Europe's illegal online gambling market reached €12 billion ($13.94 billion) in net revenue in 2025, triple the 2019 figure and equal to 25% of the region's total online sector. The figures come from a study by Regulus Partners and Helios commissioned by industry association Euromat.
The research covered 28 markets: EU-27 minus Malta and Luxembourg, plus the UK, Serbia and Montenegro. Analysis took over 1,000 person-hours and examined traffic, digital marketing, macroeconomics and regulatory impact.
Filip Jelavić, owner of Helios, cited state policy as the main driver. Monopolies limit choice, legal operators have low visibility, pricing is distorted and player checks create friction that pushes users to unlicensed sites. Money flowing to the black market cuts tax revenue, player protection and legal operators' share.
Cryptocurrency is a key growth factor. Major illegal operators built recognisable brands and captured share through crypto products and regulatory arbitrage. Almost no European jurisdiction permits crypto for legal wagering, pushing that audience to unlicensed sites. For smaller operators, affiliate channels remain a cheap traffic source regulators struggle to block.
Jelavić warned that player protection measures become counterproductive when they drive users to illegal sites. The most engaged and high-value customers seeking workarounds are often the most vulnerable.
Jason Frost, Euromat president, referenced UN Office on Drugs and Crime data: organised crime uses illegal gambling revenue to fund drug trafficking, human trafficking and arms trade. Legal operators lose out because unlicensed competitors pay no tax or compliance costs, offer better return terms and sit outside self-exclusion systems like Gamban.
Euromat will use the study in work with regulators and law enforcement.
