Europe’s illegal online gambling market tripled to €12bn in 2025

Europe’s illegal online gambling market generated an estimated €12bn in net revenue during 2025, according to new research commissioned by trade body Euromat.

The study claims the unregulated market has tripled since 2019 and now represents approximately 25% of Europe’s total online gambling sector.

Regulus Partners and digital research consultancy Helios conducted the analysis. However, the findings are industry-commissioned estimates rather than official regulatory statistics and should be understood in that context.

Study examines 28 European markets

The research covered 28 markets: 25 EU member states, with Malta and Luxembourg excluded, alongside the UK, Serbia and Montenegro.

Researchers said they spent more than 1,000 hours analysing web traffic and digital marketing data. They also considered macroeconomic conditions and country-specific developments, including changes to regulation.

Euromat described the work as the most detailed analysis yet conducted into illegal online gambling in Europe. It plans to use the findings in discussions with policymakers and law enforcement agencies.

“Online gambling black markets don’t happen by accident.” - Filip Jelavić, owner and project lead at Helios

He argued that restrictive product choices, state monopolies, poor visibility of licensed brands, affordability checks and policies affecting consumer value could create friction that encourages players to seek unregulated alternatives.

Crypto and affiliates support illegal growth

The research also claims that some leading illegal operators have become recognisable brands with substantial market share.

Helios identified cryptocurrency growth as an important factor, both because crypto can differentiate illegal products and because it can offer a way around conventional regulatory and payment controls.

Jelavić said relatively few European jurisdictions have created legal frameworks that allow consumers to gamble with cryptocurrencies. The report argues this produces demand from crypto users while helping unregulated businesses avoid scrutiny.

Affiliate marketing was identified as another enforcement challenge. Smaller illegal sites can use affiliates as a cost-effective way to attract players, even in countries where laws prohibit the promotion of unlicensed gambling.

Euromat president Jason Frost said illegal operators also gain a commercial advantage because they avoid the tax, compliance and consumer-protection costs faced by licensed businesses.

Separate study highlights global market

The findings were published alongside separate research highlighted by the Betting and Gaming Council. Fincord Intelligence estimated that the global illegal online gambling market generated approximately US$50bn in gross revenue in 2025.

The two headline figures are not directly comparable. The Euromat study measures estimated net revenue across 28 European markets, whereas Fincord’s figure concerns gross revenue worldwide.

The BGC said unlicensed sites were targeting people who had self-excluded through GamStop, including through search engines, social media, affiliates and messaging platforms.

BGC chief executive Grainne Hurst called for greater coordination between regulators, law enforcement, payment providers and technology companies. She argued that action should target the networks supporting illegal operators rather than individual websites alone.

Both reports add to pressure on European governments to consider whether enforcement tools are keeping pace with the marketing, payment systems and infrastructure used by unlicensed gambling businesses.