Crypto Casino Revenue Surges to Over $80 Billion as Gamblers Dodge Restrictions

Crypto Casino Revenue Surges to Over $80 Billion

Image: Bonustly

Crypto casino revenues have skyrocketed to an unprecedented $81.4 billion in gross gaming revenue (GGR) within the past year, marking a significant fivefold increase since 2022, according to recent research from Yield Sec, an anti-online-crime platform. Yield Sec founder Ismail Vali described this growth as “explosive” and highlighted its global scale.

Global Blockades Prove Ineffective

Despite bans in countries like the US, UK, EU, and China, gamblers are routinely bypassing restrictions. VPNs, mirror links, and URL redirections are now standard tools for crypto casino users.

“Consumers know this,” said Jordan Lea, a former problem gambler turned campaigner. “There are guides as to how you circumnavigate the geoblocking. Influencers push users in, and crypto casino accounts are sold peer-to-peer.”

Stake, Rollbit, Roobet Close In on Industry Giants

Curaçao-based Stake.com, operated by Medium Rare, generated $4.7 billion in GGR in 2023, marking an 80% year-on-year increase. The company claims over 25 million users and says that since 2017, players have placed more than 300 billion bets.

Stake also claims it now accounts for up to 4% of all transactions on the global Bitcoin network. Despite its crypto origins, the company insists it’s more than just a crypto casino.

“More than half of transactions on the platform are in traditional currencies,” a Stake representative told the Financial Times. “We operate under full compliance with applicable laws and regulations.”

Legal Grey Zones and Limited Enforcement

Lawyers note that while players aren’t necessarily breaking the law by gambling on offshore sites, the operators may be violating local rules.

“In theory the law would apply, there’s just no practical way to get to them,” said Matthew Litt, a U.S.-based attorney focused on online gambling law. Richard Williams, a gambling law expert in the UK, added that when content is streamed or shared remotely, “it can be argued that the content is not intended for British audiences,” making enforcement difficult.

James Noyes, senior fellow at the Social Market Foundation, went further, stating that regulators and operators “turn a blind eye” to what offshore crypto casinos are doing.

Influencer Deals and White Label Loopholes

Crypto casinos like Roobet and Rollbit have signed high-profile sponsorships with football clubs Chelsea and Leicester City. Rollbit’s UK-facing platform avoids crypto but is run via a white-label license — a loophole allowing foreign brands to operate under UK regulation.

Stake recently shut down its UK non-crypto site after the Gambling Commission launched an investigation into a social media campaign featuring an adult performer. The commission said it would “write to all three football clubs with unlicensed sponsors” to assess the due diligence done on crypto-related partnerships.

Regulatory Pressure Mounts — But So Does Demand

Since April 2024, the UK Gambling Commission has issued 287 cease-and-desist letters targeting crypto platforms that accept digital currencies as deposits. Still, enforcement remains patchy.

Matt Zarb-Cousin, a leading campaigner, said the system is flawed by design: “White label licenses act as piggybacking mechanisms. It would be very easy to just ban white labels altogether.”

As regulators scramble to catch up, crypto casinos continue to grow at breakneck speed, raising urgent questions about enforcement, player protection, and the future of decentralized gambling.

Liam Anderson

Liam is a igaming industry expert with over a decade of experience in game development and casino operations. At Bonustly, he provides players with honest and insightful reviews, drawing from his deep understanding of how the industry works behind the scenes. He personally tests every casino he reviews, ensuring fairness, transparency, and value for players. By staying on top of industry trends, he delivers up-to-date and reliable information on the ever-evolving world of Crypto Casinos.