Crypto Gambling Revenue Soars to $81.4 Billion Amid Regulatory Gaps and Global Evasion Tactics

Crypto gambling platforms are witnessing explosive growth, with global betting revenues surging to US$81.4 billion in 2024—a fivefold increase compared to the previous year. This rapid expansion is unfolding despite widespread regulatory restrictions, as millions of users find ways to circumvent official controls and continue placing bets on unregulated offshore sites.

According to Yield Sec, a firm specialising in online gambling analytics, the crypto betting market remains robust even in tightly regulated regions such as the United States, China, and the European Union, where cryptocurrency wagering is restricted or outright banned. Users in these jurisdictions are relying on virtual private networks (VPNs), mirror websites, and URL redirection services to bypass geolocation blocks and maintain access to these platforms.

Concern is mounting among campaigners and former problem gamblers over how easy it has become to reach these unregulated digital casinos. Social media influencers frequently promote online guides that detail how to skirt geographic restrictions, while reports show that crypto gambling accounts are being bought and sold openly on digital marketplaces.

Crypto casinos often operate out of jurisdictions known for their crypto-friendly stances, including Curaçao, Malta, and Gibraltar. Major platforms such as Stake, Roobet, and Rollbit are now directly competing with traditional gambling giants. Stake, one of the sector’s leading players, recorded a gross gaming revenue (GGR) of $4.7 billion in 2024 alone, with over 300 billion individual bets placed since the platform launched in 2017.

Stake claims to follow strict regulatory practices. A company spokesperson said: “ID is required before anyone can use the platform, it is not possible to play without completing that step. 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.”

However, unlike regulated gambling platforms, many crypto casinos do not enforce spending caps or robust identity verification, making them especially appealing to underage users or gamblers in countries where betting is outlawed. This accessibility, combined with the unregulated nature of many operators, has raised serious concerns among experts and lawmakers.

The unpredictable nature of cryptocurrencies adds another layer of risk, as each bet represents a dual gamble—on the outcome of the game and the fluctuating value of the digital token used for wagering. Enforcement continues to be a complex challenge, particularly in markets like the UK and US, where users can easily deploy VPNs to access crypto casinos that would otherwise violate local laws.

As the crypto gambling industry accelerates its growth, calls for tougher regulatory oversight are becoming louder. Yet the prevailing lack of unified international rules suggests that this market is likely to keep expanding at pace for the foreseeable future.

By fLEXI tEAM