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The timing is significant. The illegal gambling market is attracting growing attention from regulators and the wider industry, while estimates of its size vary considerably depending on definitions and methodology.

A recent Fincord Intelligence report highlighted by the Betting and Gaming Council estimated that illegal online gambling generated around $50 billion in gross revenue globally in 2025. It estimated that around 5,000 operator structures were using more than 15,000 websites and apps.

Other estimates are considerably higher, illustrating how difficult the market is to measure. As an example, separate research from Gaming Compliance International put the value of unregulated online gambling at $5.9 trillion in wagering value in 2025, while estimating that unregulated operators accounted for 78% of global online gaming GGR.

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The announcement came on the same week that Indian Gaming Association leaders met with CFTC Chair Michael Selig. The meetings centred on prediction market-related discussions that IGA Chair David Bean deemed mostly unproductive. On Wednesday, the US Court of Appeals for the Ninth Circuit reversed a lower court’s decision in Blue Lake Rancheria vs Kalshi.

Per the ruling, the Ninth Circuit determined that Kalshi’s sports event contracts amount to unauthorised gaming under the Indian Gaming Regulatory Act (IGRA) when accessed on tribal land.

“Today’s decision reinforces a fundamental principle: when sports wagering occurs on Indian lands, federal Indian gaming law matters,” said Bean on Wednesday.

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Evoke also closed 200 of its William Hill stores in April of this year for the same reason.

Stella David, CEO of Entain, has also warned against the potential rise of MGD to Entain’s operations, forecasting a increamse of £100 million in operational costs, if the policy were to go through. 

In a letter addressed to UK Prime Minister last week, David emphasised the impact such a tax rise would have on high street workers and communities