Crypto casinos took more than £60 billion revenue last year

Despite being illegal in some jurisdictions and operating in legally gray areas in others, crypto casinos took more than £60 billion in revenue in 2024. Players using crypto casinos, which are typically licensed in jurisdictions including Curacao, Malta, and Gibraltar, do not need to submit the same registration details as at UK-licensed casinos. This enables underage players, as well as those looking to bypass self-exclusion programs like GamStop, to register and play. 

Although some of the biggest crypto casinos claim to have appropriate systems in place to prevent players from restricted jurisdictions, these are easily overcome using virtual private networks. Instructions to bypass checks can be easily found online, including on influencer channels that push crypto casinos. 

Want to play casino games or bet on sports? Check out the best UK online casinos today!

Legitimate reasons for using crypto casinos include fast, inexpensive transactions. However, experts are concerned that these sites are increasingly being used to avoid gambling restrictions in certain countries. 

The casinos are typically licensed by regulatory bodies that do not require the collection of personal data, known as Know Your Customer (KYC) data. 

Whereas the UK requires its licensees to gather name, address, and other personal details, this isn’t a requirement with some other licensing bodies. And, because geographic blocks can be easily circumnavigated using virtual private networks, virtually anybody from the UK can register with these sites, effectively ignoring UKGC-imposed betting and deposit limits.

Another requirement of UKGC licensees is that they connect to the self-exclusion program GamStop. GamStop enables players to bar themselves from gambling for a set period, and the program only works if websites abide by the restrictions. Most crypto casinos, including some of the world’s most popular, are not registered with the service. 

Despite operating in a legally gray area, crypto casinos have seen explosive growth in their popularity. 

In 2024, these casinos saw gross gaming revenue, which is total bets taken minus any winnings paid out, of $81.4bn (£60bn). This figure has increased by more than 500% in the past five years and hasn’t shown any signs of slowing. 

Crypto casino Stake, which is considered the largest of its kind, has experienced significant growth. By 2022 it had gross gaming revenue of $2.6bn, but this rose to $4.7bn in 2024. Stake owner Medium Rare has said that more than half of its revenue comes from non-crypto players and it does not consider itself a cryptocurrency casino. 

Flutter posted revenue of $14.6bn last year, and Stake.com’s revenue is comparable to Entain’s £5bn a year. Stake.com still has a significant presence in the UK despite losing its UK license in February and officially exiting the UK in March this year. Stake is still operating as Everton’s primary shirt sponsor in the Premier League.

Strictly speaking, the UKGC does not explicitly prohibit its licensees from accepting cryptocurrencies. Their website states: “We need to be satisfied that any licensee considering accepting such payment methods [as cryptocurrency] has considered and implemented steps to reduce any risk to the licensing objectives to the same level that we would expect from other payment methods.”