Crypto Casinos Generated $81 Billion In Revenue Last Year

Revenue generated by crypto casinos soared to over $81 billion last year, marking a fivefold increase from 2022.

In a report published by Yield Sec, the top earners were Stake, Rollbit, and Roobet. Stake alone generated $4.7 billion in revenue, almost double their profits from 2022.

This rivals the numbers of some of the biggest gambling companies. Entain and Flutter reported total revenues for last year of £5bn and $14bn, respectively, while Bet365’s revenue for the year to March 2024 was £3.7bn

“It’s explosive growth everywhere,” said Yield Sec founder Ismail Vali.

Appeal of crypto casinos

Users often appreciate the anonymity and lack of personal information they have to give to start playing on the platforms. The majority of traditional online casinos require users to complete registration forms with their address, phone number, email address, and credit card details.

The Know Your Customer (KYC) checks can be cumbersome, and users want an alternative. “You can play without giving up your name, address, or bank details. That’s a game-changer,” said one Reddit user.

Additionally, deposits and withdrawals in crypto are often instant, unlike traditional banking systems that may take days. “I can cash out in seconds, not wait 5 days for a bank transfer,” posted a Stake user on X.

Users can also put their faith in blockchain technology, rather than other casinos, which many feel are rigged. With many casino games already giving a sizeable house edge, anything that offers to level the playing field is appealing.

“It’s the first time I felt I could see the game logic. No other casino does that,” said a Rollbit user.

Crypto casinos also frequently offer bigger bonuses, more promotions, and loyalty programs. Some sites reward users with NFTs, which can feel attractive to crypto enthusiasts.

Users bypassing blocks

The sites are also accessible across the world. Despite being blocked in many countries, users can easily access sites by using VPNs and avoid detection.

“All I need is a wallet and a VPN. I don’t need to worry if my country says no,” a user posted on a crypto casino forum.

With many users using VPNs, it makes regulating and controlling crypto casinos difficult.

“The sector has become too big to ignore,” said a UK Gambling Commission advisor. “What we are seeing is the rapid rise of a parallel industry that is underregulated and often invisible to national authorities.”

Given this, it seems likely the industry will continue to boom going forward.