81.4 billion in gross gaming revenue in 2024. That figure is five times higher than in 2022.
“It’s explosive growth everywhere,” said Ismail Vali, founder of Yield Sec. The numbers reflect both rising demand and the lack of enforcement around these platforms in many regions.
Most crypto casinos are based in territories with more relaxed gambling laws. Most of these 0perators like Stake, are registered in Curaçao, Malta, the Isle of Man, and Gibraltar. These locations allow companies to legally offer digital asset gambling, even if access is restricted elsewhere.
Stake, managed by Medium Rare N.V. out of Curaçao, reported $4.7 billion in gross gaming revenue last year. That marks an 80 percent increase compared to 2022. In a statement, the company said it operates legally and follows strict customer verification and anti-money-laundering policies.
Despite bans in places like the United States, the United Kingdom, China, and the European Union, players continue to find ways to access these platforms. Former users and analysts told the Financial Times that VPNs, redirected URLs, and unofficial mirrors are commonly used to bypass local blocks.
Yield Sec estimates there are tens of thousands of crypto gambling sites currently active, serving a global audience of tens of millions. The widespread accessibility, combined with the popularity of digital assets, has turned the crypto gambling sector into one of the fastest-growing areas in online betting.
The post Crypto Casinos Took in an Estimated $81 Billion in 2024 appeared first on iGaming.org.