Financial Times Report: Crypto Casino Industry Soars to $81.4 Billion in Revenue, Outpacing Traditional Gambling 5o30v

A recent Financial Times report highlights the remarkable growth of the crypto casino industry, which has reached an impressive $81.4 billion in gross gaming revenue (GGR) in 2024, a fivefold increase from 2022. 6o6f3h

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This surge is attributed to the accessibility of unregulated offshore platforms, with many s employing VPNs to engage in online gambling. Some leading crypto casinos are now claiming significant shares of global bitcoin transactions and reporting substantial increases in their GGR. The report notes that these casinos, incorporated in jurisdictions such as Curaçao and Malta, the Isle of Man and Gibraltar are now competing with major traditional gambling companies, showcasing the evolving landscape of the online gaming market.

Crypto gambling sites are blocked in many countries, including the US, China, the EU and the UK. But gamblers are getting around the ban by using a VPN, mirror links or URL redirection, reports the Financial Times, citing experts and former s.

Stake, operated by Curaçao-incorporated Medium Rare, pulled in $4.7 billion in GGR last year, up 80% from 2022, according to the company. Stake says its operations “are conducted in full compliance with applicable laws and regulations, are legitimate and are fully licensed,” and that “stringent know your customer procedures and anti-money-laundering processes” are in effect for creating s on Stake.

However, Financial Times says it was able to create a Stake crypto gambling from London using a VPN and was not asked for proof of address until after starting to play.

YieldSec (the anti-online-crime platform) estimates there are tens of thousands of crypto casinos worldwide, serving tens of millions of s.

Sources: news.bitcoin.com & dailyhodl.com