📈 Research🇪🇺: the European illegal gambling market tripled in 6 years

📈 Research🇪🇺: the European illegal gambling market tripled in 6 years

The study was conducted by Regulus Partners and Helios on behalf of Euromat.

📌 Scope: 28 European online gambling markets: the 27 EU countries, excluding Malta🇲🇹 and Luxembourg🇱🇺, plus the United Kingdom🇬🇧, Serbia🇷🇸 and Montenegro🇲🇪.


📌 Research objective: according to Jason Frost, President of Euromat, the study is intended to provide a basis for dialogue with lawmakers and law enforcement authorities across all participating countries.

📌 Methodology

🔹 In each jurisdiction, active operators and websites were identified through automated searches and manual verification.

🔹 Third-party data was used to estimate black-market traffic and compare it with traffic generated by legal operators.

🔹 Consumer gambling expenditure was compared with GDP to identify discrepancies between estimated overall spending and revenues generated by licensed gambling.

🔹 The regulatory frameworks of each jurisdiction were also analyzed to identify gaps and barriers that may be exploited by illegal operators.

📌 Market size

🔹 In 2025, the black market accounted for approximately 25% of the total gambling market across the 28 countries analyzed.

🔹 Estimated turnover: approximately €12 billion.

🔹 Illegal gambling is present in all jurisdictions studied, accounting for as much as 80% of total market volume in some countries.

🔹 France🇫🇷 has the largest black market in absolute terms, due to the size of its economy and the extent of its regulatory restrictions.

📌 Dynamics: the 25 largest operators control approximately 64% of traffic.

Key factors: limited consumer choice, prohibitions, taxation and advertising restrictions.

📌 Forecast: in 2026, turnover is expected to increase to €13 billion, which would triple the 2019 figure.

📌 Key findings

1️⃣ Black markets emerge, in part, as a result of government policies that create barriers for consumers and reduce the attractiveness of legal offerings.

2️⃣ Any shift in entertainment spending from regulated markets to illegal ones has negative consequences for tax revenues, player protection and legal operators, which face declining revenues.

3️⃣ The rapid growth of cryptocurrencies has contributed to the emergence and consolidation of major, recognizable brands within the black market.

4️⃣ Only a few European jurisdictions have established conditions allowing the legal use of cryptocurrencies in the gambling sector. According to the study, the lack of regulated alternatives has ultimately contributed to the growth of illegal activity.

5️⃣ Consumer protection policies are necessary, but they can become counterproductive when excessive restrictions push players toward the black market.

6️⃣ The black market is characterized by resilience, adaptability and increasing professionalization, particularly in the cryptocurrency sector.

📌 Context: Euromat (European Federation of Gaming and Entertainment, founded in 1979) supports more than 250,000 jobs across Europe and brings together 13 national associations. It represents the interests of private operators and equipment manufacturers. Euromat maintains an ongoing dialogue with EU leadership on behalf of the industry and publishes data on its development while supporting socially responsible practices.

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