Fast Offshore brings you the top news from Gambling, Fintech, and Crypto in April 2025.
Portugal’s Online Casinos Hit Record €175.1M Revenue
Portugal’s online gambling sector has soared to an unprecedented €175.1 million in Q3 revenue, according to the Portuguese Gambling Regulation and Inspection Service (SRIJ). This demonstrates the industry’s rapid growth, which is driven by technological advancements, enhanced mobile gaming, and diverse betting options. Online slots are the top revenue generator, with roulette, blackjack, poker, and sports betting contributing significantly.
Major sporting events, like the UEFA Champions League and the 2022 FIFA World Cup, have boosted sports betting, with football alone accounting for 74.2% of Q4 betting handle in 2022. Mobile optimisation, AI-driven personalisation, and cryptocurrency payments have further fueled player engagement. Over 4.5 million players participated in 2024, a 16.9% increase from 2023, drawn by convenience, game variety, and attractive bonuses.
Despite this success, challenges persist, including illegal gambling, high taxation, and regulatory shifts. The SRIJ enforces strict compliance to ensure responsible gaming and player protection. Meanwhile, land-based casinos saw €75.9 million in Q3 revenue, with American roulette up 22.8%. With ongoing innovation and regulatory support, Portugal’s online gambling market is poised to expand.
Equatorial Guinea Updates Online Gambling Laws
Equatorial Guinea has introduced sweeping amendments to its gambling laws, targeting the regulation of online casinos. Announced on 8 April 2025 by the Ministry of Finance and Budget, the new guidelines aim to curb illegal betting, enhance customer protection, and boost government revenue.
The regulations address outdated laws that left the sector vulnerable to money laundering, underage gambling, and addiction risks. All online casinos must now register under national gambling laws, undergo regular audits for anti-money laundering compliance, and maintain financial records for five years. Strict age verification and measures to protect vulnerable players, including addiction prevention, are mandatory. Operators must also provide clear bonus rules and eliminate misleading advertisements.
With a six-month implementation timeline, the government expects these changes to streamline operations, ensure accountability, and generate tax revenue for social and infrastructural programs.
Brazil Mandates Betting Operators Register on Consumidor.gov.br
Brazil has advanced its online gambling regulation by requiring all betting operators to register on the government-run platform, Consumidor.gov.br, as announced by the National Consumer Secretariat (Senacon) on 1 January 2025.
This directive, under the Ministry of Justice and Public Security, aims to enhance consumer protection and transparency in the sector. Wadih Damous, Secretary of National Consumer Affairs, highlighted that the platform, with an 81% complaint resolution rate across 8.9 billion cases, offers bettors a direct channel for dispute resolution.
Régis Dudena, Secretary of Prizes and Bets, emphasised the Ministry of Finance’s commitment to legal standards and consumer rights. Operators must comply to maintain licenses, aligning with Law 14.790/2023’s responsible gaming and anti-fraud measures.
Colombia’s Online Gambling Revenue Falls 30% After VAT Introduction.
Colombia’s online gambling sector has seen a 30% revenue drop since a 19% VAT on betting deposits was introduced in February 2025, according to the Colombian Federation of Gambling Entrepreneurs (Fecoljuegos).
Some platforms report up to 50% declines in deposits and player spending, confirming Fecoljuegos’ warnings of unsustainable pressure on operators. The tax reduces a $100 deposit to about $84, curbing players’ betting capacity and altering behaviour. Previously, monthly spending averaged COP150,000–COP250,000 per player.
Operators like Stake have offered bonuses to offset the tax, but Fecoljuegos President Evert Montero told Portafolio this is not sustainable in the long term. The tax risks drive players to unregulated platforms, threatening the legal market’s viability. Additionally, it jeopardises Colombia’s healthcare system, which relies on gambling taxes for COP990 billion in 2024 funding. Fecoljuegos urges the government to reconsider the policy to protect the industry and public health.
UK Consults on Merging Gambling Taxes into One
The UK Government has launched a consultation, open until 21 July 2025, to replace the General Betting Duty, Pool Betting Duty, and Remote Gaming Duty with a single Remote Betting and Gaming Duty. The proposal aims to simplify the tax system and reduce administrative burdens while keeping up with the evolution of online gambling.
However, the Betting and Gaming Council (BGC) warns that a unified tax could raise customer costs, pushing them toward unregulated, untaxed websites lacking safer gambling protections. BGC CEO Grainne Hurst called potential tax hikes “self-defeating,” citing risks to racing’s finances and the regulated sector’s viability amid growing black market threats.
Michigan’s Online Gambling Soars to $2.9B in 2024
Michigan’s online gambling market shattered records in 2024, generating $2.9 billion in revenue, a 23.8% increase from 2023, according to the Michigan Gaming Control Board. Online casinos led with $2.4 billion, up 26.3%, while sports betting contributed $460.5 million, a 9.5% rise. BetMGM and MGM Grand Detroit topped casino earnings with $640.1 million, followed by FanDuel/MotorCity ($614.6 million) and DraftKings/Bay Mills ($454.7 million).
In sports betting, FanDuel/MotorCity led with $202.4 million. December saw $264.2 million in gross receipts, though sports betting dipped 66.9% year-on-year. Operators paid $466.1 million in taxes, including $451.4 million from casinos.
The Bright Future of the Cryptocurrency Gambling Sector
The cryptocurrency gambling sector is experiencing unprecedented growth, creating new opportunities for innovation and global accessibility. In 2024, the sector generated $81.4 billion in gross gaming revenue, a fivefold increase since 2022. Platforms like Stake, Rollbit, and Roobet, operating from jurisdictions such as Curaçao and Malta, leverage blockchain technology to offer seamless and transparent betting experiences. This technological edge enables instant deposits and withdrawals, attracting millions of users worldwide.
Kraken and Mastercard Partner to Boost Crypto Payments in the UK and Europe
Cryptocurrency platform Kraken has teamed up with Mastercard to revolutionize crypto payments. This partnership, announced on April 8, 2025, will enable UK and European customers to spend digital assets at over 150 million Mastercard-accepting merchants. It marks a significant step toward integrating cryptocurrencies into everyday transactions.
Kraken co-CEO David Ripley emphasised the transformative potential, stating, “Crypto is transforming the payments industry, and our partnership with Mastercard is a major step in realising a future where global commerce is powered by crypto assets.” The collaboration builds on Kraken Pay, launched in January 2025, which supports instant payments in over 300 cryptocurrencies and fiat currencies, already used by 200,000 customers.
In the coming weeks, Kraken will introduce physical and digital debit cards, bridging the gap between crypto and daily spending. This follows the U.S. Securities and Exchange Commission’s dismissal of a lawsuit against Kraken in March 2025, clearing regulatory hurdles and reinforcing Kraken’s commitment to innovation.
Coinbase and PayPal Partner to Boost PYUSD Adoption
Coinbase, the largest publicly traded cryptocurrency exchange, announced on April 24, 2025, that it will waive fees on transactions involving PayPal’s stablecoin, PYUSD, and allow users to redeem it directly for U.S. dollars. This partnership with PayPal aims to drive adoption of PYUSD, launched in 2023, by enabling merchants to settle transactions directly in the stablecoin, bypassing traditional financial systems.
Stablecoins, pegged 1:1 to the dollar, are gaining traction for instant payments, with a market cap exceeding $238 billion. PYUSD, with a $872 million market cap, stands to grow through Coinbase’s vast user base and institutional access. “This partnership is about advancing global payments and taking stablecoins mainstream,” said Lauren Abendschein, Coinbase’s global head of institutional sales.
The collaboration aligns with potential U.S. stablecoin regulations, as Congress advances bills to create a regulatory framework by August. Plans include exploring PYUSD use in decentralised finance, further solidifying its role in the evolving crypto payments landscape.
Ireland’s Gambling Regulatory Authority Begins Operations
Ireland’s Gambling Regulatory Authority (GRAI) launched on March 5, 2025, to enforce the Gambling Regulation Act 2024 to modernize the nation’s betting landscape. Led by CEO Anne-Marie Caulfield, the GRAI is building a robust framework, with betting licenses for online and on-site operations expected by year-end, followed by online gaming in 2026.
The authority, overseen by Paul Quinn, processes applications with rigorous checks on corporate structure and finances. A Social Impact Fund, funded by licensed operators, will support gambling education and treatment programs. Advertising restrictions, including a 5:30 a.m.- 9 p.m. watershed, will protect vulnerable groups, ensuring a safer gambling environment.
Nevis Passes Online Gaming Bill to Boost Economic Diversification
On April 29, 2025, the Nevis Island Assembly passed the Nevis Online Gaming Bill, 2025, a crucial move toward economic diversification. Introduced by Premier Mark Brantley on March 6, the legislation establishes a regulated online gaming industry to reduce Nevis’ reliance on tourism, a vulnerability exposed during the COVID-19 pandemic. The Bill creates a comprehensive framework, overseen by a dedicated Online Gaming Authority, ensuring transparency, integrity, and consumer protection. Operators must meet stringent licensing requirements, including financial and technical evaluations, while contributing to government revenue through fees and penalties.
The law mandates protections for vulnerable populations and accessible dispute resolution. By leveraging the digital economy, Nevis aims to generate significant revenue and establish itself as a leading, well-regulated online gaming hub, driving long-term prosperity.