EUROMAT Study Estimates Europe’s Unregulated Online Gambling Market at €12 Billion in 2025 After Tripling Since 2019
TL;DR — EUROMAT-commissioned research estimates Europe’s unregulated online gambling market at €12 billion net revenue in 2025, triple the 2019 figure and 25% of the sector across 28 markets. The study cites regulatory friction, crypto and affiliates as factors but establishes no direct causation. A separate estimate notes €91.6 billion gross revenue and €22.9 billion lost taxes.
SCCG Take — The data signal that restrictive measures can shift activity to unregulated channels, requiring regulators to balance consumer protections against enforcement realities in licensed markets.
Europe’s unregulated online gambling market generated an estimated €12 billion in net revenue in 2025. The figure is three times the 2019 estimate and represents around 25% of the online gambling sector in the markets covered.
The research was commissioned by EUROMAT and conducted by Helios and Regulus Partners. It examined 28 jurisdictions, including all EU member states except Malta and Luxembourg along with the UK, Serbia and Montenegro. The work involved more than 1,000 hours of analysis using web traffic, digital marketing, economic and regulatory data.
Scale and Variation Across Jurisdictions
The study describes the unregulated market as gambling activity outside national licensing systems. It is present in all 28 markets reviewed but the share varies, reaching as high as 80% in some jurisdictions. The 25 largest operators accounted for around 64% of relevant traffic.
Separate research cited by the European Casino Association estimated illegal online gambling targeting EU consumers at €91.6 billion gross revenue in 2025, with €22.9 billion in lost tax revenue. These cannot be directly compared to the €12 billion net revenue figure because the studies employ different definitions and measures. Coverage by InterGame, G3 Newswire and iGaming Future notes that the EUROMAT work relies on indirect data rather than recorded transactions.
Factors Cited in Unregulated Market Growth
Researchers identified product restrictions, state monopolies, taxation and affordability checks as creating consumer friction that may encourage use of unregulated operators. Cryptocurrency payment options unavailable in many regulated markets and cross-border affiliate marketing were also highlighted. However the study does not establish a direct causal link between these elements and the market’s expansion.
This leaves regulators to address enforcement and safeguards while recognizing that the €12 billion estimate remains interpretive. The findings underscore the need to assess whether current approaches limit or inadvertently expand activity outside licensed systems.
Reporting: Times of Casino
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
Restrictive regulation is pushing a quarter of European online gambling offshore—enforcement alone won't bring it back.
We have partners operating and seeking licensing in every major European jurisdiction, and this €12 billion figure confirms what we see firsthand: overly restrictive frameworks—monopoly models, product bans, affordability friction—drive players to unlicensed operators. Regulators need licensed alternatives that actually compete with the black market, and operators need market-entry strategies built for enforcement reality, not regulatory wishful thinking.
- Unregulated market tripled since 2019, now €12B net revenue across 28 European jurisdictions
- Study cites state monopolies, product restrictions, affordability checks and crypto as friction points
- 25 largest unlicensed operators control 64% of unregulated traffic; share hits 80% in some markets
SCCG angle: SCCG has licensing, compliance and affiliate partners active in over a dozen European markets. When a client is deciding whether to enter a restrictive jurisdiction or how to structure product and payments to stay competitive against unlicensed competitors, we connect them with the regulatory, banking and platform expertise that makes channelization work in practice, not just on paper.
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