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Crypto casino revenue hit B in 2024 despite global restrictions

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 Users on the betting platform generally transact in crypto, with account balances being deposited and withdrawn directly into crypto wallets. 

In 2023, the crypto betting platform was hacked, with $41 million withdrawn from its wallets.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. 

Related: XRP ETF ‘obvious’ as Polymarket bettors up approval odds to 85%

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.

Cryptocurrencies, Casino, Betting, Gambling, United States, United Kingdom, Online Casino, Companies, Policy
Source: Sanya Burgess

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.

Magazine: Your AI ‘digital twin’ can take meetings and comfort your loved ones

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Man charged with stalking after allegedly targeting Lib Dem leader Sir Ed Davey and his family

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Man charged with stalking after allegedly targeting Lib Dem leader Sir Ed Davey and his family

A man has been charged with stalking and possession of a flick knife after allegedly targeting Lib Dem leader Sir Ed Davey and his family.

Inigo Rowland, 58, of Surbiton, south London, was arrested last Monday, but it was only made public on Sunday.

He appeared at Wimbledon Magistrates’ Court on Tuesday and was remanded in custody, the Met Police said.

The offences are alleged to have taken place between June and October.

Sir Ed, the MP for Kingston and Surbiton, lives in southwest London with his wife, Emily, their 17-year-old son John, and his younger sister Ellie.

A spokesperson for the Met Police said: “Inigo Rowland, 58, of Surbiton has been charged with stalking and possession of a flick knife.

“He appeared at Wimbledon Magistrates’ Court on Tuesday, 7 October and was remanded into custody. He will next appear at the same court on Tuesday, 14 October.

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“He was arrested on Monday, 6 October in relation to the offences, which are alleged to have taken place between June and October.”

A Lib Dem spokesperson said: “We cannot provide any details at this time, Ed’s number one priority is the safety of his family.”

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Investigation ties 100,000 BTC Hyperliquid whale to former BitForex CEO

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Investigation ties 100,000 BTC Hyperliquid whale to former BitForex CEO

Investigation ties 100,000 BTC Hyperliquid whale to former BitForex CEO

An investigation has tied the Hyperliquid whale controlling over 100,000 BTC to Garrett Jin, the ex-BitForex CEO whose exchange collapsed amid fraud probes.

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Plaid Cymru leader was ‘turned down’ for meeting with PM, he claims

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Plaid Cymru leader was 'turned down' for meeting with PM, he claims

Calls for a meeting with Prime Minister Sir Keir Starmer have been snubbed by No 10, the leader of Plaid Cymru has told Sky News.

Rhun ap Iorwerth, who has served as leader of the Welsh nationalist party since June 2023, is looking likely to become Wales’s first minister next May, but when he asked to meet with Sir Keir after his election last year, he says he was turned down.

Speaking with Sky News’ political correspondent Liz Bates, Mr ap Iorwerth said he had “never” had a conversation with the prime minister but it was “not because I haven’t tried”.

He added: “When I contacted the prime minister to ask for a meeting, after his election last year, I was turned down and it was passed on to the Secretary of State for Wales.

“People can read into that what they want.

“I’ve spoken very openly about wanting to have a constructive relationship with the UK prime minister.”

The former journalist said in his reporting days he had not interviewed Sir Keir and now, in politics, their “paths had never crossed” but he said he felt it was “important”.

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“I have certainly asked if we could meet. And that is certainly something that I would still love to happen,” he said.

Mr ap Iorwerth said a conversation would be key because if he became Welsh first minister, there would be “serious negotiations on serious issues around funding for Wales – on investing in infrastructure in Wales, on the future of how we’re able to influence and use our natural resources in Wales”.

“So I want to have that constructive relationship,” he said.

In an apparent nod to current Labour first minister Eluned Morgan, Mr ap Iorwerth said Sir Keir would be in “no doubt” that his loyalty “would always be to the people of Wales”.

He said: “I won’t be pulling my punches in order to save the Labour Party embarrassment.

“I’ll be really laying out what’s in the interest of Wales. And that’s, I think, a fundamentally different relationship. But it has to be, and I want it to be, a constructive one.”

The next Senedd election is May 2026, when voters in Wales will elect 96 members for the first time – an increase of more than 50% from the current 60.

Welsh politics has traditionally been dominated by Labour.

Labour’s grip on Wales sliding?

Welsh Labour MPs have been the largest group sent to Westminster in every general election since 1922 – and the party has been in government in the country for more than a quarter of a century.

But if the polls are accurate, Labour’s long-standing grip on politics in Wales is fading.

Plaid Cymru and Reform UK are running almost neck and neck, while Labour trails significantly.

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