Key Moments:
- Unregulated online gambling accounted for 72% of the EU 27’s gross gambling revenue in 2025.
- Tax losses from unregulated online operators reached an estimated €22.0 billion in 2025.
- GCI tracked over 6,200 unregulated operators active in the EU 27 market in 2025.
Market Growth and Unregulated Operator Share
A report released on 23 September 2026 by Gaming Compliance International (GCI) for the Campaign for Fairer Gambling (CFG) revealed that unregulated gambling operators generated €91.6 billion in online gross gambling revenue (GGR) within the European Union’s 27 member states in 2025. This represented 72% of the total EU online gambling market, which was valued at €128.0 billion for the year. Licensed operators, by comparison, contributed €36.5 billion, making up 28% of the total market.
Unregulated GGR climbed significantly from €52.6 billion in 2023, marking a 74% growth over two years, with increases of 53.2% in 2024 and 13.6% in 2025. The study also found that 91% of gambling content encountered by actively engaged users was related to unregulated operators.
Yearly Online Gambling Revenue in the EU 27
| Year | Total online GGR (€ billion) | Regulated (€ billion) | Unregulated (€ billion) | Unregulated share |
|---|---|---|---|---|
| 2023 | 78.4 | 25.8 | 52.6 | 67% |
| 2024 | 114.3 | 33.6 | 80.6 | 71% |
| 2025 | 128.0 | 36.5 | 91.6 | 72% |
Source: GCI for CFG. Figures rounded to one decimal place and may not sum exactly.
Regional Breakdown and Gambling Categories
The report segmented the EU 27 into Northern, Southern, Eastern, and Western regions. Eastern Europe had the highest unregulated market share in 2025 at 81%, while Northern Europe had the lowest at 58%. Western Europe contributed the largest volume of unregulated revenue, reaching €36.9 billion. In the unregulated sector, casino operations made up 75% of the revenue, with sports betting at 25%. Licensed operators saw a split of 59% casino and 41% sports betting.
| Region | Regulated (€ billion) | Unregulated (€ billion) | Total (€ billion) | Unregulated share |
|---|---|---|---|---|
| Northern Europe | 5.0 | 6.9 | 11.9 | 58% |
| Southern Europe | 11.3 | 17.1 | 28.4 | 60% |
| Eastern Europe | 7.0 | 30.7 | 37.7 | 81% |
| Western Europe | 13.2 | 36.9 | 50.1 | 74% |
| EU 27 total | 36.5 | 91.6 | 128.0 | 72% |
Source: GCI for CFG, 2025 figures.
Reach and Promotional Strategies
GCI estimated that online gambling content reached 121 million individuals in the EU 27 during 2025. Of this total, 88 million were exposed to unregulated operator content, while 33 million were reached solely by regulated operator content. Among users engaging with gambling content, such as through ad clicks or website registrations, 91% of the content they interacted with promoted unregulated gambling, a slight decrease from 92% in 2024. The count of unregulated operators active in the EU 27 reached 6,238 in 2025, with each operative online platform, mirror, or redirection counted separately per targeted jurisdiction.
Illegal Streaming and Digital Platforms
The report outlined numerous digital channels leveraged by unregulated operators. During the 2026 FIFA World Cup, GCI recorded 17.8 billion qualifying illegal stream views across Europe, with 95% of those streams carrying advertisements for unlicensed gambling in the relevant jurisdictions. Similarly, the 2026 UEFA Champions League final saw 51.3 million qualifying illegal stream views, 93% of which displayed such advertising.
The streaming service Kick remained accessible throughout the EU, although its slots category was officially blocked in several countries, with effective enforcement observed only in Greece. Cloaked advertising – the disguising of prohibited content to bypass platform controls – was most prevalent on Google and Meta platforms. In the Netherlands, VNLOK summoned Meta to the Amsterdam District Court regarding illegal gambling ads on Facebook and Instagram.
Licensing, Taxation, and Market Disparities
The report compared EU 27 average initial and recurring licensing fees, gaming tax, and corporate tax rates with those in transnational licensing jurisdictions such as Anjouan, Curaçao, the Isle of Man, and Malta. Malta is noted as both an EU member and a transnational licensing site. The analysis showed lower fees and tax rates for transnational licenses, enabling unregulated operators to maintain infrastructure while operating without specific EU 27 licenses.
| 2025 Average | EU 27 | Transnational |
|---|---|---|
| Initial licensing fees, multi-product | €1.1 million | €8,183 |
| Recurring licensing fees, multi-product | €355,000 | €33,000 |
| Gaming tax on GGR | 24.0% | 2.3% |
| Corporate tax | 18.9% | 8.8% |
Source: GCI for CFG.
Calls for Coordinated Enforcement
The report advocated for a coordinated EU approach to improve enforcement across borders, highlighting the limitations of national actions. It suggested targeted interventions in three areas:
- Search: Prioritize safe, regulated results for at-risk users and promote support resources.
- Apps: Engage app stores and providers in enforcement operations.
- Payments: Involve payment services in market regulation efforts.
Derek Webb, founder of the CFG, said:
‘The answer is not weaker regulation or tax concessions for licensed operators. Europe has an enforcement problem. Unregulated gambling operates across borders, platforms and infrastructure while enforcement remains overwhelmingly national.’
Ismail Vali, president of GCI and founder and former chief executive of Yield Sec, said: ‘Six thousand unregulated operators are not six thousand separate problems. They rely on the same ecosystem to advertise, find consumers, distribute products, move money, and stay online. That is also their vulnerability.’
- Author
Daniel Williams
