A recent Yield Sec study suggests crypto gambling has surged to $81.4b GGR. However, other disagree and say the figure is more like $20-30b.
According to analytics firm Yield Sec, the cryptocurrency gambling industry generated $81.4 billion in gross gaming revenue (GGR) in 2024.
Honestly, I’m not surprised, given how some governments impose numerous restrictions on players and impose excessive tax demands, as seen in India, and on operators. However, the estimated figure doesn’t come without controversy.
The latest Yield Sec figure reported in Cointelegraph represents a fivefold increase over 2022.
It also goes to show how offshore crypto casinos continue to thrive, despite most countries, such as Australia, India, the UK, and the US, placing restrictions and consistently referring to them as back market casinos.
In addition to Cointelegraph’s reporting, I checked other sites’ coverage of the Yield Sec figures, and both Daily Hodl and The Financial Times reported the same statistics.
However, just because multiple reputable publications have picked up on Yirld Sec’s multi-billion dollar crypto market GGr estimate, that doesn’t mean we should take it for Gospel.
Tim Heath Challenges the $81.4 Billion Figure
Not everyone agrees with the widely reported $81.4 billion figure, with Yolo Group’s Tim Heath saying it is “a bit of a wild overstatement” in an interview with EGR. His estimate comes in around a third of Yield Secs at $20 to $30 billion in global GGR.
He backed up his opinion by saying the market is undeniably growing fast, but also warned that analysts should be wary of reporting inflated statistics. In short, we can’t rely on just one figure
In short, yes, there is no doubt that there is rapid growth in crypto gambling, as there is within the crypto investment and trading spheres, but the exact size of the market remains open to debate.
Yield Sec Highlights the Global Boom
Yield Sec’s stats are pretty much giving us one undeniable fact that is true despite the controversy $ the 81.5 billion figure. That is that crypto casinos are one of the fastest-growing segments of online gambling.
The Yield Sec estimate is based on tracking player habits, using a ‘value per visit’ model, and monitoring illicit market traffic. From these stats, the researcher can definitely say crypto casinos and sports books are being accessed more often.
The company’s report highlights that even in regions where crypto gambling is illegal by law, players are still accessing gambling sites via VPNs. In many countries in the Middle East and Southeast Asia, gambling is outright illegal, but players are still willing to take the risk.
Also, VPNs are not always needed, as many crypto casinos now use what is called a mirror or clone website that redirects players from certain regions where online gambling may be blocked to active platforms.
Other tactics used include buying pre-verified accounts through underground markets and then using the anonymity of crypto wallets to deposit and withdraw.
For crypto players, the workarounds and growth of the crypto gambling market is great news, but for regulators, it raises concerns as effective enforcement remains limited.
Why Do Players Still Access Offshore Crypto Sites?
Crypto casinos attract players for five key reasons, with some of the most attractive being the privacy involved with crypto gaming. In other words, people still want privacy in a world where governments are increasingly infringing upon our right to privacy.
Here are just some of the reasons people still access cryptocurrency casinos:
- Anonymous Off-the-Books Transactions: Players can bypass financial checks altogether by using a non-custodial wallet, also known as a self-custody wallet. I know friends who ask other friends to transfer crypto into their self-custody wallet and give their friend cash in return. As self-custody wallets do not require.
- Anonymity: Many sites operate without strict KYC checks, appealing to players seeking privacy.
- Privacy: Casino transactions using crypto do not show up on bank statements.
- Global access: Platforms based in Curaçao, Anjouan, St. Kitts and Nevis, as well as Canada’s Kahnawake Gaming Commission (KGC), accept users worldwide/ Even in countries like Australia, the USA and the UK, where crypto gambling on overseas sites is frowned upon and government agencies in these nations actively try to block these sites.
- Crypto-native features: Crypto is as good as, if not better than, most fiat currency casinos, thanks to features like Instant deposits, faster withdrawals, and the option to bet using stablecoins, which are immune to the volatility of regular cryptocurrencies like Bitcoin and Ethereum.
For readers exploring safer alternatives, Casinoplusbonus maintains a dedicated guide to Bitcoin casinos with cryptocurrency.
Stake and Other Operators Report Huge Gains
Major names such as Stake, Roobet, and Rollbit now compete directly with traditional betting giants. Stake, one of the best-known crypto casinos, reported $4.7 billion in GGR in 2024 alone. The platform claims over 300 billion bets placed since launching in 2017.
While Stake asserts it follows international compliance standards and requires identity verification before play, investigative journalists have found that VPN users could still access games with minimal checks. The company responded by insisting that fraudulent accounts are flagged and banned.
Market Implications Across the UK, Canada, Ireland, NZ, SA, and India
The divergence in estimates matters because regulatory responses depend on accurate data. For instance:
- The UK and Ireland are under pressure to block offshore crypto sites more effectively.
- Canada faces growing concern that unlicensed platforms undermine provincial regulators.
- New Zealand and South Africa are reviewing online gambling frameworks, with crypto betting in the spotlight.
- India continues to grapple with state-by-state gambling laws, where crypto adds another enforcement challenge.
For players in these regions, the safest route remains licensed and locally regulated platforms. However, crypto gambling is still popular.
Casinoplusbinus Opinion on The Future of Crypto Gambling
Whether the true figure is closer to $30 billion or the $81.4 billion cited by Yield Sec, there is no question that crypto gambling has cemented itself as a global force.
With gaps in regulation, the industry’s growth will likely continue. Yet, the debate between analysts and insiders shows just how difficult it is to measure an industry built on decentralization, anonymity, and cross-border access.
For now, both regulators and players should remain cautious, informed, and aware of the risks.
Compare trusted Bitcoin casinos with cryptocurrency in your region today.
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