Crypto casinos are rapidly transforming the global gambling landscape, drawing attention from regulators and investors alike. In 2024, these platforms reported unprecedented revenue levels, challenging the dominance of traditional online betting firms.
Crypto Gambling Sector Surges in 2024
The crypto gambling sector experienced massive revenue growth in 2024, with gross gaming income reaching five times the 2022 level. According to Yield Sec, the total gross gaming revenue of crypto casinos surged from around $16 billion in 2022 to $81.4 billion last year.
Stake Leads the Market
At the forefront of this growth is Stake, a leading crypto casino that generated $4.7 billion in betting revenue during 2024—an 80% increase compared to its 2022 performance. Yield Sec noted that such platforms operate in a legal grey area.
Despite being banned in the U.S., China, the European Union, and the UK, crypto casinos continue to attract digital asset holders thanks to their technological flexibility. Players use VPNs and anonymization techniques to bypass restrictions, follow guides to avoid bans, and even purchase pre-made accounts to gain access.
Rivalry with Traditional Betting Giants
Stake, Rollbit, and Roobet now compare themselves to global betting giants such as Entain and Flutter, which earn $5 billion and $14 billion annually. This highlights the competitiveness of crypto casinos on the global gambling stage.
Stake, operated by the Curacao-based firm Medium Rare, reported impressive metrics in 2024:
- Up to 4% of Bitcoin’s total global transaction volume
- Over 25 million users
- More than 300 billion crypto-based bets since 2017
Security and Legal Risks
Ismail Vali, founder of Yield Sec, emphasized that crypto betting remains illegal in most jurisdictions. Yet, the staggering $81.4 billion in gross income underlines the explosive popularity of these platforms.
In contrast, crypto casino Duelbits suffered a cyberattack in 2024. After a private key compromise, it lost approximately $5 million in digital assets, according to CertiK.
