Last Year, Crypto Casinos Raked in a Stunning $81.4 Billion in Gross Income Despite Legal Restrictions: Study
Get ready for some wild action, folks! According to a recent report by Financial Times, crypto casinos are raking in the big bucks, with tennis of billions of dollars in gross gaming revenue (GGR) in 2024 alone.
Despite regulatory prohibitions in many countries, gamblers are finding ways to place their bets on these offshore platforms, bypassing restrictions in their home countries. To evade the bans, they're using VPNs, mirror links, URL redirection, and other sneaky tricks.
Crypto gambling sites operate out of jurisdictions where digital asset gambling is legal, such as Curacao, Malta, the Isle of Man, and Gibraltar. One example of a popular site is Stake, which pulled in a whopping $4.7 billion in GGR last year – up 80% from 2022!
Don't fret, though - these sites claim to comply with applicable laws and regulations and have strict know your customer (KYC) procedures and anti-money-laging safeguards in place. However, Financial Times claims it was able to create a Stake account from London using a VPN without providing proof of address.
According to Yield Sec, a researcher in anti-online crime, there are tens of thousands of crypto casinos serving tens of millions of users worldwide. The report shows that crypto gambling's growth is explosive, with GGR skyrocketing five times from 2022.
So, while regulation attempts to keep up with this new form of gambling, crypto casinos keep finding ways to evade the rules and keep those chips flying. Watch this space!
Follow us on X, Facebook, and Telegram to stay in the loop. And don't miss a beat - subscribe to get emails updates directly in your inbox. Take a look at Price Action and The Daily Hodl Mix for more entertainment.
Disclaimer: Opinions expressed here are not investment advice, and users should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. These transactions are at your own risk, and The Daily Hodl is not responsible for any losses incurred.
Don't Miss These Industry Announcements
- Keycard Launches Pre-Sale for Shell - The Most Open, Modular Hardware Wallet to Date
- BC.GAME To Host 'Untamed Arena' During TOKEN2049 Dubai, Showcasing Web 3.0 Culture and Influencer Appearances
- Falcon Finance Integrates sUSDf With Pendle for Enhanced Onchain Yield Generation
- Paydify Launches To Enable Businesses Worldwide To Accept Crypto Payments
- Whale.io Accelerates Into Battlepass Season Two With Double Lamborghinis and Epic Rewards
Stay informed with the latest in finance, covering Bitcoin, Ethereum, cryptocurrency, web 3.0, and more. Find us in Categories like Bitcoin, Ethereum, Trading, Altcoins, Financeflux, Blockchain, Futuremash, Regulators, Scams, and HodlX.
About Us - Editorial Policy - Privacy Policy - Terms and Conditions | Contact | Advertise
Join us on Telegram, X, and Facebook | VISIT US
(c) 2025 The Daily Hodl
- As cryptocurrency continues to revolutionize industries, it's not just finance that's feeling the impact; the gaming sector is also experiencing a surge, with crypto casinos generating billions in gambling revenue by 2024.
- The rise of altcoins has playfully turned traditional online gambling on its head, as gamblers employ various tactics, like VPNs and mirror links, to link up with offshore crypto casinos, sidestepping restrictions in their home countries.
- Despite regulatory challenges in several regions, crypto casinos are thriving in legal jurisdictions such as Curacao, Malta, the Isle of Man, and Gibraltar, with sites like Stake, which recorded an impressive $4.7 billion in gross gaming revenue in 2023.
- To ensure the influx of funds isn't funneled into illegal activities, these crypto gambling platforms claim to adhere to rigorous know-your-customer (KYC) procedures and anti-money-laundering safeguards. Nevertheless, some news outlets have raised concerns about the creation of accounts without proof of address, as was the case with Stake in London.
- With more than tens of thousands of crypto casinos catering to tens of millions of users globally, the industry's growth is astronomical, according to Yield Sec, a leading researcher in anti-online crime. In fact, the gross gaming revenue is skyrocketing five times from 2022 levels, solidifying crypto gambling's role in the general-news and crime-and-justice sectors.
