Crypto casino revenue hit $81B in 2024 despite global restrictions
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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 Users on the betting platform generally transact in crypto, with account balances being deposited and withdrawn directly into crypto wallets. In 2023, the crypto betting platform was hacked, with $41 million withdrawn from its wallets.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…
Filed under: News - @ April 21, 2025 3:24 pm