Despite Worldwide Blocks, Crypto Casinos Generate $81 Billion in 2024

Despite ongoing efforts by regulators in major markets to block access, crypto casinos brought in over $81 billion in revenue in 2024, according to a new report.

The Financial Times, citing data from online crime-monitoring firm Yield Sec, reported that bets placed in cryptocurrency last year generated $81.4 billion in gross gaming revenue (GGR)—the difference between total wagers and payouts to winners.

Yield Sec also revealed that crypto casino revenue has grown fivefold since 2022, despite bans in countries like the U.S., China, the U.K., and throughout the European Union.

Stake Challenges Legacy Betting Giants

Crypto betting platform Stake recorded around $4.7 billion in GGR in 2024, an 80% increase since 2022. That figure puts it in the same league as industry giants like Entain, which reported $5 billion in GGR, and Flutter, which posted $14 billion.

Stake offers a mix of traditional casino games—such as blackjack, roulette, and slots—as well as sports betting. Users interact with the platform exclusively in cryptocurrency, with funds deposited and withdrawn directly via crypto wallets.

In 2023, Stake experienced a major security breach. On September 4, cybersecurity firms flagged suspicious transactions, and the company later confirmed it had been hacked. Around $41 million was drained from its Ethereum and BNB Chain hot wallets.

Users Bypass Bans with VPNs and Pre-Verified Accounts

Although crypto gambling sites are officially banned in many countries, players often use VPNs to get around these restrictions and continue placing bets on blocked platforms.

Former players and crypto users told the FT that numerous online guides explain how to circumvent geo-blocking and access restricted gambling platforms. Cointelegraph also found that certain influencers post tutorials showing users how to reach blocked crypto casinos.

Additionally, some users reportedly sell pre-verified gambling accounts. As of January 31, Sky News reported that these ready-to-use accounts could be purchased for as little as $10 on platforms like Facebook.