The Euromat Association has published a study on the illegal iGaming segment in Europe, conducted by consulting firm Regulus Partners and analytics company Helios. The analysis covered 28 markets, including 25 EU countries excluding Malta and Luxembourg, as well as the UK, Serbia, and Montenegro. Here are the key findings:
Market Indicators:
€12 billion — NGR of the illegal online segment for 2025 (200% increase from 2019)
25% — its share of the total iGaming market in Europe.
Drivers of the Illegal Segment:
The largest illegal operators have established recognizable brands with significant market shares.
The rise of cryptocurrencies has become a key development factor due to product differentiation and the ability to bypass regulations.
Legal operators are permitted to accept cryptocurrencies in a few European jurisdictions, leading to player migration.
Working with affiliates remains a profitable channel for attracting players for illegal operators, and it is challenging to hold affiliates accountable even with existing regulations.
The President of Euromat refers to UNODC data indicating that organized crime groups view the illegal iGaming segment as a source of income for financing drug trafficking, human trafficking, and arms smuggling. He stated that this study will serve as the foundation for Euromat's program of engagement with legislators and law enforcement in member countries.