💣 VPN in command: crypto-casinos generated $81.4 billion in revenue in 2024

💣 VPN in command: crypto-casinos generated $81.4 billion in revenue in 2024

Despite facing blocks across much of the world, the crypto casino industry has seen its revenues quintuple since 2022, according to data published by the Financial Times. Crypto gambling is becoming increasingly appealing to minors and individuals with gambling addictions, mainly due to the lack of spending limits and identity verification.

➡️ These casinos are operated by companies registered in jurisdictions where crypto gambling is legal — such as Curaçao 🇨🇻 — and they are now competing at scale with traditional gambling giants. One example is the crypto casino Stake, run by Medium Rare, which accounts for up to 4% of the global Bitcoin transaction volume.

➡️ At the same time, traditional powerhouses like Entain and Flutter reported total revenues of £5 billion and $14 billion in 2024, respectively — though neither discloses its Gross Gaming Revenue (GGR).

➡️ Financial Times points out that Stake does not define itself as a crypto-casino, since over half of its transactions are supposedly done in fiat currencies, and users allegedly cannot access the platform via VPN. However, journalists in London went ahead and created an account on Stake… using a VPN.

The report highlights that regulators and operators don’t always take firm action against offshore companies, raising concerns about the effectiveness of oversight in this sector.

#news #gambling #crypto #world

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