Crypto casinos generated more than $81 billion in revenue in 2024, even as regulators in key jurisdictions continued to block access to the platforms, according to a new report.

Citing data from the anti-online-crime platform Yield Sec, the Financial Times reported that wagers paid in crypto in 2024 generated $81.4 billion in gross gaming revenue (GGR). This metric refers to the difference between bets taken and winnings paid out.  

Yield Sec data also showed that the annual revenue for crypto casinos has increased five times since 2022, despite gambling sites being blocked in the United States, China, the United Kingdom and the European Union. 

Crypto casino Stake rivals traditional betting platforms

Betting platform Stake reported that its GGR in 2024 was around $4.7 billion, up 80% since 2022. This puts it on a par with some of the biggest gambling groups, such as Entain and Flutter. Entain reported $5 billion, while Flutter reported $14 billion in revenue in 2024. 

Stake offers traditional casino games, including blackjack, roulette and slots. The platform also allows users to bet on sports. Users on the betting platform generally transact in crypto, with account balances being deposited and withdrawn directly into crypto wallets. 

In 2023, the crypto betting platform was hacked, with $41 million withdrawn from its wallets. On Sept. 4, 2023, security firms flagged suspicious outflows from the platform. The company then confirmed the hack through social media, saying there were unauthorized transactions from its Ethereum and BNB Chain hot wallets. 

On Sept. 7, 2023, the US Federal Bureau of Investigation said the $41 million hack was executed by the notorious North Korean hacking group Lazarus. 

Related: XRP ETF ‘obvious’ as Polymarket bettors up approval odds to 85%

Gamblers access illegal sites through VPNs

Even though crypto gambling sites are officially blocked in many jurisdictions, users can access them by bypassing geo-blocking restrictions with VPNs, which allows users to place bets on sites blocked in their country. 

Former players and crypto users told the FT that many online guides show people how to bypass geo-blocking restrictions to access a crypto gambling platform. Cointelegraph confirmed that some influencers offer online tutorials that teach people how to access blocked gambling sites. 

“Ready-to-gamble” crypto casino accounts are also reportedly being sold on social media platforms, according to Sanya Burgess, journalist at The i Paper.

Source: Sanya Burgess

Users sell accounts that have already passed through betting sites’ registration processes. On Jan. 31, Sky News reported that some users sell pre-verified crypto casino accounts for as little as $10. These ready-to-gamble accounts are reportedly sold on social media sites like Facebook.

Magazine: Your AI ‘digital twin’ can take meetings and comfort your loved ones

Telegram CEO Pavel Durov has expressed concerns over the growing threat to private messaging in France and other European Union countries, warning that Telegram would rather exit certain markets than implement encryption backdoors that undermine user privacy.

In an April 21 post to his “Du Rove’s channel” on Telegram, he posted an alarming message about the EU’s increasing efforts to weaken messaging encryption by adding backdoors, a method that would allow authorities to bypass encryption and access private user data.

Durov cited initiatives from French and EU lawmakers to require messaging apps like Telegram to implement backdoors for police access and stressed Telegram’s commitment to digital privacy.

“Telegram would rather exit a market than undermine encryption with backdoors and violate basic human rights,” Durov stated, adding: “Unlike some of our competitors, we don’t trade privacy for market share.”

Backdoors can be exploited by criminals

In his message, Durov highlighted that the biggest problem behind encryption backdoors lies in their accessibility not only to authorities but also to hackers and foreign agents.

“It’s technically impossible to guarantee that only the police can access a backdoor,” Durov said, adding that backdoors would put users’ private messages at risk of being compromised.

He added that criminals would likely turn to lesser-known apps and use virtual private networks (VPNs) to avoid detection, rendering such regulations ineffective.

Telegram “never disclosed a single byte” of private messages

Durov said that while Telegram complies with valid court orders in some jurisdictions, such as disclosing IP addresses and phone numbers found to be involved in criminal activity, it has never exposed any private messages:

“In its 12-year history, Telegram has never disclosed a single byte of private messages. In accordance with the EU Digital Services Act, if provided with a valid court order, Telegram would only disclose the IP addresses and phone numbers of criminal suspects — not messages.”

He urged privacy advocates to keep communicating with lawmakers and promote encryption as a protection tool of privacy and safety for ordinary people, rather than see it as a criminal tool. “Losing that protection would be tragic,” Durov said.

“The battle is far from over”

Although the French National Assembly rejected a proposal to allow hidden access to private messages in March, the EU’s war on digital privacy is far from over, Durov said.

Durov cited the European Commission’s “ProtectEU” proposal from early April. The proposal aims to find “technological solutions to enable lawful access to data by law enforcement authorities in 2026.”

An excerpt from the EC’s ProtectEU proposal. Source: EU

The proposal has been heavily criticized by digital privacy advocates and some European lawmakers, with Finnish MEP Aura Salla suggesting that introducing encryption backdoors “fundamentally undermines the very cybersecurity principles ProtectEU aims to uphold.”

Related: EU could fine Elon Musk’s X $1B over illicit content, disinformation

“No country is immune to the slow erosion of freedoms. Every day, those freedoms come under attack — and every day, we must defend them,” Durov concluded.

Durov’s warning about threats to privacy and freedom in the EU comes amid an ongoing legal case in France against the Telegram CEO centered around allegations of facilitating a platform that enables illicit transactions.

According to French prosecutors, Durov faces up to 10 years of prison time in addition to a $550,000 fine if convicted.

Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

XRP (XRP) has dropped nearly 40% since hitting its multi-year high of $3.40 three months ago.

Still, its ability to hold above key technical support levels, combined with a potentially market-shifting derivatives listing, has prompted some analysts to maintain a bullish outlook for the months ahead.

XRP/USD daily price chart. Source: TradingView

Coinbase XRP futures may launch on April 21

From a fundamental perspective, XRP may receive a boost from the anticipated launch of XRP futures contracts on the Coinbase Derivatives platform, scheduled for April 21 under the US Commodity Futures Trading Commission’s (CFTC) oversight.

Source: X

This development may inject fresh liquidity and institutional interest into the market, helping catalyze the technical breakouts projected above.

XRP price chart painting Wyckoff reaccumulation

XRP’s ongoing consolidation phase resembles a classic Wyckoff reaccumulation pattern, according to technical analyst Charting Guy.

The Wyckoff reaccumulation pattern is a mid-cycle structure that often precedes the next leg of a broader uptrend. It suggests that smart money is absorbing supply during the cooldown, setting the stage for a potential breakout.

XRP established support and began consolidating in late 2024, marking Phases A and B of the Wyckoff reaccumulation pattern. In early April 2025, the price formed a “Spring” followed by a successful “Test,” signaling seller exhaustion.

XRP/USD daily price chart. Source: TradingView/Charting Guy

As of April 21, XRP is attempting to break above the descending “Creek” trendline.

A breakout would confirm a “Jump Across The Creek” (JATC) and entry into Phase D. If confirmed, XRP could enter Phase E and rally 70% toward $3.55 in the coming weeks, a level aligning with the pattern’s Last Point of Support (LPS).

XRP/USD weekly price chart. Source: TradingView

A Fibonacci retracement graph drawn from $3.55-swing-high to $0.14-swing-low presents $5.65 as the upside target for June if XRP price breaks above $3.55.

Falling wedge aligns with XRP’s bullish outlook

The upside outlook aligns with XRP’s prevailing falling wedge pattern, as spotted by chartist “Jobcfx” on X.

Notably, the bullish reversal structure has been narrowing since February 2025. A breakout above the wedge’s upper trendline, currently around the $2.20-2.40 area, would signal the start of a new rally.

XRP/USD daily price chart. Source: TradingView

Falling wedge breakouts typically target a move equal to the pattern’s maximum height.

In XRP’s case, if it breaks above $2.20, the projected upside target for May lands near $4.00, aligning with the Wyckoff reaccumulation’s Phase E breakout zone.

Related: XRP price analysts project $10 next, ‘optimistic’ target of $20

Interestingly, Bitcoin (BTC) is also forming a falling wedge pattern on its chart. If confirmed, a bullish breakout in Bitcoin could act as a catalyst for the altcoin market, potentially accelerating XRP’s upward momentum as well.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.