Crypto casinos have shown astounding growth, generating $81.4 billion last year, five times more than in 2022. However, this also brings significant regulatory challenges.
Revenue Growth of Crypto Casinos
In 2022, crypto casinos generated $81.4 billion in revenue, putting them on par with traditional casinos. Some platforms, such as those registered in Curaçao, claim to handle up to 4% of all Bitcoin transactions.
Circumventing Legal Restrictions
Despite bans, users find ways to bypass restrictions using VPNs and mirror links to access unregulated offshore sites. Detailed guides on how to circumvent geo-blocking are readily available online.
Risks and Uncertainties
Crypto casinos pose a unique danger due to the lack of spending limits and identity checks for users. This makes platforms attractive to underage and habitual gamblers. Cryptocurrency volatility also heightens the risks for gamblers.
With the rise of crypto casinos and their revenues, numerous problems related to regulation and user safety arise. The absence of proper controls may exacerbate existing risks.
