EU Unlicensed Gambling Revenue Estimated At €91.6 Billion In New Report

A new study has placed a much higher value on EU unlicensed online gambling than previous industry estimates, reigniting questions over how Europe measures and controls offshore gambling activity.

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Good to Know

• Gaming Compliance International estimates unlicensed operators generated €91.6 billion in EU online gambling revenue during 2025.
• The study puts regulated revenue at €36.5 billion and the total EU 27 online market at €128 billion.
• Separate EGBA and H2 Gambling Capital data valued all European online gambling at €47.9 billion in 2024, although that dataset includes the UK and uses different definitions.

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Report Targets Gambling Infrastructure

Gaming Compliance International produced the research for the Campaign for Fairer Gambling and estimates that unlicensed operators controlled 72% of EU 27 online gambling revenue in 2025. The study also says unlicensed GGR increased 74% from €52.6 billion in 2023.

Those numbers sit well above other European gambling estimates.

EGBA and H2 Gambling Capital put total European online GGR at €47.9 billion during 2024, representing 39% of a €123.4 billion gambling market. Their figures cover the EU and UK and include different market categories, so they are not directly comparable with the GCI estimate.

GCI President Ismail Vali defended the methodology and said competing research should test the underlying model.

“For years, the unregulated sector has often been discussed using broad estimates, partial datasets or individual operator and traffic measures. We are putting a quantified value on the total marketplace, using the same methodology across regulated and unregulated activity.”

Rather than focusing only on gambling websites, the Campaign argues that European authorities should target the services helping unlicensed operators reach players.

The report identifies affiliates, social media, advertising networks, search engines, payment companies, app stores and streaming platforms as parts of that infrastructure. It says 88 million of 121 million Europeans exposed to gambling content encountered material linked to unlicensed operators during 2025.

Campaign founder Derek Webb wants governments to coordinate enforcement across those channels rather than leave individual gambling regulators to deal with operators alone.

GCI also claims vulnerable groups account for much of unlicensed gambling activity. Vali said:

“We found that in the UK 94% of unregulated gambling activity was concentrated among children and self-excluded players.”

Tax Debate Divides Campaign And Operators

The Campaign argues that stronger enforcement could protect regulated gambling revenue and potentially give governments more room to increase gambling taxes.

Licensed operators have often taken the opposite view, warning that higher taxes and tighter commercial restrictions can reduce regulated market participation and direct customers toward unlicensed alternatives.

The disagreement leaves Europe with two connected questions: how large the unlicensed gambling economy really is, and whether national regulators can control a digital supply chain that operates across borders.

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