Unregulated Operators Captured 72% of EU Online Gambling Revenue in 2025
Unregulated Operators Captured 72% of EU Online Gambling Revenue in 2025
A new report commissioned by the Campaign for Fairer Gambling (CFG) has laid out the scale of unregulated online gambling across the 27 member states of the European Union. According to the study, unregulated operators generated an estimated €91.6 billion in online gross gambling revenue in 2025 — equivalent to 72% of the entire EU online gambling market. The report was announced on 23 September 2026 and is based on research carried out by Gaming Compliance International (GCI).
The findings paint a picture of a market that is growing quickly, but with the majority of the value flowing to operators who do not hold licences in the countries where consumers are based. The report also highlights how these operators use streaming, social media, search engines, payment platforms, and offshore licensing structures to reach players across Europe while avoiding national enforcement.
What Is Gross Gambling Revenue and Why Does It Matter?
Gross gambling revenue (GGR) is the amount a gambling operator keeps after paying out winnings but before deducting taxes, operating costs, and marketing expenses. It is the standard industry measure for the actual value generated by betting and gaming activity.
Understanding GGR in the context of unregulated gambling is important because it shows how much money is leaving the legitimate, taxable economy and flowing to operators that operate outside local licensing systems. When unregulated operators dominate GGR, they also avoid the taxes that licensed operators pay and the consumer protections that licensed gambling is expected to include.
The Study Behind the Numbers
The report is titled Online Gambling 2024–2025: EU 27 Europe. It was produced by Gaming Compliance International (GCI) for the Campaign for Fairer Gambling (CFG), an advocacy body that has long focused on the impact of gambling on society and the need for effective regulation.
GCI’s data has already entered the European policy debate. In July 2026, the European Casino Association (ECA) cited GCI’s €91.6 billion estimate for 2025 during a roundtable held at the European Parliament. The new research, announced in September 2026, is therefore not only a commercial analysis but also a potential basis for future EU-level regulatory action.
The EU Online Gambling Market in Five Key Numbers
| Metric | 2025 figure |
|---|---|
| Total EU 27 online GGR | €128.0 billion |
| Regulated operator GGR | €36.5 billion (28%) |
| Unregulated operator GGR | €91.6 billion (72%) |
| Estimated tax lost on unregulated GGR | €22.0 billion |
| Number of unregulated operators targeting the EU 27 | 6,238 |
The tax loss estimate assumes an average GGR tax rate of 24% across the EU 27. If the €91.6 billion in unregulated revenue had been generated by licensed operators, it would have contributed roughly €22 billion to public finances.
Growth of Unregulated Gambling, 2023–2025
The unregulated sector has grown significantly faster than the overall online gambling market. The report places unregulated GGR at €52.6 billion in 2023 and €80.6 billion in 2024, before rising to €91.6 billion in 2025.
That represents an increase of 74% over two years, with year-on-year growth of 53.2% in 2024 and 13.6% in 2025. By contrast, the total market grew from €78.4 billion in 2023 to €128.0 billion in 2025, an increase of around 63% over the same period. The regulated sector also grew, but more slowly, and its share of the overall market has continued to shrink.
Total Online GGR and Unregulated Share, 2023–2025
| Year | Total online GGR (€ billion) | Regulated (€ billion) | Unregulated (€ billion) | Unregulated share |
|---|---|---|---|---|
| 2023 | 78.4 | 25.8 | 52.6 | 67% |
| 2024 | 114.3 | 33.6 | 80.6 | 71% |
| 2025 | 128.0 | 36.5 | 91.6 | 72% |
Source: GCI for CFG. Figures are rounded to one decimal place and may not sum exactly.
Casino and Sports Betting: Where Unregulated Revenue Is Concentrated
The composition of unregulated revenue differs from the regulated market.
- Unregulated GGR: 75% came from casino gaming and 25% from sports betting.
- Regulated GGR: 59% came from casino gaming and 41% from sports betting.
Casinos are particularly attractive to unregulated operators because they offer high-margin products such as slots, table games, and live dealer experiences that can be streamed directly to players online. Sports betting is also prominent, especially around major tournaments, when illegal streams and advertising can direct fans to unlicensed betting sites.
Regional Breakdown: Eastern Europe Has the Largest Unregulated Share
The report splits the EU 27 into four regions.
| Region | Member states |
|---|---|
| Northern Europe | Denmark, Estonia, Finland, Latvia, Lithuania, Sweden |
| Southern Europe | Cyprus, Greece, Italy, Malta, Portugal, Spain |
| Eastern Europe | Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Slovakia, Slovenia |
| Western Europe | Austria, Belgium, France, Germany, Ireland, Luxembourg, Netherlands |
The regional data for 2025 shows a clear divide.
Regional Online GGR by Licence Status, 2025
| Region | Regulated (€ billion) | Unregulated (€ billion) | Total (€ billion) | Unregulated share |
|---|---|---|---|---|
| Northern Europe | 5.0 | 6.9 | 11.9 | 58% |
| Southern Europe | 11.3 | 17.1 | 28.4 | 60% |
| Eastern Europe | 7.0 | 30.7 | 37.7 | 81% |
| Western Europe | 13.2 | 36.9 | 50.1 | 74% |
| EU 27 total | 36.5 | 91.6 | 128.0 | 72% |
Source: GCI for CFG, 2025 figures.
Eastern Europe had the highest unregulated share at 81%, while Northern Europe had the lowest at 58%. However, Western Europe generated the largest amount of unregulated revenue in absolute terms, at €36.9 billion, reflecting the size and wealth of its largest economies.
How Many Consumers Are Being Reached by Unregulated Gambling Content?
The report estimates that online gambling content reached 121 million people across the EU 27 in 2025.
- 88 million were reached by content from unregulated operators.
- 33 million were reached only by content from regulated operators.
The report also tracks a more engaged group: consumers who actively interacted with gambling content, for example by clicking on advertisements or registering with websites. Among these actively engaged consumers, 91% of the content they encountered promoted the unregulated sector — down only slightly from 92% in 2024.
GCI describes this measure as an early warning indicator. If consumers are already interacting with unregulated brands, they may be more likely to move their spending into the unregulated market in the future.
Who Are the Unregulated Operators?
The report counts 6,238 unregulated operators actively targeting the EU 27 in 2025.
The count is deliberately broad. GCI treats each active, transacting website, app, mirror, or redirect domain as a separate operator for every jurisdiction it targets. This means that a single brand operating multiple mirror sites across different countries may be counted several times.
Mirror and redirect domains are common tools used to bypass payment blocking, search restrictions, and internet service provider-level bans. By creating multiple entry points, unregulated operators make it harder for national regulators to block access completely.
How Unregulated Operators Reach Players: Streaming, Advertising, and Social Media
The report goes beyond revenue data to examine the channels unregulated operators use to find consumers.
Illegal Streaming During Major Sports Events
Illegal sports streams are a major entry point for unregulated gambling advertising.
During the 2026 FIFA World Cup, GCI recorded 17.8 billion qualifying illegal stream views across Europe. A qualifying view lasts at least 90 seconds, meaning the user watched enough content to be exposed to advertising.
Of those qualifying illegal stream views, 95% carried advertising for unregulated gambling that was not licensed in the jurisdictions where it was shown.
The picture was similar for football’s biggest club match. For the 2026 UEFA Champions League final, GCI recorded 51.3 million qualifying illegal stream views, with 93% carrying advertising for unregulated gambling.
This pattern matters because illegal streams often offer no age verification, no safer gambling tools, and no restrictions on where gambling advertising appears.
Platform Concerns: Kick, Google, and Meta
The report also highlights the role of major digital platforms in distributing unregulated gambling content.
Kick, a livestreaming platform popular with casino streamers, is accessible in all 27 EU member states. Its slots category is officially blocked in Belgium, France, Greece, Italy, Malta, and Slovakia. However, GCI found that the block worked effectively only in Greece. In the other countries, players and viewers were still able to reach slots content through the platform.
Cloaked advertising is another concern. This technique disguises prohibited content or destinations so that it can evade automated platform controls. According to GCI, cloaked advertising is most prominent on Google and Meta.
There are already signs of legal pushback. In the Netherlands, the licensed operators’ trade body VNLOK has summoned Meta to the Amsterdam District Court over illegal gambling adverts appearing on Facebook and Instagram. The case highlights the tension between platform enforcement and the sophistication of unregulated advertisers.
Why Offshore Licensing Costs Are So Attractive
One reason unregulated operators can afford to ignore EU rules is the huge cost gap between obtaining a licence through an EU member state and using a transnational or offshore licence.
The report compares average licensing fees and tax rates in the EU 27 with four transnational licensing jurisdictions: Anjouan, Curaçao, the Isle of Man, and Malta. Malta is itself an EU member, but it also operates as a transnational licensing jurisdiction.
Average Licensing and Tax Comparison, 2025
| Cost or tax | EU 27 average | Transnational average |
|---|---|---|
| Initial licensing fees, multi-product | €1.1 million | €8,183 |
| Recurring licensing fees, multi-product | €355,000 | €33,000 |
| Gaming tax on GGR | 24.0% | 2.3% |
| Corporate tax | 18.9% | 8.8% |
The difference is dramatic. An operator can pay just over €8,000 in initial licensing fees in a transnational jurisdiction, compared with more than €1 million through an EU 27 country. The ongoing gaming tax is also far lower: 2.3% compared with 24% on average.
According to the report, transnational licences can give unregulated operators a veneer of regulatory legitimacy and commercial infrastructure, while they remain unlicensed in the EU 27 countries where they actually take revenue. This allows them to accept payments and advertise through business structures that national regulators cannot easily reach.
The Enforcement Gap: Why National Action Is Not Enough
The report argues that enforcement by individual EU member states is not enough to control an online market that operates across borders, platforms, and payment networks.
The current situation creates an imbalance. Unregulated gambling operators can move across jurisdictions, change domains, and adapt their advertising in real time. National regulators, by contrast, operate within fixed territorial boundaries and often rely on slow legal processes to block sites or prosecute wrongdoers.
The report calls for a coordinated EU 27 response and sets out interventions in three parts of the digital ecosystem.
Search
Search engines should restrict results that lead at-risk consumers to unregulated operators. At the same time, they should promote links to help services, mental health support, and treatment providers so that vulnerable consumers who search for gambling are offered guidance rather than unlicensed options.
Apps
App stores and app providers should be included in enforcement efforts. Gambling apps are one of the main distribution methods for unregulated operators, and app stores currently function as intermediaries with their own rules and commercial incentives.
Payments
Payment platforms should also be included in enforcement efforts. If unregulated operators cannot move money through mainstream payment infrastructure, they are significantly constrained. Targeting payment flows can reduce consumer exposure and make it harder for unregulated brands to operate at scale.
What the Key Figures Say About the Problem
Derek Webb, founder of the Campaign for Fairer Gambling, was direct about the implications of the report:
“The answer is not weaker regulation or tax concessions for licensed operators. Europe has an enforcement problem. Unregulated gambling operates across borders, platforms and infrastructure while enforcement remains overwhelmingly national.”
Ismail Vali, president of GCI and founder and former chief executive of Yield Sec, offered a more operational view:
“Six thousand unregulated operators are not six thousand separate problems. They rely on the same ecosystem to advertise, find consumers, distribute products, move money, and stay online. That is also their vulnerability.”
The central message is that unregulated gambling is not a collection of isolated websites. It is a connected industry with shared infrastructure. The same streaming services, advertising platforms, payment processors, and licensing arrangements support hundreds and thousands of brands. That shared ecosystem also creates an opportunity for coordinated enforcement.
Key Takeaways
- Unregulated operators generated €91.6 billion in EU 27 online gambling revenue in 2025, representing 72% of the total market.
- Tax loss on unregulated revenue is estimated at €22.0 billion for 2025 based on an average GGR tax rate of 24%.
- Eastern Europe has the highest unregulated market share at 81%, while Western Europe generates the most unregulated revenue in absolute terms.
- Unregulated gambling content reaches tens of millions of people, with 91% of content seen by actively engaged users promoting unregulated operators.
- Offshore licensing is dramatically cheaper than EU 27 licensing, giving unregulated operators a major financial advantage.
- The report calls for coordinated EU action on search engines, app stores, and payment platforms to tackle the shared infrastructure that supports unregulated gambling.
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