Crypto-Fueled Black Markets Triple European Online Gambling Revenue
European online gambling black markets have tripled in size since 2019 to reach €12 billion in net revenue by 2025, accounting for a quarter of the sector's total revenue. A study conducted by Helios and Regulus Partners, commissioned by Euromat, analyzed 1,000 hours of traffic and marketing data across 28 European jurisdictions.
The researchers found that limited choice, state monopolies, price distortions, and interventionist measures such as affordability checks created consumer friction, contributing to the growth of black markets. Filip Jelavić, owner and project lead at Helios, noted that 'online gambling black markets don't happen by accident' but are instead the result of government policies.
The study also found that cryptocurrencies enabled the growth of black markets through regulatory workarounds, with Jelavić stating that 'very few European online gambling jurisdictions have established a working solution for consumers to use cryptocurrencies to gamble legally'. This lack of clarity has created both a 'push' from crypto consumers and a 'pull' from crypto ecosystems seeking to avoid scrutiny.
The unregulated market is linked to organized crime, according to Euromat president Jason Frost, who stated that the research will inform engagement with policymakers. The UK Betting and Gaming Council also highlighted a report by Fincord Intelligence estimating the global illegal market generated US$50 billion in gross revenue in 2025.