Crypto Casinos Rake In $81 Billion Despite Global Bans and VPN Workarounds in 2024
Underground demand and digital loopholes fuel record-breaking crypto gambling growth
Crypto Gambling Booms as Global Regulators Struggle to Keep Up
Despite widespread regulatory crackdowns in the U.S., China, the U.K., and the European Union, crypto casinos generated a staggering $81.4 billion in revenue in 2024, according to new data from Yield Sec, an anti-online-crime intelligence firm.
The figure, reported by the Financial Times, represents a fivefold increase in gross gaming revenue (GGR) since 2022. GGR measures the difference between total wagers placed and winnings paid out — a key indicator of profitability in the gambling industry.
“Even with bans in place, crypto gambling isn’t just surviving — it’s thriving,” said one industry insider who wished to remain anonymous.
Stake’s $4.7 Billion Surge Rivals Legacy Gambling Giants
Among the standout performers in this crypto-fueled casino boom is Stake.com, a leading platform that offers traditional games like blackjack, roulette, and slots, as well as sports betting — all powered by cryptocurrency.
In 2024, Stake reported $4.7 billion in GGR, an 80% jump from 2022. This figure puts Stake neck and neck with legacy brands like Entain, which earned $5 billion, and Flutter, which brought in $14 billion in revenue in the same period.
Unlike traditional casinos, Stake operates fully on crypto, with user balances deposited and withdrawn directly via crypto wallets.
Hacking and North Korean Ties: A High-Stakes Security Breach
Stake’s rapid rise hasn’t come without risk. In September 2023, the platform experienced a $41 million hack after suspicious outflows were detected from its Ethereum and BNB Chain hot wallets.
Days later, the U.S. FBI attributed the cyberattack to the infamous Lazarus Group — a North Korean state-sponsored hacking operation known for targeting crypto entities.
“The intersection of crypto and gambling is not only a financial story — it’s a cybersecurity one,” warned a blockchain analyst familiar with the case.
Geo-Blocked? Just Use a VPN
Despite being blocked in numerous countries, crypto gamblers are finding their way in. Many bypass national restrictions using VPNs (Virtual Private Networks), allowing them to access banned sites as if located in unrestricted jurisdictions.
Former users and crypto enthusiasts revealed to FT that online guides and influencer-led tutorials are readily available to show newcomers how to circumvent geo-blocking.
Even more concerning, “ready-to-gamble” crypto accounts — pre-verified and registered — are being sold online for as little as $10, according to Sanya Burgess of The i Paper. Platforms like Facebook have been identified as popular hubs for these underground transactions.
A Parallel Gambling World That’s Not Slowing Down
Despite legal barriers and mounting concerns over cybersecurity, user access, and state-sponsored hacking, the crypto casino industry continues to grow at breakneck speed.
For regulators, it’s a game of catch-up — and for users, a high-stakes digital frontier full of both opportunity and risk.
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