Crypto casino industry revenue reaches $81.4 billion in 2023, 5 times that of 2022, surpassing traditional casino revenue, according to Financial Times.
The casino industry using cryptocurrency is witnessing rapid growth, according to the latest report from Financial Times. With gross gaming revenue (GGR) reaching $81.4 billion in 2023, the industry recorded a growth five times that of 2022, marking a significant turning point in the global online betting market.
Development through non-traditional models
This breakthrough growth is attributed to the easy accessibility of unregulated offshore casino platforms. Users typically use VPN to access and participate in online betting activities on these platforms, creating a rapidly developing underground market.
Several top crypto casinos currently claim to occupy a large proportion of global Bitcoin transactions and record exceptional GGR growth. These platforms are primarily registered in legal jurisdictions like Curaçao and Malta, where licensing policies are more flexible and less restrictive compared to traditional markets.
The report especially emphasizes that these crypto casinos have passed their initial development stage and are now becoming direct competitors to large traditional casino corporations. This reflects a significant shift in the global online gaming market landscape, with business models based on blockchain technology and cryptocurrency increasingly gaining market share.
The rapid development of the crypto casino industry also raises numerous questions about legality, regulatory frameworks, and consumer protection in an increasingly complex online betting environment.
