Europe's Illicit Online Gambling Market Triples to 25% of Sector
Europe's illegal online gambling market has tripled in size since 2019 and now accounts for 25% of the sector as a whole, according to research commissioned by Euromat. The study found that the black market was worth €12 billion in net revenue in 2025.
The investigation, which analyzed 28 European online gambling markets, pointed to government policies such as affordability checks and state monopolies as key drivers of the growth in the illegal market.
Helios owner Filip Jelavić said that 'online gambling black markets don't happen by accident but instead are the result of government policies that create consumer friction.' He also noted that the rapid growth of cryptocurrencies has been a key factor in building many of these businesses, which often use workarounds to avoid regulation.
Euromat president Jason Frost said that the study will be used as evidence in efforts to engage with policymakers and law enforcement agencies. The Betting and Gaming Council (BGC) also highlighted a report from Fincord Intelligence that estimated the global illegal online gambling market generated around US$50 billion in gross revenue in 2025.
The BGC's CEO, Grainne Hurst, warned that 'illegal operators are deliberately targeting vulnerable customers in the UK' and called on the government to step up efforts to coordinate law enforcement and regulators to target these networks.