A new report from compliance firm Gaming Compliance International puts the global unregulated online gambling market at $5.9 trillion in wagering value for 2025 — bigger than the economy of every country except the United States and China.
Unregulated online gambling generated $5.9 trillion in wagering value in 2025, according to Gaming Compliance International (GCI), a figure the regtech supplier says now dwarfs most national economies. The estimate, published in GCI’s Online Gaming 2025: Global report, matters because it shows how much consumer spending sits outside licensed, taxed and harm-controlled environments — and it lands as regulators from the UK to New Zealand scramble to pull players back onshore. The headline number is up 4% from $5.7 trillion in 2024 and roughly 16% higher than the $5.1 trillion recorded in 2023.
Key Facts:
• Unregulated online gambling reached $5.9 trillion in wagering value in 2025 — GCI Online Gaming 2025: Global
• That is up 4% from $5.7 trillion in 2024 and $5.1 trillion in 2023 — GCI
• Unregulated operators now account for 78% of global online gaming gross gaming revenue, against 22% for licensed firms — GCI
• Separate H2 Capital research put UK offshore wagering at £16.6 billion ($22 billion) in 2025 — H2 Capital
What did the GCI report find?
GCI’s analysis frames the unregulated sector as the world’s third-largest economic system by turnover, behind only the United States and China. The $5.9 trillion figure represents total wagering value — the amount staked, not the revenue operators keep — but the report’s more pointed finding is the split in gross gaming revenue (GGR). By that measure, unlicensed sites take 78% of global online gaming GGR, leaving regulated, tax-paying operators with just 22%.
“At $5.9 trillion in wagering value, unregulated online gambling is one of the largest economic systems in the world, operating largely outside regulatory oversight,” said Matt Holt, chief executive of GCI. (iGaming Business)
Why does the size of the black market matter?
The numbers cut to the centre of the channelisation debate — the share of gambling that regulators successfully steer into licensed markets. Every pound or dollar wagered offshore is money that escapes consumer-protection rules such as deposit limits, self-exclusion and affordability checks, and that pays no duty to the jurisdictions where players live. For governments, that is lost tax revenue; for players, it is the absence of any recourse when an unlicensed operator refuses a withdrawal or freezes an account.
The scale is hard to ignore at a national level too. Separate research from H2 Capital estimated that UK consumers staked £16.6 billion ($22 billion) with offshore sites in 2025, a figure that prompted the UK Gambling Commission to stand up a dedicated Illegal Markets unit. GCI’s global total suggests the UK problem is a small slice of a far larger pattern of spending migrating beyond regulated borders.
What happens next?
Regulators are responding by trying to make licensed products more competitive while squeezing the unlicensed supply. New Zealand is auctioning a capped set of online casino licences this year, betting that a credible legal market will draw players away from offshore operators. New Zealand has set a July licence auction with a 15-operator cap as part of that push, alongside higher duties and steep advertising penalties for unlicensed firms.
The harder question is enforcement. Blocking payments, de-indexing sites and pursuing advertising bans have all produced mixed results, and GCI’s year-on-year growth figures suggest the unregulated market is still expanding despite a decade of crackdowns. Whether 2026 marks a turning point will depend less on a single report than on whether new licensing regimes can offer products players actually prefer to the offshore alternatives.
FAQ
Q: Does the $5.9 trillion figure mean operators earned that much?
A: No. The $5.9 trillion is wagering value — the total amount staked. Operator revenue (GGR) is a far smaller fraction, measured as stakes minus winnings paid out.
Q: Who produced the report?
A: Gaming Compliance International (GCI), a regulatory technology supplier, in its Online Gaming 2025: Global study.
Q: How much of the market is regulated?
A: GCI estimates licensed operators account for just 22% of global online gaming gross gaming revenue, with the remaining 78% flowing to unregulated sites.
Gambling carries financial risk and can be addictive. If you or someone you know needs help, visit GamCare (UK), call 1-800-GAMBLER (US), or see our Responsible Gambling page.
