According to a study by Regulus Partners and HELIOS, Europe's unlicensed online gambling market has tripled since 2019, reaching approximately €12 billion in net revenue in 2025. This accounts for nearly 25% of the total European online casino market, with projections expecting it to rise to €13 billion in 2026.
Key Study Findings
- Geographic Scope: The study analyzed 28 European jurisdictions (25 EU member states excluding Malta and Luxembourg, plus the UK, Serbia, and Montenegro).
- Primary Market: France emerged as the largest illegal market, driven by strict regulatory restrictions combined with its population and economic scale.
- Market Concentration: In certain jurisdictions, the unlicensed sector accounts for up to 80% of total activity. Just 25 top unlicensed operators control roughly 64% of all black-market traffic.
Drivers Behind Black-Market Growth
Analysts attribute the rapid expansion of the illegal market to over-regulation in legal jurisdictions. Primary factors include:
- Product restrictions and active state monopolies limiting legal offerings.
- Blanket bans or severe limitations on specific gaming verticals and marketing activities.
- Heavy taxation on both gaming operators and players.
- Growing adoption of cryptocurrencies, enabling users to bypass traditional regulatory frameworks.
