Europe's Illegal Online Gambling Market Reaches €12bn in Revenue

Europe's illegal online gambling market generated an estimated €12bn ($14.1bn) in net revenue during 2025, according to research commissioned by Euromat.

The study estimates that the black market has tripled in size since 2019 and now represents around 25% of Europe's online gambling sector.

Regulus Partners and web traffic specialist Helios conducted the research across 28 European markets. The analysis combined web traffic and digital marketing data with macroeconomic and regulatory information.

Researchers identified regulatory restrictions, limited consumer choice and the growth of cryptocurrency gambling among the factors linked to the expansion of unlicensed operators.

Filip Jelavic, Managing Director of Helios, commented:

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.

The research also found that several illegal operators have grown large enough to establish recognisable brands and gain significant market share.

Cryptocurrency was identified as another factor supporting black market growth. According to the research, few regulated European gambling markets provide legal options for gambling with cryptocurrencies, creating opportunities for offshore operators.

Euromat plans to use the findings in discussions with European governments and law enforcement agencies about illegal gambling and regulation.