New Report: Unregulated Online Gambling Ranks as ‘World’s Third Largest Economy’

(AsiaGameHub) –   The report estimates that the unregulated online gambling market reached $5.9tn in 2025.

US.- A new report from Gaming Compliance International (GCI) estimates that the worldwide value of unregulated online gambling reached $5.9tn in 2025, marking a 4 per cent increase from the estimated $5.7tn in 2024.

The Online Gaming 2025: Global Report finds that unregulated operators accounted for 78 per cent of global online GGR in 2025. GCI described the unregulated sector as “the world’s third-largest economy,” trailing only the United States and China, and identified it as the largest form of cybercrime globally.

The report also introduced the concept of a “White Noise Marketplace”, where consumers face difficulty distinguishing between regulated, unregulated, and “unacknowledged” gambling products.

The study focused solely on online gambling actively targeting regulated local markets. GCI defined unlicensed gambling as products promoted directly to consumers, including sports betting, casino games, poker, crypto gambling, lotteries, and prediction markets—excluding those outside the United States. Sites accessible but not processing transactions were excluded from the analysis.

Using a combination of automated monitoring and human analysis, GCI evaluated betting volumes and gross gaming revenue (GGR). Proprietary metrics such as Value Per Visit (VPV) were applied to assess spending variations between regulated and unregulated operators.

GCI observed that unregulated gambling advertisements appeared on “more than 80 per cent of illegal sports content streaming in the US and UK during 2024 and 2025,” with major events like March Madness and the World Cup increasing exposure.

The report also highlighted the influence of loosely regulated sectors such as prediction markets and crypto-based gambling. While prediction markets in the US are overseen by the Commodity Futures Trading Commission (CFTC), many other regions lack clear regulatory frameworks. Brazil recently outlawed prediction markets, with telecom regulator Anatel blocking 28 platforms. In contrast, Gibraltar has licensed Predict Street under its current gambling regulations.

GCI chief executive Matt Holt stated: “With $5.9tn in wagering volume, unregulated online gambling constitutes one of the world’s largest economic systems, operating largely beyond regulatory oversight. Regulators confront not a minor issue, but a dominant one—the majority of activity occurs outside the regulated framework. Our mission is to deliver full transparency across the entire marketplace, empowering regulators to act with confidence.”