Despite facing bans across major jurisdictions, crypto casinos posted a staggering $81.4 billion in revenue in 2024, cementing their place as a dominant force in the online gambling world. A new report from Yield Sec reveals the booming growth of decentralised betting, driven by user demand, VPN workarounds, and crypto-native platforms like Stake.

Unstoppable Growth Amid Global Restrictions

According to data cited by the Financial Times, gross gaming revenue (GGR) from crypto casinos in 2024 was more than five times higher than in 2022. This growth comes despite gambling sites being officially blocked in the US, China, the UK, and the EU.

GGR refers to the difference between total wagers and winnings paid out, a key indicator of a casino’s profitability. The data highlights how crypto betting platforms continue to thrive in the shadows of regulation.

Stake Emerges as a Major Contender

Among crypto casinos, Stake stands out. The platform reportedly generated $4.7 billion in GGR in 2024, marking an 80% increase since 2022. That places it alongside industry giants like Entain ($5B) and Flutter ($14B), despite operating primarily in restricted regions.

Stake offers a full suite of classic games — including blackjack, roulette, and slots — alongside sports betting. Users fund accounts with cryptocurrency, making deposits and withdrawals directly to crypto wallets, bypassing traditional banking channels.

Security Concerns and High-Profile Hacks

Stake’s rise hasn’t been without setbacks. In September 2023, it suffered a major security breach, losing $41 million from its Ethereum and BNB Chain hot wallets. The FBI later confirmed the hack was carried out by the infamous North Korean cybercrime group Lazarus.

Despite the breach, Stake and similar platforms continued to grow, highlighting users’ appetite for crypto gambling — and their willingness to overlook risks for high-speed, anonymous betting.

Geo-Blocks Bypassed, Accounts Sold Online

Though crypto casinos remain illegal in many countries, users have found workarounds. VPNs allow players to bypass geo-restrictions, and guides on platforms like YouTube and Telegram explain how to access blocked sites.

Worryingly, there’s also a market for “ready-to-gamble” crypto accounts. According to journalist Sanya Burgess, these pre-verified accounts — which have already passed identity checks — are sold on social media for as little as $10. A report by Sky News in January 2024 confirmed their widespread availability on platforms like Facebook.