The iGaming Europe has published a comparison of 30 gambling jurisdictions using regulator and company data. Its analysis estimates that the markets generated about $418 billion in regulated gross gaming revenue in 2025. The United States accounted for approximately $158 billion, or 38% of the total, exceeding the next six largest markets combined.
Online share and unlicensed activity
In the 17 jurisdictions that separately report channel data, online gambling accounted for about $74 billion, or 18% of the combined regulated total. The report also cites Gaming Compliance International estimates that unlicensed operators generated about $201 billion in online GGR across the US and EU in 2025. That estimate is separate from the regulated-market total and should not be added to it without considering the report’s definitions.
How to use the comparison
For affiliates and operators, the ranking is a useful starting point for comparing market scale, but total GGR alone does not show addressable online opportunity. Licensing access, product restrictions, local taxes, channel mix and the share of unlicensed activity remain essential when assessing a GEO.