Crypto Gambling Market Skyrockets to $81.4 Billion Despite Global Crackdowns

The global crypto gambling industry has witnessed an extraordinary surge in revenue, with betting profits reaching a staggering US$81.4 billion in 2024—a fivefold increase compared to the previous year. This explosive growth continues unabated despite tightening regulations across major markets.

Millions of users are bypassing restrictions to gain access to offshore platforms that remain outside regulatory reach. According to data provided by online gambling analytics firm Yield Sec, the crypto gambling boom is occurring even in regions like the United States, European Union, and China, where stringent rules limit or prohibit the use of cryptocurrencies for betting. Users are turning to VPNs, mirror sites, and redirect services to circumvent geolocation blocks and participate in gambling activities that would otherwise be inaccessible.

Industry insiders and gambling harm campaigners are voicing mounting concerns over how easily users can reach these unregulated platforms. Former problem gamblers highlight the proliferation of online tutorials and videos that teach methods to dodge restrictions—many of which are promoted by social media influencers. Furthermore, evidence continues to surface of crypto gambling accounts being traded on online marketplaces, raising alarms about identity misuse and underage access.

The heart of this booming market lies in territories with crypto-friendly policies, including Curaçao, Malta, and Gibraltar. From these hubs, platforms like Stake, Roobet, and Rollbit have rapidly grown to challenge the dominance of conventional gambling corporations. Stake, in particular, reported a Gross Gaming Revenue (GGR) of $4.7 billion in 2024, with more than 300 billion bets placed on the platform since its inception in 2017.

A spokesperson for Stake said the company adheres strictly to the relevant regulatory standards and has a firm approach to user verification. “ID is required before anyone can use the platform, it is not possible to play without completing that step,” the spokesperson explained. “If false information is used to fraudulently access the site, the account is flagged and banned. Additional measures are in place to detect and block this kind of activity.”

Nonetheless, crypto casinos continue to attract users due to the unique freedoms they offer. Unlike regulated platforms, many of these sites do not enforce betting limits or demand ID verification, making them appealing to users from banned jurisdictions and even to underage individuals.

The volatility of cryptocurrencies only heightens the complexity of the situation, as users are not only gambling on outcomes but also speculating on token values with each wager. Regulators, particularly in countries like the UK and the US, face a daunting task: enforcement remains patchy, and VPNs make it exceedingly difficult to control who accesses these platforms.

While pressure is building for governments to introduce tighter oversight and robust regulatory systems, the lack of coherent international rules means that, for now, the crypto gambling market is poised to continue its meteoric ascent.

By fLEXI tEAM