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Crypto, Fraud & New Payments Specialists

>> September 2024 >> The Crypto Report: Exploring the surge in cryptocurrency gambling with insights into growth, regulation, fraud prevention and the leading crypto payments gateways  


Code: CR. M03/LCJ 2023 | Report: September 2024 | Word Count: 35,000

Report Overview: Crypto, Gambling & Rampant Deception

Gambling IQ decodes the intricacies of digital currency & gambling, with a comprehensive analysis of how the new crypto payments platforms can help prevent rampant fraud. We highlight impactful submissions and opportunities on behalf of the leading crypto casinos, payments providers, and track the latest data on industry growth, expansion, regulation, strategies for fraud prevention, and the top crypto payments gateways leading the way.

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Industry Growth

Crypto gambling has an estimated value of US$250 million. While this figure may seem small compared to the YS$93 billion iGaming industry, it is rapidly growing, particularly with the emergence of more hybrid and crypto casinos. Data from 2023 reveals that crypto gamblers wagered US$3 billion in cryptocurrency during Q1 2021. This amount surged to US$6.3 billion in Q1 2022 - an impressive increase of over 116 percent. Furthermore, data from Q1 of 2023 indicates a staggering 44.6% rise in total crypto bets compared to the preceding year.

Another solid growth example is Stake, one of the largest crypto gambling platforms, reporting US$2.6B in revenue for 2022. - a Yolo Group company is also worth a mention. Back in 2017, when Initial Coin Offerings (ICOs) were popping up like mushrooms after rain (and unfortunately, so were rug pulls), pulled in a modest net gaming revenue (NGR) of £22,000 in its inaugural month. Fast forward to 2023, and this figure has surged to around £200 million, showcasing the remarkable expansion of the sector.

Certified Crypto Payments Engines?

Crypto gambling desperately needs regulation in almost every country where online gambling is legal. Australia probably has the best control on matters at the moment; the Australian House of Representatives recently approved a new bill prohibiting credit cards and cryptocurrency when gambling. Once enacted, crypto casinos will likely block Australian IP addresses. Otherwise, it really is a global free for all - the Wild Wild West of gambling. Gambling IQ discusses one quick fix being discussed would be to make it mandatory for betting operators (including offshore licenced firms), to utilise government certified crypto payments engines, which would have to register with the Financial Conduct Authorities in each country, and not just adhere to gambling regulations. With this in mind, Gambling IQ charts the top 10 cryptocurrency Payments Engines in Gambling. We interview the leading executives and get an exclusive look into how these platforms can also help combat fraud.

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Mirroring, White Labels, Silk Road & Crypto Scams

Crypto, Gambling & Rampant Deception - Unregulated and under regulated online & offline casino platforms, though inherently profitable themselves, have been widely exploited for the purpose of concealing and mingling illicit gains with legitimate gambling revenues. While casinos have for years acted as conduits for regional underground banking and money laundering, the proliferation of online gambling platforms, and under-regulated or non-regulated crypto exchanges has changed the game, enabling faster anonymised movement of funds. Transnational organised crime has also evolved rapidly in recent years, characterised profoundly by growth in cross-border and online trafficking of drugs and other commodities using cryptocurrency, with links to certain parts of the online and offline gambling industry. Gambling IQ reveals the top crypto scams and how the payments engines can strike back.

Explore the intersection of digital currencies and gambling like never before, with expert analysis and exclusive coverage to keep you informed and ahead of the curve in this sector. Publication Date in late May, ahead of Consensus 2024, Austin, Texas, USA.


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