Euromat study puts Europe’s black market growth as Blask shows other data

A land-based trade federation prices unlicensed Europe as a compounding traffic book built around a short list of brands.

In September a study commissioned by Euromat and produced by Regulus Partners and Helios sized the unlicensed iGaming market across 28 European markets. It puts black-market net revenue at €12B in 2025 — a quarter of the online sector — and a compound annual growth rate of 18% from 2019 through 2026. 

On that constant basket, offshore CEB grew 11.2% a year from 2019 to 2025. The unlicensed share of the baseline fell from 24.4% to 18.9%. The licensed book grew faster than the leak.

France and Germany, two of the large markets named in the study, moved the other way.

France’s offshore CEB share rose from 24.6% to 41.6%. Germany’s rose from 26.7% to 43.1%. The Netherlands opened an online licence in 2021, and Poland’s licensed book took a larger share. Both pulled the 18-market mix down.

An 18% Europe-wide traffic CAGR does not show which borders widened.

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