Source: Cointelegraph Original: "{title}"
According to a new report, cryptocurrency casinos generated over $81 billion in revenue in 2024, even as regulators in major jurisdictions continue to block access to these platforms.
The Financial Times cited data from anti-cybercrime platform Yield Sec, reporting that bets paid in cryptocurrency produced a total gaming revenue (GGR) of $81.4 billion in 2024. This metric refers to the difference between the amount wagered and the payouts made.
Yield Sec's data also shows that despite gambling sites being blocked in the U.S., China, the U.K., and the EU, annual revenue for crypto casinos has increased fivefold since 2022.
Gambling platform Stake reported a GGR of approximately $4.7 billion for 2024, an 80% increase since 2022. This places it on par with some of the largest gambling groups, such as Entain and Flutter. Entain reported revenue of $5 billion, while Flutter reported $14 billion in revenue for 2024.
Stake offers traditional casino games, including blackjack, roulette, and slot machines. The platform also allows users to place sports bets. Users on the gambling platform generally transact using cryptocurrency, with account balances directly deposited into cryptocurrency wallets or withdrawn.
In 2023, the crypto gambling platform was hacked, resulting in $41 million being withdrawn from its wallet. On September 4, 2023, a security firm discovered suspicious fund outflows from the platform. Subsequently, the company confirmed the hack via social media, stating that unauthorized transactions occurred in its Ethereum and BNB Chain hot wallets.
On September 7, 2023, the FBI stated that the $41 million hack was carried out by the notorious North Korean hacking group Lazarus.
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Despite official blocks on crypto gambling sites in many jurisdictions, users can bypass geographic restrictions using VPNs, allowing them to place bets on sites that are blocked in their home countries.
Former players and cryptocurrency users told the Financial Times that many online guides show people how to bypass geographic restrictions to access cryptocurrency gambling platforms. Cointelegraph confirmed that some influencers provide online tutorials teaching people how to access blocked gambling sites.
According to i Paper journalist Sanya Burgess, "always available to gamble" cryptocurrency casino accounts are also being sold on social media platforms.
Users are selling accounts that have already gone through the registration process on gambling sites. On January 31, Sky News reported that some users were selling pre-verified crypto casino accounts for as low as $10. These always-available gambling accounts were reportedly sold on social networking sites like Facebook.
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