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Two industry-funded studies have reached strikingly different conclusions about the size of Europe’s illegal online gambling market, highlighting the challenges involved in assessing activity that takes place beyond regulated gambling systems. Research commissioned by Euromat estimates that Europe’s illegal gambling market generated €12bn (US$13.94bn) in net revenue in 2025. According to the study, the market has tripled in value since 2019 and accounted for roughly 25% of Eu