A Euromat study has found that the illegal black market is growing at an alarming rate and now stands at three times more than it did in 2020. And worse still, the illegals are establishing themselves as the go-to online sites for players. And that 12 billion Euro market will continue to grow if governments maintain their attack on the land based sector with restrictive regulation.
New research commissioned by Euromat has revealed that the value of Europe’s illegal online gambling market has tripled in the last six years to €12bn, with the most powerful black-market operators now creating “recognisable brands with large market share.”
According to analysis by Regulus Partners and Helios of 28 online gambling markets including the UK, unregulated activity now represents 25 percent of the continent’s entire online sector, with prohibitive government policy driving players towards unregulated sites.
“The illegal black market is a major concern for everybody who recognises the importance of a progressive and fairly regulated leisure and entertainment economy,” said Euromat president Jason Frost.
“Organised Crime Groups treat illegal gambling as a ‘cash cow’ with the profits providing ready-to-use liquidity to reinvest into high-risk, high-reward criminal enterprises such as drug trafficking, human trafficking, and firearms smuggling.”
The study found that the growth of the illegal sector has been significantly boosted by “government policies that create consumer friction,” with the key drivers being limited consumer choice, low visibility, distortions of price or value, and interventionist measures such as affordability checks.
“Consumer protection policies are key but become counter-productive if they succeed in driving players into the black-market,” said Helios project lead Filip Jelavić. “The more engaged and higher value customers who seek black markets out are often the most vulnerable to harm or exploitation.”
Black market rising
Jason Frost said… “The illegal black market is a major concern for everybody who recognises the importance of a progressive and fairly regulated leisure and entertainment economy … [its] growth has been significantly boosted by government policies that create consumer friction…
Originally published on Coinslot on September 14, 2026. Republished with permission.