Crypto casinos generated over $81 billion in 2024, despite regulatory restrictions. Notable platforms like Stake reported significant revenue growth. Users are finding ways to access these sites via VPNs, and there are reports of pre-verified account sales on social media.
In 2024, crypto casinos generated an impressive $81.4 billion in gross gaming revenue (GGR), despite continuing restrictions imposed by regulators in major regions such as the United States, China, the United Kingdom, and the European Union. The figure reflects significant growth, with revenue increasing fivefold since 2022, according to data from Yield Sec, an anti-online crime platform.
One notable player in this market is Stake, a crypto gambling platform that reported a GGR of approximately $4.7 billion in 2024, marking an 80% increase since 2022. This revenue places Stake alongside well-established firms, such as Entain and Flutter, which posted revenues of $5 billion and $14 billion respectively. Stake offers a range of traditional casino games and sports betting, with transactions typically conducted in cryptocurrencies.
Despite a successful revenue year, Stake experienced a significant security breach in 2023 when $41 million was stolen from its wallets. The hack was linked to the North Korean hacking group Lazarus, following the revelation of suspicious withdrawals from the platform. Security measures and prompts by firms have raised awareness around cryptocurrency protection.
Users seeking access to blocked crypto gambling sites have been utilising VPNs to bypass geo-blocking measures. Numerous online guides and influencers provide instructional content on how to access these platforms, making it feasible for individuals in restricted areas to participate in crypto gambling. Additionally, some social media accounts are reportedly selling pre-verified crypto casino accounts, facilitating easier access for new users.
