Illegal gambling turnover exceeded €80 billion in 2024
Illegal operators took €80.65 billion in bets in 2024 and captured a 71% share of the European online gambling market. Attempts by regulators to restrict the activities of cryptocurrency casinos, prediction markets, and unlicensed bookmakers, amid a year of rapid growth in sports betting popularity, have backfired.
GGR of illegal operators grew by 53%
According to Bloomberg, based on data from Yield Sec published on August 25, GGR from illegal gambling grew by 53% last year compared to 2023. The growth of unlicensed platforms in 27 European Union (EU) countries exceeded the development of the regulated sector, which grew by €33.64 billion, or 30%. The total turnover of the online gambling market increased by 46% compared to 2024, reaching €114.3 billion.
Yield Sec analyses online gambling market data to identify illegal platforms, defined as sites operating without licenses in the jurisdictions where they process transactions. The company conducted a study on behalf of the European Gaming and Betting Association (EGBA), which represents licensed operators across the European Union.
Restrictions contribute to the growth of illegal operators
EU governments aim to reduce gambling harm by tightening rules on ads, bonuses, and product design. However, illegal operators are gaining ground. In 2024, many players shifted to unregulated platforms offering tax-free promotions, fast registration, and free sports streams.
Yield Sec founder Ismail Vali warned, ‘Crime thrives without monitoring, enforcement, and optimisation’. He urged legal stakeholders to collaborate and close gaps that fuel the black market.
A busy sports calendar
Additionally, a busy sports calendar has fuelled the growth of the illegal market. The Olympic Games in Paris and the Euro 2024 have attracted fans to offshore bookmaker sites, according to Yield Sec.
The rising cost of sports streaming subscriptions has also stimulated demand for pirated streams. Unlicensed operators are increasingly using this channel to attract new players, analysts add.
Basis for Yield Sec’s assessment
Yield Sec monitors online user activity using AI and human analysis across search engines, social media, streaming platforms, and apps. This data helps compare gambling operators by estimating the cost per visit. Through this method, analysts identified 6,200 illegal gambling websites targeting EU users.
The company’s data spans a broad range of products and grey-market operators. Many offshore sites hold Curacao licenses but operate in countries where they lack legal approval.
EGBA warning
According to the EGBA’s March report, online gambling GGR in Europe in 2024 was €47.9 billion. This figure includes online lottery, which Yield Sec does not take into account.
In publishing the report, association members expressed concern that unregulated operators are undermining efforts to protect players. The association warned that tighter regulation could push high-stakes players to illegal sites, which would negatively impact the revenues of licensed operators.
In addition to competition from the illegal market, the organisation identified other challenges facing the industry: a decline in average bet size, dependence on high rollers, and a decrease in interest in poker.
Thus, a decrease in the average bet may indicate that consumers are more cautious about spending or prefer low-risk gaming options. Operators targeting high-stakes players may face a decline in revenue if regulatory restrictions or economic factors reduce the activity of this customer group. In turn, the decline of the poker segment highlights the need for innovation and diversification of offerings in this category.
This article was first published in Russian on 26 August 2025.
