Crypto casinos now rival traditional casinos in scale despite legal issues

Crypto casinos generated an estimated $81.4 billion in gross gaming revenue last year, a fivefold increase from 2022. In terms of scale, they now rival traditional casinos.

Despite being illegal in most countries, gamblers have found ways to sidestep restrictions in the US, China, the EU, and the UK by using VPNs, mirror links, or URL redirects to access unregulated offshore sites.

Observers and former users told the Financial Times that detailed guides on how to get around geoblocking are easily found online. 

Jordan Lea, a former problem gambler who now campaigns against the industry’s harms, said influencers frequently push users toward crypto casinos and even sell user accounts on peer‑to‑peer marketplaces. “Consumers know this,” he said, describing how these platforms remain accessible despite legal bans.

Most crypto gambling operators are incorporated in jurisdictions where cryptocurrency betting is allowed, such as Curaçao, Malta, the Isle of Man, and Gibraltar. Companies like Stake, Rollbit, and Roobet have grown so large that they now rival major traditional gambling groups in scale. 

One Curaçao‑based platform claims to handle up to 4% of all Bitcoin network transactions and has attracted 25 million users who have placed 300 billion bets since its 2017 launch.

That Curaçao site reported a GGR of $4.7 billion last year, an 80% jump from 2022, the company said. By comparison, Entain and Flutter—two of the world’s biggest regulated operators—recorded total revenues of £5 billion and $14 billion respectively last year.

Offshore crypto casinos may be breaking laws in the UK

In both the UK and the US, it is not illegal for individuals to gamble on unregulated offshore websites via a VPN. However, offshore operators may be committing an offence if they “provide facilities” to UK residents, according to Richard Williams, a UK lawyer specializing in gambling law. He noted that Stake.com, for example, is barred from operating in the UK.

Matthew Litt, a US lawyer who focuses on wrongdoing by online gaming companies, said that even where laws theoretically apply, “there’s just no practical way to get to” offshore operators. 

James Noyes of the UK think‑tank the Social Market Foundation added that both regulators and domestic operators often “turn a blind eye” to these offshore sites offering services that home‑licensed companies cannot.

The UK Gambling Commission has stated that enforcing laws in other jurisdictions lies with the authorities in those jurisdictions. While promoting illegal gambling is itself an offense in the UK, Williams explained that for “remote advertising” on streaming sites and social media, “it can also be argued that the content is not intended for British audiences,” making enforcement problematic.

Campaigners warn that the lack of spending limits know‑your‑customer checks—such as identification, location, and affordability assessments—make crypto casinos especially attractive to underage and habitual gamblers, and to players in countries where all online betting is banned, like China. Rob Minnick, a US campaigner and former underage crypto gambler, said users “are only on those sites because they don’t have a better option.”

Crypto volatility may add to the pressure for gamblers

The volatile nature of cryptocurrencies adds another layer of risk to crypto casinos. A former gambler, who relapsed last year on Stake.com after accessing it from the UK via VPN, described the combination of unregulated play and fluctuating crypto values as “a double gamble.” 

Minnick shared his own experience on Rollbit, operated by Curaçao‑registered Bull Gaming, where he got caught in a “loop”: when crypto prices rose, he treated his gains as “passive income” to bet; when they fell, he chased losses.

Campaigners also caution against widespread myths that crypto casinos offer fairer odds than regulated sites. “I hear young people saying [that] quite commonly,” Yield Sec founder Ismail Vali said, attributing the misconception to influencer videos. 

Crypto platforms spend heavily on online marketing, forging partnerships with influencers who often provide vouchers and step‑by‑step instructions for bypassing geo‑restrictions, further fueling the sector’s rapid expansion.

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