Illegal Gambling Study Puts UK Black Market Under Scrutiny
A study commissioned by the European Gaming and Amusement Federation (Euromat) has found that illegal online gambling across Europe, including the UK, has tripled in value since 2019 and is now worth an estimated €12bn. The research, carried out by analysts Regulus Partners and Helios, is being cited by industry bodies including the UK’s Betting and Gaming Council as evidence that tougher consumer-protection rules risk pushing players towards unregulated sites.
What’s actually changed
Europe’s illegal online gambling market has tripled in size since 2019 and is now equal to 25 per cent of the sector as a whole, with the illegal market worth €12bn in net revenue in 2025.
The report estimates Europe’s black market has sustained a compound annual growth rate of 18% between 2019 and 2026, and will be worth up to €13 billion by the end of the year.
The study analysed 28 European online gambling markets comprising the 27 EU member states, excluding Malta and Luxembourg, with the additions of the UK, Serbia and Montenegro.
According to the estimates, 25 operators account for approximately 64% of relevant black market traffic, with a handful of operators generating the majority of illegal gambling activity thanks to the growth of cryptocurrencies and recognisable branding.
The researchers point squarely at government policy as the cause.
Helios argued that online gambling black markets are the result of government policies that create consumer friction, with key drivers being limited choice based on regulation and state monopolies, low visibility, distortions of price or value, and interventionist measures such as affordability checks.
Euromat’s president also linked the trend to organised crime, referencing UN analysis that treats illegal gambling proceeds as a source of criminal liquidity.
A separate report from Fincord Intelligence, highlighted by the BGC, adds a UK-specific dimension:
illegal gambling operators are deliberately targeting British customers who have self-excluded or want to avoid the protections required in the regulated market, with “Non-GamStop” casinos promoted to people excluded through GAMSTOP alongside sites offering no identity or financial checks.
Customers are reached through search engines, social media, affiliates, influencers, Telegram and WhatsApp.
What it means for you
If you use GamStop to self-exclude, this research is a reminder that the block only covers licensed UK operators – it does not stop offshore sites contacting you through adverts, affiliate links or messaging apps. Any account with an unlicensed operator falls outside UKGC protection: there’s no statutory deposit-limit regime, no access to the Alternative Dispute Resolution scheme if things go wrong, and no guarantee your funds are safe. The safest check remains the UKGC’s public register of licensed businesses before you deposit anywhere unfamiliar.
The findings also feed directly into the debate you’ll have seen elsewhere on this site over affordability checks and slot stake caps: industry groups are using the €12bn figure to argue that tightening the rules further could, paradoxically, drive more players towards sites with none of the current safeguards at all.
The bigger picture
This lands at a sensitive moment for UK regulation. The government has already doubled Remote Gaming Duty, introduced online slot stake limits and begun rolling out affordability checks, while the Lords have separately called for a full advertising ban.
The BGC has separately cautioned that black market Premier League betting could reach £1 billion in wagers for the upcoming season.
Expect operators and trade bodies to keep pointing to studies like this one whenever new restrictions are proposed, arguing that channelling players towards licensed sites – not just tightening rules on them – should be the regulator’s priority.
Sources
- InterGame – Europe’s illegal igaming market has ‘tripled in size’
- G3 Newswire – Euromat research shows value of Europe’s illegal online gambling market has tripled in six years to €12bn
- iGaming Business – Europe’s black market has grown 18% annually since 2019 says Euromat report
- G3 Newswire – Illegal gambling networks exploit vulnerable Britons as new report exposes $50bn global black market
- Focus Gaming News – Illegal gambling in Europe has tripled in six years, Euromat study suggests
