CEOs of Major Gambling Companies Issue Warning Against Growing Black Market in Europe

The European Gaming and Betting Association (EGBA) has sounded the alarm on the increasing black market for gambling in Europe. In a recent open letter signed by the CEOs of major gambling companies within the EGBA, this warning was reiterated.

Positive Sustainability Report, Yet CEOs Express Concerns

The EGBA released a sustainability report stating that the use of player protection tools has risen significantly. Progress has also been made in employee training and generating funds for player protection and research. However, the CEOs warned that these advancements are at risk due to the growing black market in Europe.

Threat of Escalating Black Market in Europe

While 32.5 million players are registered with legal gambling operators in Europe, the regulated market continues to grow amidst concerns of an increasing underground market. Recent data from France and a study from the University of Leipzig indicate that the black market is more than just a minor issue.

Many Gambling Companies Have Black Market History

Despite signing the letter, many of these companies have roots in unregulated markets and continue to operate there. Past instances of offering gambling in unregulated markets and hefty fines for breaching gambling regulations have plagued these companies.

Time to Take Action – But How?

The CEOs emphasized the need for action to combat the growing black market. However, specific measures to tackle this issue and address the continuous emergence of new market entrants were not detailed in the letter.