Key Moments:
- Europe’s illegal online gambling market was estimated to have generated €12 billion in net revenue during 2025
- The unlicensed sector is now estimated to account for approximately 25% of Europe’s total online gambling market
- Researchers pointed to the role of cryptocurrency gambling and regulatory constraints as growth accelerators for the black market
Scope and Findings of the Euromat Study
A new report commissioned by Euromat has indicated that Europe’s illicit online gambling market reached an estimated net revenue of €12 billion ($14.1 billion) during 2025. According to the study, this figure represents a threefold increase since 2019, with unregulated operators now estimated to control around 25% of the continent’s online gambling sector.
Methodology and Geographic Coverage
The research, conducted by Regulus Partners and Helios, reviewed activity across 28 European markets. By combining web traffic, digital marketing data, macroeconomic indicators, and regulatory analysis, the study aimed to deliver an in-depth assessment of the black market’s size and defining characteristics.
Helios Managing Director Filip Jelavić explained that the purpose was to identify what has driven the rapid growth in unregulated online gambling, beyond simply quantifying its scale.
Government Policies and Black Market Expansion
Jelavić stated, “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.” He further noted, “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.”
A notable observation from the study is that several illegal operators have achieved a scale that allows them to establish recognizable brands and capture significant market share.
Rising Concerns across Europe
Stakeholders—including regulators, trade associations, and licensed operators—are increasingly warning about the implications of offshore gambling. For example, the Betting and Gaming Council recently cautioned that black market Premier League betting could reach £1 billion ($1.36 billion) in wagers for the upcoming season. In the Netherlands, Nederlandse Loterij initiated legal proceedings against three unlicensed operators for targeting Dutch consumers.
Cryptocurrency’s Role in Market Growth
The researchers also identified cryptocurrency gambling as a major contributor to the expansion of the unregulated sector. Jelavić commented, “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.” He added that few regulated European gambling markets currently allow the legal use of cryptocurrencies, providing unlicensed operators with an entry point.
Jelavić concluded, “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.”
Industry Response and Policy Engagement
Euromat President Jason Frost said that the findings would play a role in the association’s discussions with both policymakers and law enforcement. “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 highlighted the competitive advantage of offshore operators, which avoid tax and regulatory obligations.
According to Euromat, the research will serve as a foundation for broader engagement initiatives with European governments and enforcement bodies.
Overview of Key Data
| Metric | Value |
|---|---|
| Estimated Black Market Net Revenue (2025) | €12 billion ($14.1 billion) |
| Share of European Online Gambling Sector | 25% |
| Number of Analyzed European Markets | 28 |
- Author
Daniel Williams
