Crypto wagers generated over $81b in gaming revenue in 2024 alone despite legal barriers: report

The new data show that crypto game is booming, with $ 81.4 billion in raw playing income last year, although it is illegal in most regions.

Crypto casinos have experienced explosive growth, with 2024 bettors generating more than $ 81.4 billion in gross play income, an increase of five times compared to 2022, according to Yiealdsec data reported by the Financial Times.

Although crypto gaming The websites are illegal in many countries, they remain accessible through VPN and other bypass. Crypto Casinos, like Stake, Rollbit and Roobet, operates from jurisdictions where the crypto game is legal, like Curaçao and Malta. The game alone claims to represent up to 4% of all bitcoins (BTC) Transactions, with 25 million users placing 300 billion in Paris since its launch in 2017.

In a comment for the Financial Times, a game spokesperson noted that the operations of the platform “are carried out in full compliance with the applicable laws and regulations, are legitimate and are entirely authorized”, although a financial timed test has shown that it was possible to create an account from London using a VPN without immediately verification or reduction of affordability.

Since April 2024, the British Gambling Commission has sent more than 280 opinions to stop suppliers accepting and promoting the crypto as a method of deposit in the Kingdom

The gray area of ​​Crypto casinos extends beyond the United Kingdom, as in the crypto in mid-April. reported That Richard Kim, a former Wall Street executive, was accused of having scammed investors of more than $ 4 million in his casino project based on blockchain, Zeroedge.

Kim, who previously worked at Goldman Sachs and JPMorgan, launched the company in March 2024, marketing it like a casino propelled by Crypto with chain games. Despite the increase of $ 4.3 million thanks to the financing of seeds and tokens sales, prosecutors claim that Kim has diverted funds for personal use. Kim faces federal accusations under the laws on thread and fraud in terms of securities, the case still under investigation.