Gaming Compliance International (GCI) published its report on May 17, 2023, titled Online Gaming 2025: Global, which assesses the volume and dynamics of the illegal iGaming segment projected for 2025. The study covers various verticals, including casinos, sports betting, poker, and the crypto segment. Here are the key findings:
Key Metrics:
- $5.9 trillion — projected betting volume in 2025 (4% YoY)
- $5.7 trillion — projected for 2024 (12% YoY)
- $5.1 trillion — projected for 2023
- 78% — share of the illegal segment in global GGR
Drivers of Growth in the Illegal Segment by 2026:
- Regulatory circumvention by illegal operators in advertising, KYC, responsible gaming, age restrictions, and taxation
- Increased share of illegal platforms in prediction markets
- Illegal broadcasts of sporting events (over 80% of illegal sports content broadcasts in the US and UK in 2024-2025 will feature ads from illegal iGaming operators)
- Mass engagement of players through major sporting events (e.g., 2026 FIFA World Cup, Super Bowl, etc.)
According to GCI, the illegal iGaming segment is the third-largest economy in the world, following the US and China, and remains the largest form of cybercrime. GCI identifies three categories within the iGaming segment: legal, illegal, and unacknowledged. The latter includes social casinos, sweepstake casinos, fake financial products, skin trading, TikTok contests, and prediction markets. GCI considers prediction markets illegal everywhere except the US, where the CFTC classifies them as financial products.