Crypto casino revenue reaches tens of billions of dollars a year, as users manage to bypass blocks in their countries and place bets on offshore platforms that are not regulated.
In most countries, bets made in cryptocurrency are illegal; however, despite this, the gross gaming revenue from these bets alone amounted to $81.4 billion. At the same time, according to a study by the online crime prevention platform Yield Sec, this revenue has grown fivefold since 2022. This explosive growth is evident everywhere.
Of course, crypto gambling sites are blocked in jurisdictions ranging from the US and China to the EU and the UK; however, accessing them via VPN, mirror links, or URL redirection is not a problem. Guides on how to bypass blocks are freely available on the internet, and crypto casino user accounts could be purchased on peer-to-peer trading platforms.
Registered in jurisdictions where cryptocurrency gambling is legal, such as Curacao, Malta, the Isle of Man, and Gibraltar, companies offering cryptocurrency betting rival traditional gambling companies in terms of scale.
Moreover, offshore cryptocurrency casinos are even more popular than traditional regulated gambling sites. The reason for this is that they are more actively implementing innovations such as cryptocurrency betting, built-in online exchanges, and others. This also includes innovative gambling games, which are among the first to appear on cryptocurrency casino sites. One such game is Plinko, which has gained rapid popularity worldwide. There are even specialized information sites, such as Plinko Games, offering reviews and selections of cryptocurrency platforms that incorporate this game.
In the UK and the US, gambling on offshore unregulated sites via VPN is not illegal. However, offshore operators themselves may commit an offense if they provide betting opportunities to residents of these countries. However, the possibilities of the law are purely theoretical at this point — it is difficult to imagine how crypto operators could be reached in practice.
Regulatory authorities generally overlook the activities of offshore companies that offer prohibited services. At the same time, many users perceive gambling with cryptocurrency via VPN as passive income, and this is a big mistake that could cost them dearly. Activists also warn of widespread misinformation that crypto casinos offer fairer prices than traditional gambling establishments. This opinion is widespread among young people, who are fed this false information by various influencers.
Crypto casinos typically invest substantial sums in online marketing, including partnerships with influential figures who often provide viewers with instructions on how to bypass geo-blocks. Some platforms work with cryptocurrencies but do not officially disclose this. They also claim that users who try to bypass geo-blocking will not be able to access the platforms. Another interesting statement concerns influential individuals, who claim that they decide to publish information about crypto casinos on their initiative, that this is solely their personal decision and is not directed by or influenced by platforms that work with cryptocurrencies. Proving the opposite is not impossible, but it is pretty tricky.
Crypto casinos claim that their operations in areas where cryptocurrency betting is prohibited are conducted in full compliance with applicable laws and regulations, are legal, and are fully licensed. They take all checks seriously and work to combat fraud and money laundering. All these statements are necessary to show that operators are working within the legal framework.
At the same time, crypto platforms are collaborating with British football clubs, some of which have already received strict warnings.
