Unregulated Gambling Took 72% of the EU Online Market, Report Claims

A new study argues that unregulated gambling now dominates online play across the European Union, accounting for an estimated 72% of all money lost by players in 2025. The report, produced by Gaming Compliance International for the Campaign for Fairer Gambling and widely covered by the trade press at the start of October, puts unlicensed operator revenue at around 91.6 billion euros against 36.5 billion euros for licensed sites. The headline figure is disputed, but the underlying question matters to anyone choosing where to play: how do you know the casino in front of you is actually licensed, and what are you giving up if it is not?

What the report found

The study looked at all 27 EU member states and tried to size both the regulated and the unregulated online market. It claims unlicensed operators generated 91.6 billion euros in gross gambling revenue in 2025, up 74% from 52.6 billion euros two years earlier, and that they took roughly 72% of a total online market the authors value at 128 billion euros. The report also counts more than 6,000 unregulated operators and over 17,000 affiliate sites targeting EU residents, and estimates that national governments missed out on about 22 billion euros in tax. Its author, Campaign for Fairer Gambling founder Derek Webb, framed the issue bluntly, saying Europe has an enforcement problem because unregulated gambling operates across borders, platforms and infrastructure.

Why the unregulated gambling figures are disputed

These numbers sit at the very top of the range, and it is worth being clear that other researchers reach very different conclusions. Analysis from iGaming Business notes that Regulus Partners has estimated the unregulated share at around 25%, H2 Gambling Capital at about 27%, and several national regulators report figures far lower again, with Germany’s estimate measured in the hundreds of millions rather than the billions. The disagreement is largely about method. The GCI report converts web traffic into revenue using a value-per-visit benchmark, an approach the UK Gambling Commission has criticised for missing app usage and other blind spots. The European Gaming and Betting Association has repeatedly cautioned that illegal gambling is hard to measure, which is why studies produce such widely varying results. The sensible reading is that the unregulated market is clearly large and growing, but the precise 72% should be treated as a contested estimate rather than a settled fact.

Why this matters for players

Whatever the true share, the practical point stands. A large and well-marketed unlicensed sector means players can easily land on a site that looks professional but sits outside any regulator’s reach. On a licensed site you have enforceable protections: deposit limits and self-exclusion tools, rules on how bonuses and wagering requirements are presented, identity and age checks, segregated player funds, and a complaints route if a withdrawal is unfairly refused. On an unlicensed site none of that is guaranteed. If a payout is delayed or blocked, or a bonus term is applied in a way you did not expect, there is often no regulator to turn to. This is the single biggest reason to stick to operators licensed in your market rather than chasing the largest headline bonus you can find.

How to check an online casino is licensed

Checking a licence takes a couple of minutes and is worth doing before you deposit. Scroll to the footer and look for a named regulator, such as the UK Gambling Commission, the Malta Gaming Authority or your national authority, along with a licence number. Do not take the logo at face value: go to the regulator’s own register and confirm the number matches the company and the brand. The UK Gambling Commission runs a public licence register, and the Malta Gaming Authority publishes a licensee list you can search. Be wary of sites that only show a generic seal, hide their operating company, or cannot be found on any register. Our guides to safe online casinos and casino licences walk through the checks in more detail, and our casino reviews list the licence behind every operator we cover. If you play in a specific regulated market, our pages for UK casinos and MGA casinos narrow the field to licensed options.

What players should watch next

The report lands in the middle of a live argument about how to pull players back towards licensed sites, a process the industry calls channelisation. One camp, including the Campaign for Fairer Gambling, wants tougher enforcement aimed at the wider ecosystem of affiliates, advertising and payment providers that support unlicensed operators. The other, including the European Gaming and Betting Association and the Betting and Gaming Council, warns that pushing taxes and costs too high on licensed operators can backfire by making unlicensed sites relatively more attractive. For players, the thing to watch is practical: expect more enforcement action against black-market brands, more payment blocking of unlicensed sites, and continued pressure on how bonuses and promotions are advertised. Markets that are opening up, such as Finland from 2027, will be a test of whether a well-designed licensing regime can actually win players back.

Betspin view

We would treat the 72% figure with caution given how far it sits above other estimates, and we think the more honest statement is that the unregulated market is big, growing and under-enforced. That does not change the advice for players, which is straightforward. The protections that make online play safer only exist on licensed sites, so confirming a licence should come before comparing bonuses or deposit methods, not after. If you are unsure whether a site is legitimate, our responsible gambling resources explain the tools a licensed operator must offer and where to get help if gambling stops feeling fun.