TLDR Unregulated online gambling reached $5.9 trillion in global wagering value in 2025, behind only the US and China in economic scale 78% of gross gaming revenue now flows to unregulated operators, making it the largest form of cybercrime worldwide A new “unacknowledged gambling” category has emerged, covering social casinos, sweepstakes, skins trading, and TikTok contests Unregulated gambling ads appeared on more than 80% of illegal sports streams in the US and UK during 2024 and 2025 Countries including Australia and Ukraine are rolling out new measures to combat the growing black market
The global unregulated gambling market has grown to $5.9 trillion in wagering value, according to a new report from Gaming Compliance International. That figure would make it the third largest economy in the world, trailing only the United States and China.
GCI released the findings this week, describing the scale of unlicensed online gambling as a “multi-trillion-dollar economy operating outside oversight.” The report covers sports betting, casino sites, crypto gambling, and prediction markets.
Unregulated Operators Now Control Most of the Market
According to GCI, 78% of gross gaming revenue worldwide now goes to unregulated operators. The organization says this makes unregulated gambling the largest form of cybercrime on the planet.
Matt Holt, CEO of GCI, said the industry is operating largely beyond the reach of regulators. “At $5.9 trillion in wagering value, unregulated online gambling is one of the largest economic systems in the world,” Holt stated.
The report also identifies a new layer in the gambling market. Beyond the traditional split between regulated and unregulated, GCI now tracks what it calls “unacknowledged gambling.”
This third category includes social casinos, sweepstakes platforms, skins trading, and contests hosted on apps like TikTok. These products often avoid being classified as gambling despite functioning in similar ways.