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 Users on the betting platform generally transact in crypto, with account balances being deposited and withdrawn directly into crypto wallets.
In 2023, the crypto betting platform was hacked, with $41 million withdrawn from its wallets.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.
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.
The US ambassador to Israel has called cabinet minister Bridget Phillipson “delusional” after she told Sky News the UK played a key role in the Gaza peace deal.
The education secretary told Sunday Morning With Trevor Phillips that Sir Keir Starmer’s presence at a signing ceremony for the ceasefire deal in Egypt on Monday “demonstrates the key role that we have played”.
She did not say exactly what the UK’s role in the ceasefire, largely attributed to Donald Trump, is or was.
But she added: “We have played a key role behind the scenes in shaping this.
“It’s right that we do so because it’s in all of our interest, including our own national interest, that we move to a lasting peace in the region.
“These are complex matters of diplomacy that we are involved in. But we do welcome and recognise the critical role that the American government played in moving us to this point.”
More on Bridget Phillipson
Related Topics:
However, the US ambassador to Israel, Mike Huckabee, reposted the Sky News clip of Ms Phillipson’s comments and said: “I assure you she’s delusional.
“She can thank Donald Trump anytime just to set the record straight.”
Mr Huckabee was part of the negotiating team for the peace deal, with Mr Trump calling the former Arkansas governor “AMAZING” as he said he “worked so hard, and did so much, to bring about peace in the Middle East”.
In August, Mr Huckabee said the UK and other European nations who said they would declare a Palestinian state were “having the counterproductive effect that they probably think that they want”.
X
This content is provided by X, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable X cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to X cookies.
To view this content you can use the button below to allow X cookies for this session only.
Israel’s deputy foreign affairs minister, Sharren Haskell, told Sky News the UK played “the opposite” of a key role in the peace deal after the Palestinian state declaration, which eventually happened in September.
She accused the PM’s initial threat “at a very sensitive time” in July of having “pushed Hamas to embolden their position and to refuse a ceasefire two months ago”.
“I think that right now, the quiet that was given during the negotiation, and to President Trump, had probably played a bigger role than what the government had done two months ago,” she said.
“The message that the UK government has sent Hamas was the message that: the longer they continue this war, they will be rewarded.
“I mean, you must understand that when a terrorist organisation is thanking you. You are on the wrong side of history.”
Please use Chrome browser for a more accessible video player
2:59
Final preparations for hostages in Israeli hospital
Ms Phillipson stood by the decision to declare a Palestinian state, saying it was “the right thing to do”.
Husam Zomlot, the Palestinian ambassador to the UK, told Sky News it was a “moment of leadership” for the UK to declare a Palestinian state, and a “responsibility to begin to correct a century of the gravest historic injustices committed against our people”.
He added: “That moment three weeks ago, when the UK did recognise, is a moment when we can say that the wheels of history are turning in a different direction.”
No plans for British troops on the ground
The education secretary also told Sky News the government has “no plans” to put British troops into Israel or Gaza as part of a stabilisation force after the ceasefire.
The US military will help establish a multinational force in Israel, known as a civil-military coordination centre, which is likely to include troops from Egypt, Qatar, Turkey and the UAE.
Image: Tens of thousands of Palestinians have walked back to Khan Younis in southern Gaza. Pic: AP
On Friday, US officials said up to 200 US troops already based in the Middle East will be moved to Israel to help monitor the ceasefire in Gaza.
The day before, President Trump announced Israel and Hamas had “signed off on the first phase” of a peace plan he unveiled last week.
Image: Pic: Reuters
Aid trucks have been gathering in Egypt to cross into Gaza after months of warnings by aid groups of famine in parts of the territory.
In Israel, the remaining hostages are due to be returned from Gaza by Hamas on Monday under the first phase of the peace plan. Twenty are believed to still be alive, 26 have been declared dead, while the fate of two is unknown.
The ceasefire agreement has been made two years after Hamas stormed Israel on 7 October 2023, killing 1,200 people and taking 251 hostages.
Israel’s military offensive has killed more than 67,000 Palestinians in Gaza, according to the Hamas-run health ministry, which the UN deems reliable.
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.
More on Liberal Democrats
Related Topics:
“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.”