Crypto Casino Revenue Hits $81B in 2024 Despite Global Restrictions

Crypto Casinos Thrive Despite Regulatory Hurdles

Crypto casinos generated a staggering $81.4 billion in gross gaming revenue (GGR) in 2024, marking a fivefold increase since 2022, according to new data from anti-online-crime platform Yield Sec. The explosive growth comes despite widespread regulatory crackdowns in major jurisdictions including the United States, China, the United Kingdom, and the European Union, where access to crypto betting platforms is officially restricted.

Gross gaming revenue represents the difference between total wagers placed and winnings paid out — a key metric used to assess profitability in the gambling sector.

Stake Nears the Top of the Global Gambling Industry

Leading the charge is crypto betting platform Stake, which reported a GGR of $4.7 billion in 2024 — an 80% increase from its 2022 figures. The platform now rivals traditional powerhouses like Entain, which posted $5 billion, and Flutter, which led the industry with $14 billion in annual revenue.

Stake offers a full suite of casino-style gaming, including blackjack, roulette, slots, and sports betting — all transacted via cryptocurrencies. Users can deposit and withdraw funds directly through their crypto wallets, bypassing traditional banking infrastructure.

Security Breach: Lazarus Group Hack in 2023

Despite its success, Stake faced a significant setback in 2023 when it was hacked for $41 million. On September 4, cybersecurity firms flagged suspicious outflows from the platform’s hot wallets on Ethereum and BNB Chain. Days later, the U.S. Federal Bureau of Investigation (FBI) identified the Lazarus Group, a North Korean state-sponsored hacking collective, as the perpetrators.

Source: Sanya Burgess

While Stake confirmed the breach via social media, it reassured users that core services remained operational and that affected wallets were quickly secured.

Widespread Access Through VPNs and Pre-Verified Accounts

Although crypto casinos are blocked in many countries, users continue to gain access through VPNs that bypass geo-restrictions. Reports indicate that numerous online guides and tutorials — sometimes promoted by influencers — instruct users on how to circumvent local restrictions and access blocked platforms.

In a concerning trend, “ready-to-gamble” crypto casino accounts are being sold online. These pre-verified accounts, which have already passed through Know Your Customer (KYC) checks, are reportedly available for as little as $10 on platforms like Facebook and other social media networks.

According to Sanya Burgess, a journalist with The i Paper, the sale of these accounts makes it even easier for underage or restricted users to participate in crypto gambling — raising alarms for regulators and watchdogs alike.

Regulatory Outlook and Market Future

The rapid growth of the crypto gambling market — paired with its circumvention of regulatory barriers — has put pressure on global authorities to address the evolving landscape. Despite bans, crypto gambling remains accessible, profitable, and increasingly mainstream, powered by decentralized technologies and social media-fueled demand.

As platforms like Stake continue to rival traditional betting giants, and as crypto integration deepens across Web3, the industry’s future may hinge on regulatory adaptation, platform accountability, and user education.