Europe's Illegal iGaming Market Triples to €12 Billion

Industry association Euromat published a study on Europe's illegal iGaming market, prepared by consulting firm Regulus Partners and analytics company Helios, covering 28 markets, including 25 EU countries excluding Malta and Luxembourg, along with the UK, Serbia, and Montenegro.

The illegal online gambling segment generated €12 billion in net gaming revenue during 2025, representing a 200% increase compared to 2019 and accounting for 25% of Europe's total iGaming market. The study identified several factors driving the segment's growth: the largest illegal operators have built recognizable brands with substantial market share, while the rise of cryptocurrency has become a key growth driver through product differentiation and its ability to circumvent regulatory oversight. Since only a handful of European jurisdictions permit licensed operators to accept cryptocurrency, this restriction has contributed to players shifting toward unlicensed platforms. Affiliate marketing also remains a profitable acquisition channel for illegal operators, with affiliates themselves proving difficult to hold accountable even where relevant regulations exist.

Euromat's president cited data from the UNODC indicating that organized crime groups increasingly view the illegal iGaming sector as a revenue source for funding drug trafficking, human trafficking, and arms smuggling. He stated that the study will form the basis of Euromat's engagement program with lawmakers and law enforcement agencies across member countries, signaling continued advocacy efforts targeting the illegal segment's growth going forward.