Crypto gambling revenue surges to $80 billion as players evade restrictions
A tidal wave of cryptocurrency is washing over the online gambling landscape, with crypto casino takings soaring to an astonishing ten billion dollars annually. Yield Sec. data reveals a staggering fivefold increase in gross gaming revenue (GGR) since 2022, reaching $81.4 billion last year alone. as FT quoted. Despite being illegal or restricted in many countries, crypto casinos are still thriving, and gamblers are finding clever ways around the system.
The rise of crypto gambling
Despite facing illegality in numerous countries, including the US, China, the EU, and the UK, these crypto-gambling sites remain remarkably accessible. In just a single year, the gross gaming revenue (GGR) from crypto gambling surged to a jaw-dropping $81.4 billion. That’s not a typo — it’s a fivefold increase since 2022. As traditional gambling platforms fight through regulatory red tape, crypto casinos are thriving in the shadows, welcoming a global flood of users.
How players bypass geo-blocking?
Experts, campaigners, and former users have highlighted the ease with which individuals can bypass geo-blocking measures using VPNs, mirror links, and URL redirection. Some influencers even include step-by-step guides in their content, actively showing how to game the system. Jordan Lea, a former problem gambler now campaigning against industry harms, points out that guides on circumventing these blocks are readily available online, often promoted by influencers who actively encourage users to join.
The giants of the crypto gambling world
Names like Stake, Rollbit, and Roobet are leading the pack. Stake alone boasts 25 million users and has processed a mind-melting 300 billion bets since its inception. It also claims to represent 4 percent of global Bitcoin transactions.
To put it in perspective, Stake’s 2024 GGR hit $4.7 billion — up 80 percent from the year before. By comparison, legacy powerhouses like Flutter and Entain pulled in $14 billion and $6.63 billion in revenue, respectively.
Inside the user experience
Creating an account is ridiculously easy. In one test, the FT created an account on Stake using a London VPN and wasn’t asked for proof of address or financial stability until after they had started gambling. This lack of oversight is a breeding ground for problem gambling. Without spending limits, KYC (Know Your Customer) enforcement, or even basic age verification, these platforms are dangerously accessible.
Sports sponsorships and legitimisation
Crypto casinos are now cosy with major sports clubs. Stake sponsors Everton FC, while Roobet and Rollbit have ties to Chelsea and Leicester City, respectively. These partnerships lend a veneer of legitimacy, making it seem like these platforms are “just like any other brand.”
Campaigners like Matt Zarb-Cousin believe crypto gambling regulation is a “wild west” and suggest that banning white labels would be a straightforward solution. Experts like James Noyes also view white-label licences as a “piggybacking mechanism” enabling crypto casinos to reach a global audience. Since April 2024, the Gambling Commission has issued 287 cease-and-desist notices to providers “accepting and advertising crypto as a deposit method” in the UK. Stake maintains that it “operates under full regulatory oversight, holding licences in multiple regulated jurisdictions across global markets.”
