Review: Yogonet on the US black-market surge — why $97.4B in illegal GGR shifts the legalisation debate
2026-08-12
This is our review of reporting published by Yogonet. We have not reproduced their article.
Yogonet covers a new report estimating US illegal online gambling GGR reached $97.4B in 2025, growing 45% and outpacing the regulated sector. Our review contextualises the findings, the advocacy caveats, and why the data will shape the legalisation and enforcement debate.
Yogonet reports on a new Gaming Compliance International study, commissioned by the Campaign for Fairer Gambling, estimating that illegal online gambling in the US generated $97.4 billion in gross gaming revenue in 2025 — up 45% year on year and nearly double the growth rate of the regulated sector. The piece centres on the study's core claim: legalisation has expanded the overall market without displacing unlicensed operators, who now account for roughly 77% of US online gambling GGR.
The reporting also covers the study's state-level Loss Ratio analysis, which compares gambling losses to income across different regulatory models. Losses relative to income were highest in states offering both regulated online sports betting and casino gaming, yet significant unregulated activity persisted in every type of market. That underpins the report's conclusion that regulated availability does not, by itself, eliminate demand for illegal operators — a claim the piece attributes directly to the study's authors and to Derek Webb, who funds the CFG: "Taking action against bad actors in the illicit sector is the solution and must be the priority for all stakeholders."
Why this matters now: the data lands in the middle of active US state debates over iGaming expansion, tax rates, and enforcement. It undercuts the long-standing industry argument that legalisation is the most effective antidote to the black market, and it gives opponents of expansion a concrete statistic to cite in hearings and lobbying materials. For regulated operators and suppliers, the implication is uncomfortable — illegal competitors are not a residual nuisance but a major force shaping customer acquisition and pricing pressure.
The usual caveats apply: the report was funded by an advocacy group that opposes gambling expansion, and its methodology deserves independent scrutiny. Still, the direction of travel aligns with other market signals, and the piece gives readers enough state-level texture to weigh the findings. The next thing to watch is whether state regulators and federal tools such as payment blocking and UIGEA enforcement respond, and whether the legal industry counter-publishes its own data.
The full study figures, state-by-state breakdown, and Yogonet's complete write-up are worth reading before the next legislative round — the review above is only a map, not the territory.