Fincord Report Exposes $50bn Global Illegal Gambling Black Market

The global illegal online gambling market is estimated to generate gross revenues of around US$50 billion in 2025, according to a new report from Fincord Intelligence. The investigation details a sprawling network of approximately 5,000 operator structures using more than 15,000 websites and applications to facilitate unregulated betting and gaming worldwide.

Vulnerable UK Consumers Targeted

The Fincord report finds that illegal gambling operators are intentionally targeting British customers, including those who have taken steps to exclude themselves from gambling. These sites are actively promoted as ‘Non-GamStop’ casinos to reach individuals registered with the UK’s national self-exclusion scheme. The operators are shown to offer services with no identity verification, financial checks, or betting limits, bypassing the protections required in the licensed British market.

Illegal operators are deliberately targeting vulnerable customers in the UK, including people who have self-excluded, using social media, affiliates, and messaging platforms.

Customers are reached through a variety of modern digital channels, including search engines, social media, affiliate marketers, and influencers. The report also notes the use of encrypted messaging services such as Telegram and WhatsApp to market illegal gambling services directly to consumers.

Evasion Tactics and Enforcement Calls

To avoid detection and enforcement, these networks employ sophisticated methods including the use of cryptocurrencies for payments, aggressive digital marketing, and the creation of mirror sites. Fincord highlights that even when a site is blocked, it can return rapidly through the use of new mirror domains, virtual private network (VPN) access, and browser-based applications, making site-blocking an insufficient deterrent on its own.

The report also touches upon wider security concerns, referencing assessments by Ukrainian authorities that some gambling businesses associated with the Russian Federation may be used to support Russia's economic interests and facilitate sanctions circumvention. Fincord states that it presents these as analytical assessments from the authorities, rather than as established judicial findings.

In its conclusion, the report argues that governments must shift their focus from targeting individual operator websites to disrupting the entire supporting ecosystem. It calls for concerted action against payment services, cryptocurrency intermediaries, affiliates, advertisers, software suppliers, and the hosting infrastructure that enables the illegal market to function.