Europe’s Illegal Online Gambling Market Hits €12B, Euromat Study Claims

Europe’s illegal online gambling market generated an estimated €12 billion ($14.1 billion) in net revenue during 2025, according to new research commissioned by Euromat. Europe’s online gambling black market is now worth €12B, according to Euromat research. (Image: Getty) The study claims that the market has tripled in size since 2019. It now represents around 25% of the European online gambling sector. Advisory firm Regulus Partners and web traffic specialist Helios conducted the research for Euromat, which represents Europe’s land-based entertainment and gaming sector. The analysis covered 28 European markets. It combined web traffic and digital marketing analysis with other macroeconomic and regulatory data. Helios Managing Director Filip Jelavić said the research aimed to identify the size and characteristics of the illegal market. It also examined what has driven its rapid expansion over the last few years. It’s clear that online gambling black markets don’t happen by accident but instead are the result of government policies that create consumer friction. Helios Managing Director Filip Jelavić “In such an environment the key drivers are a combination of limited choice based on regulation and state monopolies, low visibility, distortions of price or value, as well as interventionist measures such as affordability checks,” Jelavić added. According to Jelavić, a handful of illegal operators have reached sufficient scale to establish recognizable brands and take meaningful market share. Regulators, trade bodies, and operators across Europe are increasingly sounding the alarm around the growing threat of offshore gambling. Last month, the Betting and Gaming Council warned that black market Premier League betting was on course to hit £1 billion ($1.36 billion) in wagers next season. In the Netherlands, state lottery Nederlandse Loterij has taken legal action against three unlicensed operators over recent months for targeting players in the country. Crypto Linked to Black Market Growth The researchers identified cryptocurrency gambling as an important factor in the growth of the offshore market. “The traffic analysis that we’ve undertaken shows that the rapid growth of cryptocurrencies has been key to building many of these businesses in terms of product differentiation and regulatory workarounds,” Jelavić said. He added that few regulated European gambling markets currently provide legal routes for gambling with cryptocurrencies, leaving the sector open to unlicensed operators. “Consumer protection policies are key but become counter-productive if they succeed in driving players into the black-market. The more engaged and higher value customers who seek black markets out are often the most vulnerable to harm or exploitation,” he said. Euromat Plans Policymaker Push Euromat President Jason Frost said the findings would support the association’s discussions with policymakers and law enforcement agencies. “The illegal black market is a major concern for everybody who recognizes the importance of a progressive and fairly regulated leisure and entertainment economy,” Frost said. He argued offshore operators have an advantage over licensed competitors because they avoid paying gambling taxes and other regulatory costs. Euromat said it will use the research as the basis for a broader program of engagement with European governments and enforcement bodies. The post Europe’s Illegal Online Gambling Market Hits €12B, Euromat Study Claims appeared first on Casino.org.