Europe’s illegal online gambling market tripled to €12bn, Euromat study finds

Europe’s unlicensed online gambling market has grown large enough to rival the legal sector in a way that can directly affect players: more of the action is now happening on sites that may sit outside consumer protections, while still looking and feeling “mainstream” online.

New research commissioned by the European Gaming and Amusement Federation puts illegal online gambling in Europe at €12 billion in net revenue for 2025. That’s three times the 2019 level and is estimated to represent 25% of all online gambling activity across the region.

The findings were announced by EUROMAT on 8 September 2026, following a study by Regulus Partners and Helios, a digital research consultancy focused on gambling web traffic. The work covered 28 European online gambling markets: the EU27 excluding Malta and Luxembourg, plus the UK, Serbia, and Montenegro.

Helios owner and project lead Filip Jelavić argued that the rise isn’t just about illegal operators getting smarter, but also about “government policies that create consumer friction.” He pointed to drivers such as limited choice created by regulation and state monopolies, low visibility for licensed options, “distortions of price or value,” and interventionist measures like affordability checks that can block or inconvenience established play patterns. Jelavić also said some unlicensed operators have become big enough to build recognisable brands with substantial market share.

Cryptocurrency was singled out as central to the growth. Jelavić said traffic analysis showed crypto helps some operators stand out as a product feature while also acting as a regulatory workaround. He added that few European jurisdictions have set up a workable route for consumers to gamble legally with cryptocurrency, creating both a “push” from crypto users and a “pull” from crypto ecosystems that avoid scrutiny. For smaller unlicensed sites, the research flagged affiliate businesses as a cost-effective way to recruit players that can be difficult to enforce against, even where laws exist.

EUROMAT president Jason Frost said the study will underpin EUROMAT’s engagement with policy makers and law enforcement across member states. Frost also cited United Nations Office on Drugs and Crime (UNODC) insight that organised crime groups treat illegal gambling as a source of ready liquidity for drug trafficking, human trafficking, and firearms smuggling. He argued unlicensed operators can also look more attractive to players because they avoid duties and taxes, have lower overheads, and can advertise better returns than licensed businesses.