Unlicensed Online Gambling Surpasses €12 Billion Revenue Mark in Europe
A recent study commissioned by Euromat found that unlicensed online gambling generated an estimated €12 billion ($13.94 billion) in net revenue across Europe in 2025, accounting for about 25% of the European online gambling sector covered by the research.
The figure is roughly three times the estimated 2019 level and was determined through a thorough analysis of web traffic, digital marketing, and regulatory data from 28 markets. The study excluded Malta, Luxembourg, the UK, Serbia, and Montenegro.
Filip Jelavić, Owner and Project Lead at Helios, stated that restrictions on licensed operators can drive channel migration to unlicensed online gambling sites, citing affordability checks, state monopolies, and limited product choice as contributing factors. The researchers also found that many larger unlicensed brands use cryptocurrency to differentiate their products and reach customers across borders.