Crypto Casinos Earn $81B in 2024 Despite Bans and Hacks

Crypto-based gambling platforms are booming — pulling in over $81 billion in revenue this year — even as governments continue to crack down.

According to data from Yield Sec, a platform dedicated to monitoring online crime, crypto casinos accumulated a staggering $81.4 billion in gross gaming revenue (GGR) in 2024. This metric represents the total amount wagered minus payouts to winners.

5x Growth in Just Two Years

Despite bans in major markets like the United States, China, the UK, and the EU, the crypto gambling industry has grown fivefold since 2022. The report suggests that these platforms are thriving even under regulatory pressure, partly because users find ways to bypass restrictions.

Stake Casino Competes with Gambling Giants

One of the standout players, Stake, reported a GGR of $4.7 billion in 2024 — a rise of 80% compared to 2022. This positions Stake alongside major gambling corporations like Entain ($5B) and Flutter ($14B). The platform offers games like blackjack, slots, roulette, and sports betting, with all transactions processed in crypto via digital wallets.

Stake Hack Traced to North Korean Group

In September 2023, Stake suffered a security breach that resulted in a $41 million loss. The U.S. FBI later attributed the hack to the Lazarus Group, a well-known North Korean cybercrime organization. The stolen funds were siphoned from the platform’s hot wallets on Ethereum and BNB Chain.

VPNs and Black Market Accounts Fuel Access

Although many crypto casinos are geo-blocked, users continue to gain access through VPNs and underground marketplaces. Tutorials, influencer content, and even ready-to-use “verified” accounts are reportedly sold on social media for as little as $10. This black market enables gamblers to sidestep legal barriers with ease.