According to the analytical platform Yield Sec, in 2024, cryptocurrency casinos generated over 81.4 billion dollars in gross gaming revenue (GGR), which is five times more than in 2022. This occurs despite bans in many countries, including the USA, China, the European Union, and the United Kingdom.
This is reported by Business • Media
How Players Bypass Bans and What Experts Say
Experts state that players use VPNs, mirror sites, and URL redirection to circumvent geoblocking. Activists and former users of such platforms confirm that these methods are spread by influencers and guides on how to bypass restrictions.
“Users are aware of this. Guides on bypassing restrictions are disseminated by influencers who intentionally ‘drive’ people there. Moreover, accounts on cryptocasinos can be purchased on P2P platforms,” said Jordan Lee, a former addicted player who is now engaged in educational activities.
It is noted that most cryptocasinos are registered in jurisdictions where such activities are permitted, including Curacao, Malta, the Isle of Man, and Gibraltar. Among the leading platforms are Stake, Rollbit, and Roobet.
Successes and Challenges of Stake and Others
Stake Casino, founded in 2017 by Medium Rare (Curacao), has processed over 300 billion bets from 25 million users. In 2024, its gross gaming revenue reached 4.7 billion dollars, an 80% increase compared to the previous year. Company representatives state that “Stake does not consider itself a cryptocasino, as more than half of the transactions are conducted in traditional currencies”.
However, journalists note that despite claims of compliance with legislation, creating accounts through VPNs and starting to play without identity verification is possible, raising doubts about the platforms’ actual compliance with legal requirements.
It is estimated that the number of active cryptocasinos is in the tens of thousands, with the number of users reaching tens of millions. Analysts emphasize that the lack of spending restrictions and insufficient checks make these platforms attractive to minors, addicted players, and residents of countries where gambling is banned.
Legally, playing on offshore sites in the UK or the USA is not a crime for the user, but operators may violate the law if they provide services to UK residents.
Overall, the cryptocasino sector remains one of the most dynamic and is attracting increasing interest from both players and regulators.