Shady bets

Glitzy offers and bonus bets lure in millions to online gambling every day. Yet behind the crafted promotions lies a different reality. One defined by unlicensed operations, offshore accounts and a growing public health crisis.

March 2025

Gambling is nothing new. The predicting of events and games of chance date back centuries. But betting’s ancient origins are a far cry from today’s world of bonus spins and VIP schemes, wall-to-wall adverts and virtual games just a few clicks away.

Online gambling has never been more popular. The thought of winning big on the day’s football matches or striking lucky on mobile roulette is a part of everyday life for millions. Yet behind the attractive offers and glitzy facades lies a darker, more opaque reality. One defined by unlicensed operations, offshore accounts and a growing public health crisis.

This is the focus of our new cross-border investigation, Shady bets: how Europe’s gambling industry spun out of control, which launches today and is being published with media partners in 11 countries. The investigation unravels the spin and polished public images presented by a multibillion-euro industry whose impact on society is accelerating by the day.

Estimates suggest that gross revenues of online gambling operators in the EU surged over 200 per cent between 2018 and 2023. According to two different data providers, H2 and Statista, these revenues stood at €21.2 billion and €20 billion respectively by the end of the period.

And this doesn’t even account for the unregulated markets. Investigate Europe reporters and partners have uncovered an extensive network of blacklisted online casinos operating across the continent without the necessary local licences. Some of the sites get millions of monthly visits.

The series also documents how the small Mediterranean island of Malta cemented its role as the industry’s biggest cheerleader. Later, we will reveal the true extent of betting companies’ influence over European football.

The investigation highlights how Brussels has failed to reign in the sector. Today, there are still no EU-wide laws governing gambling. Charles Livingstone, part of a World Health Organisation expert group on gambling, says there is a ‘wild west’ of approaches around Europe.

“Many governments simply don't appreciate how [the] problems are caused, and they have not got in place appropriate regulations to deal with it. So the result is it's a bit like the wild west.”

This failure to regulate has meant that the addiction problems and negative health consequences caused by gambling continue to worsen. The Lancet public health commission on gambling recently urged policymakers “to treat gambling as a public health issue — just as for other addictive and health-harming commodities, such as alcohol and tobacco”.

In the meantime, gambling websites and promotions continue to pull in more and more punters and ultimately, profit from their losses.

Read all stories from the series below and with our media partners.

Coordinating Editor: Manuel Rico
Editor: Chris Matthews
Illustrations: Georgina Choleva/Spoovio
Fact-checking: Ivana Jeremic