BGC Cites Ukrainian Report on $50bn UK Black Market, Warns of Russian Links

The Betting and Gaming Council (BGC), a leading British trade body, is leveraging research from Kyiv-based Fincord Intelligence to highlight the reported scale and security risks posed by the UK’s illegal gambling market. According to BGC, Fincord's unreleased report estimates that the black market generated around $50bn in revenue during 2025, with operators targeting vulnerable UK consumers—especially those self-excluded through the national GAMSTOP register.

Fincord Intelligence Report: Black Market Valuation and Methods

Fincord Intelligence, led by Andrii Yarmolskyi—a former official with Ukraine’s National Security and Defence Council—has provided the BGC with analytic findings describing the scale and tactics of illicit operators. The report asserts that black market firms specifically advertise as “non-GamStop,” aiming to attract self-excluded players barred from regulated gambling in Great Britain.

The consultancy assessed that approximately 5,000 companies operate over 15,000 websites and apps, using mirror URLs and evasion technology to sidestep enforcement. In Fincord’s view, the illegal ecosystem functions as a sophisticated network, not merely through isolated websites:

"Illegal gambling is no longer a collection of isolated websites. It operates through sophisticated international networks of companies, payment providers, cryptocurrency services, technology platforms and affiliates," said a Fincord spokesperson.

Focus Keyword: Black Market Gambling and Russian Sanctions Evasion

Fincord’s research for the BGC connects certain operators in the UK-facing illegal sector to businesses tied to the Russian Federation. The report suggests that revenues from unlicensed online gambling can be used to support Russia’s economic interests and potentially its war effort, facilitating sanctions evasion and raising national security risks.

BGC’s public summary states:

"Ukrainian authorities assessed that some gambling businesses associated with the Russian Federation may contribute, directly or indirectly, to Russia's economic interests, facilitate sanctions circumvention and create wider national security risks for Ukraine."

These claims are presented as analytic assessments, not judicial findings, and have not been shared in full with the public.

Operators’ Evasion Tactics, Crypto Payments, and Enforcement Challenges

Fincord's report offers a detailed breakdown of how illegal operators continue to access the UK market:

• Deliberate marketing towards vulnerable players, including those on the GAMSTOP exclusion list
• Use of social media, affiliates, messaging platforms, and mirror websites to evade regulatory oversight
• Adoption of mirror URLs and circumvention tools against blocking actions
• Increased reliance on alternative payment systems—particularly cryptocurrencies

The report estimates that about 35% of payments in the illegal gambling sector now use crypto, projecting a rise to 70% by 2030. Fincord warns that this payment evolution complicates enforcement, making it harder for regulators like the UK Gambling Commission to trace or disrupt illicit flows. Networks supporting these sites include technology providers, payment processors, advertisers, affiliates, and hosting platforms.

BGC’s Policy Demands for Tackling Payment and Technology Support Networks

The BGC is urging the UK government and relevant regulators to take broader action targeting the infrastructure enabling black market operators, beyond site-specific blocking or uncollected fines. Chief executive Grainne Hurst emphasised the need to coordinate law enforcement, regulators, payment providers, and technology firms to disrupt support networks, including:

• Payment services
• Cryptocurrency intermediaries
• Affiliates and social media marketers
• Software and hosting providers

According to Hurst:

"The government must step up its efforts to coordinate law enforcement, regulators, payment providers and technology companies to target the networks supporting these operators - not just individual websites."

Fincord further argues that the traditional approach—issuing blocking orders or levying fines—has not been effective due to the global and interconnected nature of illegal gambling businesses.

Industry Impact: Tax Hikes, Regulation Strain, and Operator Response

Pressure from the black market is cited as a key operational concern among licensed operators, particularly as they also navigate higher taxes and regulatory tightening. In both the British and Dutch regulated markets, compliance burdens are rising at the same time as unlicensed online betting reportedly proliferates. Even large incumbents are affected: Bet365 announced this week it will eliminate 340 positions across its Stoke-on-Trent HQ and satellite offices in Malta and Gibraltar. The firm attributed the move partly to increased taxation and regulation, echoing broader industry frustrations about the expanding influence of illegal operators.

Conclusion

The BGC’s use of Fincord Intelligence’s findings marks an escalation in the trade group’s efforts to put black market gambling—and its links to sanctions evasion and financial crime—at the forefront of policy discussions. While regulators acknowledge stepped-up enforcement, the industry’s call is now for systemic interventions targeting networks, not just individual websites. Persistent growth in crypto payments and sophisticated avoidance tactics underscores that black market gambling poses complex challenges for the UK’s legal casino and betting sector.