Europe’s illegal online gambling market reportedly brought in €12 billion ($14.1 billion) in net revenue in 2025, as per a new study commissioned by Euromat.
According to the research, the market has grown threefold since 2019 and now represents about a quarter of the European online gambling industry.
Research for Euromat, which represents Europe’s land-based entertainment and gaming sector, was conducted by advisory firm Regulus Partners and web traffic specialist Helios.
The study covered 28 European markets, using web traffic and digital marketing analysis along with other macroeconomic and regulatory data.
Helios Managing Director Filip Jelavić stated that the research aimed to determine the size and characteristics of the illegal market and the drivers behind its rapid growth in recent 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,” added Jelavić.
According to Jelavić, a few illegal operators have gained enough scale to establish recognizable brands and capture a significant portion of the market.
Regulators, trade organizations, and operators throughout Europe are increasingly raising concerns about the growing threat of offshore gambling.
Last month, the Betting and Gaming Council warned that black market Premier League betting could reach £1 billion ($1.36 billion) in wagers next season.
In the Netherlands, state lottery Nederlandse Loterij has taken legal action against three unlicensed operators in recent months for catering to players in the country.
Crypto Linked to Black Market Growth
Research identified cryptocurrency gambling as a key factor in the expansion of the offshore market.
“The traffic analysis that we’ve undertaken shows that the rapid growth of cryptocurrencies has been vital in establishing many of these businesses in terms of product differentiation and regulatory workarounds,” said Jelavić.
He pointed out that few regulated European gambling markets currently offer legal options for gambling with cryptocurrencies, leaving the sector vulnerable to unlicensed operators.
“Consumer protection policies are crucial but may backfire if they push players into the black market. The more engaged and valuable customers who seek out black markets are often the most susceptible to harm or exploitation,” he explained.
Euromat Plans Policymaker Push
Euromat President Jason Frost mentioned that the study would support the association’s discussions with policymakers and law enforcement agencies.
“The illegal black market is a major concern for those who understand the importance of a progressive and fairly regulated leisure and entertainment economy,” stated Frost.
He argued that offshore operators have an unfair advantage over licensed competitors by evading gambling taxes and other regulatory expenses.
Euromat intends to use the research as the foundation for a comprehensive engagement program with European governments and enforcement bodies.