Euromat Commissioned Research Details Expansion of Europe's Illegal Online Gambling Sector in 2025

Researchers working on a study commissioned by Euromat examined data across 28 European markets and calculated that the illegal online gambling sector produced €12 billion in net revenue during 2025, which equals roughly $14.1 billion at current exchange rates. The same analysis shows this figure tripled the level recorded in 2019 while accounting for approximately 25 percent of the entire European online gambling sector that year. Observers note the research drew on web traffic analysis combined with digital marketing metrics and broader macroeconomic and regulatory inputs to arrive at these totals.

Research Scope and Data Collection Methods

The project covered 28 distinct European jurisdictions and integrated multiple data streams to estimate activity outside licensed channels. Teams analyzed visitor patterns on unregulated sites, tracked promotional spending through digital channels, and factored in economic indicators alongside shifts in local rules. This approach allowed the study to map how operators reach players and sustain revenue streams despite enforcement efforts in various countries. Data collection spanned the full calendar year of 2025 and produced consistent estimates when cross-checked against independent traffic and marketing records.

Revenue Growth Patterns Since 2019

Figures reveal the illegal market expanded steadily from 2019 onward and reached the €12 billion mark by the end of 2025. The tripling in net revenue occurred while many jurisdictions introduced or tightened online gambling regulations, yet the black market continued to capture a larger share of overall activity. The 25 percent portion of the total European online sector represents a measurable increase from earlier periods, according to the same dataset. Analysts who reviewed the numbers point to sustained player migration toward unregulated platforms as a central factor behind the upward trajectory.

Role of Cryptocurrency and Regulatory Gaps

The report identifies cryptocurrency transactions and policy inconsistencies as primary contributors to black market expansion. Operators in unregulated environments adopted digital currencies to facilitate deposits and withdrawals, which reduced friction for users seeking quick access and limited traceability. At the same time, differences in enforcement across the 28 markets created openings that unregulated sites exploited through targeted marketing. Researchers documented higher traffic volumes on platforms accepting crypto during periods when licensed operators faced stricter verification requirements or payment restrictions.

Policy gaps appeared most pronounced in jurisdictions where licensing frameworks lagged behind technological changes or where enforcement resources remained limited. The study notes that operators capitalized on these differences by offering localized interfaces and payment options tailored to specific regions. Macroeconomic pressures, including inflation and currency fluctuations in parts of Europe, further encouraged some players to explore alternatives outside regulated systems during 2025.

Implications for Licensed Operators and Regulators

Those who examined the findings observed that the €12 billion figure places pressure on licensed operators competing for the same player base. Regulators in multiple markets received detailed breakdowns showing how traffic and marketing data correlate with revenue shifts, which could inform future compliance strategies. The research also highlighted the need for coordinated approaches across borders because operators often serve players from several countries through single platforms. Data from the 28 markets indicates that markets with clearer licensing pathways experienced slower illegal sector growth compared with those maintaining more fragmented rules.

Context in Broader European Gambling Landscape

The 2025 estimates fit into ongoing discussions about the balance between licensed and unlicensed activity across the continent. Earlier reports had already signaled rising black market shares, and the Euromat commissioned work supplies updated quantification based on expanded data sources. Industry observers tracking these trends note that the tripling since 2019 coincides with wider adoption of mobile devices and digital wallets, factors that unregulated operators leveraged effectively. The study stops short of projecting future years yet provides a baseline for monitoring whether regulatory adjustments in 2026 produce measurable changes in market distribution.

Conclusion

The Euromat commissioned study supplies concrete estimates for Europe's illegal online gambling market in 2025, showing €12 billion in net revenue that tripled since 2019 and captured 25 percent of the total sector. Methodology relied on traffic analysis, marketing data, and regulatory context across 28 markets, while cryptocurrency adoption and policy variations emerged as key growth drivers. These findings offer regulators and licensed operators updated reference points for evaluating enforcement and licensing approaches going forward.