Crypto casinos have seen a surge in popularity, with revenue reaching an impressive $81.4 billion in 2024, according to a report by Yield Sec. This growth comes despite ongoing restrictions in key markets like the US, UK, EU, and China, where access to these platforms is blocked. Here’s a breakdown of the booming crypto casino industry.

Crypto Betting Platforms Reach New Heights

Despite global crackdowns, crypto casinos continue to thrive, with Stake—one of the biggest platforms in the industry—reporting an annual revenue of $4.7 billion in 2024. This marks an 80% increase since 2022, placing Stake on par with traditional giants like Entain ($5 billion) and Flutter ($14 billion).

Stake offers a variety of casino games such as blackjack, roulette, and slots, as well as sports betting. Users can place wagers and withdraw their earnings directly into their crypto wallets, making it a seamless experience for crypto enthusiasts. Despite challenges, these platforms are carving out a significant market share in the gambling sector.

Exponential Growth Despite Regulatory Barriers

Crypto casinos have grown at a staggering rate, with revenue increasing fivefold since 2022. This growth is especially noteworthy given that major jurisdictions like the United States, United Kingdom, and the European Union continue to block access to such platforms.

Regulators have struggled to keep pace with the rapidly expanding market, and while geo-blocking has proven effective in limiting access, VPNs have become the tool of choice for users seeking to bypass these restrictions. Crypto gambling remains popular despite the risks, with users continuing to find ways around legal barriers.

The Shadow of Cybercrime: Stake’s $41M Hack

While crypto casinos have prospered, the industry is not without its risks. In September 2023, Stake was hacked, with $41 million being stolen from its wallets. The attack, attributed to the notorious North Korean hacking group Lazarus, raised alarms about security on crypto gambling platforms.

Despite the setback, Stake has remained a dominant force in the market. The hack highlights the challenges of securing digital assets in the crypto space, particularly in high-stakes environments like online gambling. As more money flows into the sector, the need for robust security measures becomes ever more pressing.

Illegal Access Through VPNs and Account Reselling

One of the most concerning aspects of the crypto casino industry is how users are accessing these platforms despite the bans. Many bypass geo-blocking restrictions using VPNs, which allows them to gamble on sites otherwise unavailable in their countries. This method of circumvention has led to growing concerns about the lack of regulatory control and the ease with which users can access illegal platforms.

In addition, there is a growing market for pre-verified crypto gambling accounts. These accounts, which are sold on social media platforms for as little as $10, offer users a shortcut to bypass the registration process. According to reports, some online guides and influencers actively promote ways to evade restrictions and gain access to crypto gambling sites.

The Future of Crypto Casinos: A Rising Challenge

As crypto casinos continue to grow, they face increasing scrutiny from regulators worldwide. The industry’s future will likely depend on how well it can address concerns over security, regulatory compliance, and access. While the rise in crypto casino revenue reflects a booming market, the challenges of cybercrime, illegal access, and regulatory hurdles remain significant.

For the time being, crypto casinos are firmly entrenched in the gambling ecosystem, with users finding ways to circumvent bans and participate in the market. Whether this trend continues will depend on how quickly authorities can adapt to the growing influence of blockchain-based gambling.