Europe’s Illegal Online Gambling Market Reaches €12 Billion
Europe’s unlicensed online gambling market generated an estimated €12 billion (roughly $14.1 billion) in net revenue during 2025, according to new research commissioned by Euromat, the body representing Europe’s land-based entertainment and gaming sector. The figure, reported by Casino.org, represents a market that has tripled in size since 2019 and now accounts for approximately one in every four euros spent across Europe’s online gambling sector.
The study was carried out by advisory firm Regulus Partners and web traffic specialist Helios across 28 European markets. Researchers combined web traffic data and digital marketing analysis with broader macroeconomic and regulatory information to arrive at their estimates.
Crypto and Regulation Cited as Key Factors
Helios Managing Director Filip Jelavić pointed to a combination of factors fuelling the black market’s expansion, including restricted consumer choice under state monopolies, low visibility of illegal sites, and the impact of interventionist policies such as affordability checks. He noted that a handful of illegal operators have grown large enough to build recognisable brands and capture meaningful market share.
Cryptocurrency gambling was highlighted as a particularly significant driver. According to Jelavić, rapid crypto adoption has helped unlicensed operators differentiate their products and sidestep regulatory requirements, partly because few regulated European markets currently offer legal routes for crypto wagering — leaving a gap that offshore sites have been quick to fill.
For UK audiences, this is a familiar concern. The Betting and Gaming Council warned last month that black market Premier League betting could hit £1 billion in wagers next season alone. The European picture suggests the UK is far from unique in grappling with offshore competition.
Consumer Risk at the Heart of the Issue
Jelavić raised a pointed concern around player welfare, arguing that consumer protection measures become “counter-productive” if they push players towards unregulated alternatives. He suggested that the higher-value customers most likely to seek out black markets are often those most vulnerable to harm or exploitation — a dynamic that poses a genuine challenge for regulators trying to balance protection with keeping players onside.
Euromat President Jason Frost said the research would underpin the organisation’s discussions with policymakers and law enforcement, stressing that offshore operators hold an unfair advantage by avoiding gambling taxes and regulatory costs borne by licensed competitors.
Euromat plans to use the findings as the basis for a broader engagement programme with European governments and enforcement bodies. You can keep up with developments like this in our casino news section, or read more about how licensing and regulation affects players in our guides.
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