Crypto casinos generated more than $81 billion in revenue in 2024, even as regulators in key jurisdictions continued to block access to the platforms, according to a new report.
Citing data from the anti-online-crime platform Yield Sec, the Financial Times reported that wagers paid in crypto in 2024 generated $81.4 billion in gross gaming revenue (GGR). This metric refers to the difference between bets taken and winnings paid out.
Yield Sec data also showed that the annual revenue for crypto casinos has increased five times since 2022, despite gambling sites being blocked in the United States, China, the United Kingdom and the European Union.
Crypto casino Stake rivals traditional betting platforms
Betting platform Stake reported that its GGR in 2024 was around $4.7 billion, up 80% since 2022. This puts it on a par with some of the biggest gambling groups, such as Entain and Flutter. Entain reported $5 billion, while Flutter reported $14 billion in revenue in 2024.
Stake offers traditional casino games, including blackjack, roulette and slots. The platform also allows users to bet on sports. Users on the betting platform generally transact in crypto, with account balances being deposited and withdrawn directly into crypto wallets.
In 2023, the crypto betting platform was hacked, with $41 million withdrawn from its wallets. On Sept. 4, 2023, security firms flagged suspicious outflows from the platform. The company then confirmed the hack through social media, saying there were unauthorized transactions from its Ethereum and BNB Chain hot wallets.
On Sept. 7, 2023, the US Federal Bureau of Investigation said the $41 million hack was executed by the notorious North Korean hacking group Lazarus.
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Gamblers access illegal sites through VPNs
Even though crypto gambling sites are officially blocked in many jurisdictions, users can access them by bypassing geo-blocking restrictions with VPNs, which allows users to place bets on sites blocked in their country.
Former players and crypto users told the FT that many online guides show people how to bypass geo-blocking restrictions to access a crypto gambling platform. Cointelegraph confirmed that some influencers offer online tutorials that teach people how to access blocked gambling sites.
“Ready-to-gamble” crypto casino accounts are also reportedly being sold on social media platforms, according to Sanya Burgess, journalist at The i Paper.
Users sell accounts that have already passed through betting sites’ registration processes. On Jan. 31, Sky News reported that some users sell pre-verified crypto casino accounts for as little as $10. These ready-to-gamble accounts are reportedly sold on social media sites like Facebook.
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A “British man” has died after being beaten and set on fire by a mob in Ecuador, according to reports by media in the South American country.
According to reports, the man – who has not been officially identified – had been detained by police after being accused of being involved in a fatal shooting.
Ecuadorian news outlet Ecuavisa reported that the man had been taken to a police station Playas del Cuyabeno, a remote village in the Amazon rainforest.
While there, a group broke into the station and took the man away. He was then set on fire in the street, it is reported, and died from his burns.
The incident reportedly happened in the Playas del Cuyabeno area of Sucumbios province
Another local report, from EXTRA.ec, said that specialist police units had been slow to arrive due to the geographical conditions of the area – which is accessible by river.
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According to reports, police officers at the station apparently decided they could not intervene when the mob arrived out of concerns for their own safety.
The UK Foreign, Commonwealth and Development Office has been approached for comment.
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