Published on: May 19, 2026, 08:49h.
Updated on: May 19, 2026, 08:49h.
- GCI reveals unregulated gambling accounted for $5.9 trillion in global betting volume
- Volume assesses total betting turnover, not the revenue captured by gambling operators
- GCI cautions that “unacknowledged gambling” is transforming global online betting landscapes
According to market analytics company Gaming Compliance International (GCI), the value of unregulated online gambling surged to $5.9 trillion in global betting volume in 2025, with unlicensed and offshore operators now dominating the online gambling landscape.
This indicates that the unregulated sector has evolved into a “multi-trillion-dollar global economy,” ranking as the third-largest economic entity worldwide, following the United States and China.
Understanding the Figures
This statistic reflects a 4% growth from 2024 and appears in GCI’s latest report, GCI Online Gaming 2025: Global. It’s important to clarify that this number refers to the estimated “global wagering value” or “handle” in the black market, rather than Gross Gaming Revenue (GGR).
A $5.9 trillion handle does not imply that illegal operators earn this full amount. “Handle” captures total bets, and the same funds may be reinvested in multiple bets. Sports betting sites typically retain 5–10% of the wagers, while online casinos might retain a larger portion.
Thus, a handle of $5.9 trillion could lead to hundreds of billions in gross gaming revenue—significant but comparatively similar to a mid-tier economy like Sweden, rather than the U.S. or China.
GCI reports that unregulated gambling now constitutes 78% of the global online gaming market by GGR, in contrast to 22% for regulated operators, highlighting a trend of consumer spending shifting away from licensed, tax-paying environments.
“Regulators are confronting a substantial challenge, not a minor one—the majority of activity is occurring outside the regulated framework,” stated GCI’s CEO Matt Holt.
Holt suggests that the market is evolving into three distinct sectors: regulated, unregulated, and a third category termed “unacknowledged gambling” by GCI.
The White Noise Effect
This third category encompasses platforms like prediction markets and online sweepstakes sites, which “mimic gambling mechanics yet fall outside traditional definitions.”
This results in a “White Noise Marketplace,” where licensed operators, offshore gambling platforms, and gambling-associated products coexist with minimal differentiation for users, according to GCI.
“This third layer is driving consumer confusion, fueling unregulated expansion, and adding layers of regulatory complexity at a large scale,” said Ismail Vali, President of GCI.
“Consumers do not distinguish among these sectors; they navigate one marketplace where everything is available and competes on equal footing,” Vali elaborated. “In an environment where one can bet on anything, consumers are increasingly inclined to bet on everything—this represents the gamification of life.”