It has been almost twelve years since the launch of the world’s first online cryptocurrency casino, SatoshiDice, created by Erik Voorhees in 2012. Since then, crypto casinos have surged in popularity thanks not only to their anonymity, but also their reputation for quick pay-outs and accessible mobile gaming.
While the 2010s saw a huge rise in the number of Bitcoin casinos, driven by wider understanding and acceptance of Bitcoin, demand has increased even further in recent years, with cryptocurrencies causing a shift in the landscape of online gambling and attracting the attention of regulators worldwide.
The analysts at CoinJournal delve into the search volumes to see which countries have the highest demand for crypto casinos, and which countries are showing the highest year-on-year increases:
Please note: Average monthly searches refers to monthly search volumes for the term ‘crypto casino’ in each country’s native language.
We used Google keyword data to determine the three countries with the highest monthly search volumes for the phrase “crypto casinos” per 100,000 of the population:
Most forms of gambling are illegal within Norway, with citizens limited to playing the lottery or betting on horses through the state-owned sites, Norsk Tipping and Norsk Rikstoto. That said, Norway’s gambling laws do not prevent Norwegian players from using sites based in other countries, and as a result online and crypto casinos are extremely popular.
Cryptocurrency is legal in Norway, with the government declaring it an asset, and many large Norwegian companies, including Norwegian Air, now accept Bitcoin as a valid payment method.
Online gambling is legal throughout Sweden, but sites must hold a licence from the relevant Swedish regulatory authority. Foreign-based online casinos are banned from advertising in Sweden, and in order to further discourage the Swedish population from using them, winnings from sites outside of the jurisdiction are subject to a hefty 30% capital gains tax.
Like its Scandinavian neighbour, Norway, Sweden has embraced cryptocurrency and has even launched its own eKrona, the second cryptocurrency to be backed by a central bank.
The Netherlands was one of the last countries within Europe to legalise online gambling when it relaxed its laws in October 2021. All sites must now be regulated by the Kansspelautoriteit and adverts must not target the under-25s or feature famous athletes. The initiative for change came off the back of a 2016 report, which found that the Netherlands was losing up to €100 million per annum in taxes as a result of the ban. Like Norway and Sweden, the Netherlands is known for being a cryptocurrency friendly country and ranks as the country most-interested in cryptocurrency worldwide.
While these liberal European countries have all embraced cryptocurrency and are welcoming its use in both their online casinos and storefronts, our next set of countries are in the midst of refreshing their gambling laws for the modern age and it remains to be seen how crypto casinos will fit into the equation:
The United States has a thriving gambling industry, worth a staggering $53 billion. Las Vegas in particular has seen a boom, with an incredible 39% increase in overseas visitors during 2023, but the country as a whole has a complicated relationship with gambling. Despite the online gambling industry in the United States being worth an estimated $9.5 billion, online casinos are banned in several states from Alaska through to Wyoming. Even in the Bright Light City itself you would find that online gambling is only partially legal for sports betting and poker, while all other casino style games are banned. This creates a need for anonymity that crypto casinos can easily provide.
With a year-on-year increase of 650%, demand for crypto casinos amongst the US population is through the roof. In part this is driven by a trend towards the relaxation of gambling laws in America, with more and more States seeking to capitalise on taxes from gambling revenue, which exceeded $60.4 billion in 2022. As legalised online gambling comes to be seen as a significant source of state income, this could further drive the demand for crypto casinos in the US.
As in the US, Switzerland’s gambling laws are in a state of flux. While online gambling is legal in the Alpine country, providers must operate or partner with a domestic brick-and-mortar casino. Swiss casinos all hold licences granted by the Federal Council, and a review is carried out every 20 years, with the next one taking place on 31 December 2024. While Switzerland is widely regarded as a crypto-friendly country, the current licences were granted long before the first crypto casino opened, and at a time when just 68% of the population had internet access.
Mexico is in the process of introducing more thorough online gambling regulation after an agreement was reached between the country’s governing parties. If the bill goes ahead, the Mexican market could be catered for by a single national gambling platform, serviced by a handful of providers. While this might seem restrictive, it would be a significant step forward for the domestic market, as Mexican citizens are currently banned from using online gambling websites based in the country.
Philip Hoey, Director of CoinJournal, thinks the future of crypto casinos is a one way bet:
“As major markets like the US begin to liberalise and regulate online gambling, or simply revamp their existing rules to bring them up to speed with the 21st century, they build the foundations of a thriving industry, with lower barriers to entry, healthy competition and widespread public acceptance. This, coupled with the burgeoning growth of cryptocurrencies across the globe, means that crypto casinos are undoubtedly heading for a boom”.