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Europe Market Report October 2026 Scale, fragmentation and shifting digital demand

\ Overview �� 3 \ European Market Insights �� 6 \ Industry Insights �� 18 \ Regulation in focus ��20 \ Prediction markets in Europe ��23 \ Forbes Top 50 puts people behind Italy’s regulated gaming sector in focus ��28 \ Methodology and data coverage �� 35

\ Overview Europe is one of the world’s largest iGaming regions, but it is not a single market. National licensing systems, product rules and enforcement priorities create sharply different operating conditions across the continent. Mature regulated markets sit alongside monopoly structures, narrowly licensed jurisdictions and markets where gambling demand continues to develop ahead of regulatory clarity.

The SiGMA Europe Market Report 2026 examines these differences across 36 countries from September 2025 to August 2026. It compares user interest and estimated revenue, identifies the leading markets, tracks changes across Northern, Western, Southern and Eastern Europe, and ranks licensed brands according to how often they appear in each country’s Top 10. The report also examines the expansion of prediction markets and brings together views from European regulators on the forces shaping the sector. The findings depict a commercially resilient industry despite more volatile digital attention. Combined estimated monthly revenue from market intelligence platform Blask remained within a relatively narrow range of approximately $5.11 billion to $5.45 billion, while the regional measure of user interest moved more sharply

Prediction markets represent the report’s clearest emerging opportunity and regulatory test. User interest increased across all 24 European states covered by the category dataset, with median growth of around 162 per cent. Regulators interviewed by SiGMA World consistently emphasised that growth must be matched by effective supervision. Their priorities include channelling players towards licensed operators, disrupting illegal platforms, assessing whether compliance controls work in practice, protecting minors from unlicensed promotion, and reducing gambling intensity. Taken together, the findings point to a European market where future growth will depend less on a single regional trend than on how effectively operators adapt to national rules, earn player trust and build sustainable positions across distinct regulated markets.

\ Data collection and countries included

This analysis covers 36 countries across Northern, Western, Southern, and Eastern Europe from September 2025 to August 2026. The following markets had sufficient Blask Index and market-dynamics data for inclusion in the quantitative analysis: • Northern Europe: Estonia, Latvia, Lithuania, Denmark, Finland, Iceland, Norway, Sweden, United Kingdom. • Western Europe: Belgium, France, Germany, Luxembourg, Netherlands, Switzerland. • Southern Europe: Albania, Bosnia and Herzegovina, Croatia, Greece, Italy, Montenegro, North Macedonia, Portugal, Serbia, Slovenia, Spain. • Eastern Europe: Belarus, Bulgaria, Czechia, Hungary, Poland, Republic of Moldova, Romania, Russia, Slovakia, Ukraine. Countries without Blask dataset were not included in the quantitative analysis.

\ Key takeaways

• The United Kingdom is Europe’s revenue leader. The UK generated the highest estimated monthly revenue, reaching $998.60 million, and the highest peak Index at 54.39 million. • Italy combines scale with stability. Italy recorded the second-highest revenue peak at $558.7 million. Revenue stayed above $527 million in every month, even as its Index eased from late-2025 highs. • Germany accelerated in mid-2026. Germany’s Index rose from 11.68 million in February to 26.96 million in July, while estimated revenue climbed from $194.6 million to $242.9 million by August. • Ukraine recorded the steepest contraction. Ukraine’s Index fell from 20.05 million in September 2025 to 4.70 million in August 2026, while revenue declined from $218.2 million to $97.81 million. • Revenue proved more resilient than attention. Across the covered markets, August’s combined Index was materially below September’s level, but aggregate revenue declined much less, reflecting stickier monetisation in several mature markets. • Regulation is widespread but not uniform. Most covered countries are classified as regulated for gambling and betting. Iceland, Albania and Russia are exceptions in the supplied classifications, with gambling unregulated but betting regulated.

\ European Market Insights \ Top European markets by user interest The Blask Index represents the aggregated level of user interest across all gaming brands. Rankings use each country’s highest monthly value during the reporting period. Rank

Country

Peak Index

Peak month

United Kingdom

54.39M

Dec 2025

Italy

39.99M

Dec 2025

Germany

26.96M

Jul 2026

Bulgaria

26.78M

Dec 2025

Ukraine

20.05M

Sep 2025

Romania

16.75M

Dec 2025

Poland

13.85M

Jul 2026

Greece

10.90M

Dec 2025

Serbia

9.94M

Nov 2025

Spain

9.87M

Sep 2025

(Source: Blask) The UK and Italy occupied the top two positions, while Germany and Bulgaria both recorded peaks close to 27 million. Ukraine’s third-quarter spike placed it fifth despite a pronounced subsequent fall. Romania and Poland completed a broad eastern European presence in the top ten.

\ Top European markets by estimated revenue Market dynamics represent Blask estimates of monthly revenue. The rankings show the highest monthly estimate recorded by each market. Rank

Country

Peak revenue

Peak Index

United Kingdom

$998.60M

May 2026

Russia

$827.30M

Sep 2025

Italy

$558.70M

Apr 2026

Netherlands

$293.50M

Jul 2026

France

$291.10M

Mar 2026

Germany

$242.90M

Aug 2026

Poland

$238.60M

Jul 2026

Romania

$225.10M

Dec 2025

Ukraine

$218.20M

Sep 2025

Sweden

$188.90M

Jul 2026

(Source: Blask) Revenue was more concentrated than the Index rankings suggest. The UK’s peak was almost twice Italy’s and exceeded Russia’s period peak. The Netherlands, Germany, Poland and Romania formed a second tier between roughly $225 million and $294 million per month.

\ Country highlights United Kingdom: Europe’s commercial leader

Blask Index representing the aggregated level of user interest in all gaming brands in Italy.

–

All Brands

–

Trend

Rise

APR

MAY

Fall

AVG

MED

55M

53M

50M

48M

45M

43M SEP

OCT

NOV

DEC

2026

FEB

MAR

JUN

JUL

AUG

(Source: Blask) The UK recorded a peak engagement of 54.39 million in December 2025. Estimated revenue peaked later, at $998.6 million in May 2026, and remained close to $1 billion through August. The divergence between softer engagement and resilient revenue indicates mature monetisation across the covered brands.

Italy: Southern Europe’s anchor Blask Index representing the aggregated level of user interest in all gaming brands in Italy.

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All Brands

–

Trend

Rise

Fall

MAR

APR

MAY

Flat

AVG

MED

42M

40M

38M

36M

34M

32M SEP

OCT

NOV

DEC

2026

FEB

JUN

JUL

(Source: Blask) Italy’s Index peaked at 39.99 million in December, while revenue reached $558.7 million in April. Revenue held near its high through August even as engagement fell below 35 million, giving Italy one of the most stable high-value profiles in the dataset.

AUG

Russia: High value under pressure Blask Index representing the aggregated level of user interest in all gaming brands in Russia.

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All Brands

–

Trend

Rise

Fall

AVG

MED

10M 9.5M 9M 8.5M 8M 7.5M 7M 6.5M

SEP

OCT

NOV

DEC

2026

FEB

MAR

APR

MAY

JUN

JUL

AUG

(Source: Blask) Russia generated the third-highest revenue peak at $827.3 million in September 2025. Its estimate then declined almost continuously to $537.2 million in August. Blask classifies gambling as unregulated and betting as regulated; August Index data were unavailable.

Germany: A sharp mid-year rebound Blask Index representing the aggregated level of user interest in all gaming brands in Germany.

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All Brands

–

Trend

Rise

APR

MAY

Fall

AVG

MED

30M

25M

20M

15M

10M

SEP

OCT

NOV

DEC

2026

FEB

MAR

JUN

JUL

AUG

(Source: Blask) Germany’s Index bottomed at 11.68 million in February before rising to 26.96 million in July. Revenue followed with a lag, reaching its period high of $242.9 million in August. Germany therefore closed the period with the strongest upward momentum among Europe’s largest covered markets.

Netherlands: Rising revenue despite a softer finish Blask Index representing the aggregated level of user interest in all gaming brands in Netherlands.

–

All Brands

–

Trend

Rise

APR

MAY

Fall

AVG

MED

7.5M

6.5M

5.5M SEP

OCT

NOV

DEC

2026

FEB

MAR

JUN

JUL

AUG

(Source: Blask) The Netherlands reached a peak Index of 7.69 million in December and peak revenue of $293.5 million in July. August engagement fell to 5.57 million, but revenue remained 14.4 per cent above September’s estimate.

\ Top 10 licensed iGaming brands in Europe Europe’s licensed-brand ranking measures geographic recurrence rather than blended regional audience volume. Blask produced each market’s licensed Top 10 independently and then counted how often each brand appeared across the countrylevel lists. This avoids allowing exceptionally high activity in one large market to outweigh licensed leadership across several differently regulated jurisdictions. The ranking therefore reflects breadth of licensed Top 10 presence, not regional market share. A brand’s number-one finishes provide a secondary indicator of local leadership, while the country and rank column shows exactly where each placement occurred.

Rank

Brand

Top 10 markets

Bet365

Betano

Unibet

bwin

Maxbet

OlyBet

Fortuna

Betclic

Fonbet

Optibet

(Source: Blask) 15

\ Licensed brand insights

Bet365 has Europe’s broadest licensed Top 10 footprint, appearing in 12 country lists and ranking first in Great Britain and Spain It also placed among the top four in eight other markets, spanning Northern, Western and Southern Europe Its lead is based on geographic reach rather than a single pooled audience score Betano, Unibet and bwin form the second tier, each appearing in six markets Their footprints differ: Betano is strongest across Romania, Portugal, Czechia and parts of central Europe; Unibet is concentrated in Belgium, the Netherlands, France and the Nordic-Baltic markets; and bwin places across Spain, Belgium, Greece, France, Germany and Portugal

The remaining brands demonstrate the importance of regional specialisation Maxbet leads Serbia and appears across four Balkan markets OlyBet leads Estonia and places in three other Baltic or nearby markets, while Fortuna appears in Slovakia, Czechia, Poland and Romania Betclic has only three Top 10 appearances but ranks first in both France and Portugal Fonbet leads Russia, while Optibet leads Latvia

“Europe is no longer simply a regulatory challenge; it’s becoming a strategic di�ferentiator. Operators are increasingly looking at the continent as a portfolio of individual territories rather than one addressable market.” \ Ivan Rozic, Global Head of Sales, EveryMatrix

“Every market-entry strategy is comparable to launching a product from scratch. The potential for cross-border growth lies in sequential expansion with a tailored approach to markets.” \ Aleksandr Romanov, Head of White Label, 01.tech

\ Industry Insights Fragmentation turns market entry into a strategic capability

Europe’s regulatory fragmentation is reshaping how operators approach expansion. Rather than treating the continent as one addressable market, suppliers say operators increasingly assess it as a portfolio of jurisdictions, each with its own commercial potential, compliance burden and route to market.

Operators must therefore model markets separately and account for both entry costs and continuing compliance expenses. Romanov cited European Gaming and Betting Association figures showing that its members collectively hold more than 300 online licences across 21 countries as an indication of the administrative scale involved.

Aleksandr Romanov, Head of White Label at 01.tech, told SiGMA World that the differences extend beyond licensing to taxation, advertising, know-your-customer rules, player protection, payments, games and bonuses.

“Europe is no longer simply a regulatory challenge; it’s becoming a strategic differentiator,” Ivan Rozic, Global Head of Sales, EveryMatrix told SiGMA World. “Operators are increasingly looking at the continent as a portfolio of individual territories rather than one addressable market, with each requiring a different combination of licensing, localisation, payments, player protection, product and acquisition strategy.”

“Fragmentation turns Europe into a collection of separate jurisdictions rather than a single market,” Romanov said. “Even if the product is technically the same, licensing requirements, taxes, advertising regulations, KYC, responsible gaming requirements, payments, available game and bonus mechanics vary significantly from country to country.”

\ Shared technology, local execution Both executives said cross-border growth depends on separating reusable technology from the elements requiring local adaptation. Platforms, analytics and core processes can remain unified, while payments, customer relationship management, bonuses, content and compliance controls are configured for each jurisdiction.

Rozic said operators should not need to rebuild their technology stack for every regulated market. Sportsbook and casino products, player account management, engagement tools, payments and customer-experience systems can provide a common foundation if they are flexible enough to accommodate local rules.

Romanov described this as sequential expansion rather than a regional rollout. “Every market-entry strategy is comparable to launching a product from scratch,” he said. “The potential for cross-border growth lies in sequential expansion with a tailored approach to markets.”

“The winning proposition is not simply providing a turnkey platform; it is providing the flexibility to operate across several regulatory environments without creating multiple technology businesses underneath the same group,” he said.

\ Regulation in focus SiGMA World spoke to regulators across Europe about the issues shaping their work today, the challenges facing the sector, and the developments they expect to define the years ahead.

\ What are the key forces shaping regulation across Europe?

• “Regulatory competitiveness should not be confused with regulatory lightness.” - Malta Gaming Authority – Malta • “When gambling is unlicensed, oversight is removed and the risk of harm is radically increased.” - Anne Marie Caulfield, Chief Executive Officer, GRAI – Ireland • “A key priority is curbing and preventing the operations of unlicensed foreign online platforms. […] Financial blocking introduces necessary ‘friction’ that reduces impulsive gambling, prevents unchecked addiction, and safeguards vulnerable groups.” - Financial Administration of the Republic of Slovenia – Slovenia • “The Danish Gambling Authority in recent years has found some really good ways to inform and educate the players about gambling and responsible gambling.” - Danish Gambling Authority – Denmark • “The idea of being a legal operator if you have a licence ‘somewhere’ has lost its lustre.” - Gespa – Swiss Gambling Supervisory Authority – Switzerland

• “The challenge is no longer simply to check whether an operator has the required procedures in place. We also need to assess how those systems work in practice and whether risks are being identified and acted upon appropriately.” - Gaming Control Authority under the Ministry of Finance of the Republic of Lithuania – Lithuania • “Particular attention is being paid to influencer marketing activities promoting illegal gambling on social media, as beyond the general risks of unauthorised gambling, their content is accessible to an underage target audience.” SARA – Hungary • “The market must progressively pivot towards a less intensive model.” - ANJ – France • “Having licensees that operate in accordance with Finnish regulations while simultaneously lessening the role of illegal markets” was highlighted as a key aim as Finland transitions from a monopoly-based system to a partially licensed market. Gambling Administration, National Police Board – Finland

\ Which emerging developments are shaping regulatory attention? • “Artificial intelligence is likely to be one of the most transformative developments for the sector in the coming years.” - Malta Gaming Authority – Malta • “The development of new and faster payment solutions, illegal gambling, the merger of gaming and gambling, and EU’s new AML regime.” - Spelinspektionen, Swedish Gambling Authority – Sweden • “Prediction markets” - Danish Gambling Authority – Denmark “• Crypto and other blockchain-based phenomena” - Gespa – Swiss Gambling Supervisory Authority – Switzerland “• We are paying the closest attention to the continuous evolution of digital products and consumer habits in the online sphere—particularly live-dealer streaming services, high-frequency mobile applications and the potential convergence between gaming/video gaming mechanics and gambling.” - State Revenue Service – Latvia

• “Increasing gamification” - ANJ – France • “We are also closely monitoring the development of various forms of crash-style games.” - The Ministry of Finance of the Czech Republic, Department of Procedural Agendas and Gambling Regulation – Czech Republic • “Crypto-asset gambling and decentralised platforms.” - Financial Administration of the Republic of Slovenia – Slovenia • “We are closely monitoring automated player-monitoring tools because they now form part of the responsible gambling framework.” - Gaming Control Authority under the Ministry of Finance of the Republic of Lithuania – Lithuania

\ Prediction markets in Europe Demand is rising. Regulation is diverging.

\ A fast-growing category meets a fragmented market In 2026, Gibraltar introduced a dedicated licensing framework for prediction markets, while several other European countries moved to restrict or block them. The contrasting approaches highlight the regulatory uncertainty surrounding a category that has attracted growing user interest, with markets now spanning politics, sport, economics and other real-world events. Prediction markets do not fit neatly within traditional regulatory categories. Depending on how they are structured, they can be treated as gambling products, betting exchanges or financial instruments.

\ User interest is growing... Blask data shows broad-based growth in category-level interest across 24 European states covered by the dataset. Comparing the latest 12 months with the previous 12-month period, all 24 recorded positive growth in the Prediction Markets category, with a median increase of around 162%. Year-on-year growth was particularly strong in Switzerland (+396%), Poland (+353%), Germany (+330%) and the Netherlands (+304%). Italy (+236%), Czechia (+208%), Sweden (+203%) and Lithuania (+202%) also recorded increases of more than 200%.

In Europe, where gambling rules are largely set at national level, that has produced a fragmented market.

\ ...but Europe is choosing diﬀerent paths

RESTRICT / BLOCK Spain Switzerland

Germany Netherlands

France Portugal

Prediction markets, or individual operators offering them, have faced blocking, restrictions or enforcement as unlicensed gambling. France, for example, considers prediction-market sites illegal gambling; Spain ordered both Polymarket and Kalshi blocked; and Germany says bets on political, economic and other societal events are not eligible for a gambling licence.

REGULATE UNDER EXISTING RULES

DEDICATED FRAMEWORK

Great Britain

Gibraltar

Ireland

Malta

Regulators are using, or considering using, existing betting categories. Great Britain says current prediction-market models would generally resemble licensed betting intermediaries. Ireland treats prediction markets offering betting as remote betting intermediaries requiring a licence. Malta’s regulator has said some prediction-market products may already fit its exchange-betting categories.

Gibraltar has gone further by creating a specific regulatory framework for prediction markets, with dedicated Prediction Market Regulations introduced in July 2026.

\ Operators are pursuing routes to regulated access Operators are taking different approaches to Europe’s fragmented rules. Polymarket has challenged enforcement decisions in a number of countries, while others have sought licences or launched predictionmarket products through established betting frameworks. Direct licensing: Gibraltar created a dedicated regulatory route for prediction markets in 2026. Predict Street became the first licensed operator in March, initially under Gibraltar’s existing gambling framework, followed by Wire Markets’ approval in principle in June and dedicated Prediction Market Regulations in July. Existing betting frameworks: In the UK, for instance, Triplebet offers prediction markets via easyBet under existing gambling licences, while Flutter is testing Betfair Predicts on the Betfair Exchange. Contesting restrictions: Polymarket has challenged regulatory decisions restricting access to its platform in several European markets, including France, Italy, the Netherlands and Romania. The strategy has precedent in the US: Kalshi took the derivatives regulator, the CFTC, to court over restrictions on election-related contracts and won a federal ruling in 2024.

\ European industry leaders move into prediction markets

Flutter Entertainment

Ireland

Launched FanDuel Predicts in the US in Dec. 2025, followed by Betfair Predicts in the UK.

FDJ UNITED

France

Invested in US prediction-market platform ProphetX through FDJ UNITED Ventures in July 2026.

Better Collective

Denmark

Expanded prediction-market content and affiliate partnerships, helping drive strong North American acquisition revenue in Q2 2026.

SOFTSWISS

Malta

Launched a B2B Prediction Markets platform in April 2026 covering politics, economics, tech, sports and culture.

Sportradar

Switzerland

Partnered with Kalshi in June 2026 and expanded its Polymarket relationship in August across 20+ sports leagues.

Genius Sports

Prediction markets contributed to Q2 2026 results; expanded partnerships with Polymarket and Kalshi in August.

Allwyn

Switzerland

Acquired a 62.3% stake in PrizePicks in Jan. 2026, highlighting prediction markets as a “major opportunity”.

“I do not see a future in which prediction markets do not become established here.” \ Vincent Betz, founder of a free-to-play prediction market platform in Germany, speaking to SiGMA News.

\ Forbes Top 50 puts people behind Italy’s regulated gaming sector in focus The Forbes Italia Top 50 Regulated Gaming Italy presents a different way of looking at Italy’s gaming market. Rather than ranking companies by revenue, market share or commercial performance, the initiative highlights 50 people contributing to the development of the regulated sector. Produced by Forbes Italia in collaboration with SiGMA World, the initiative was presented during the Forbes Italia & SiGMA Talks – Vision 2030 event at the Campidoglio, Rome’s City Hall in September. The event brought together institutions, trade associations, businesses, academics, media professionals and other stakeholders to discuss how Italy’s regulated gaming market should develop towards 2030. The initiative supports SiGMA’s wider strategy of positioning itself around a clear industry principle: “Advancing Regulated Gaming”. This is not simply a theme for the next SiGMA World summit. It is an approach that links market development with regulation, technology, consumer protection and responsible business practices.

Group photo, Forbes Italia & SiGMA Talks, Campidoglio, Rome

\ A map of sector expertise

\ The Campidoglio discussion

The Top 50 is not a conventional ranking. The 50 profiles are presented without placing one individual above another, giving all selected figures equal standing within the project.

The Forbes Italia & SiGMA Talks – Vision 2030 placed the Top 50 within a broader policy discussion. The event was designed to examine how regulated gaming should respond to technological change, consumer protection concerns and the continuing threat of illegal operators.

That structure reflects the nature of a regulated gaming ecosystem. Its development depends on more than operators and investors. Legal professionals, compliance specialists, regulators, technology providers, academics, researchers, responsible gaming experts and media professionals all contribute to the way the market operates and is understood.

One of the central issues was the distinction between authorised and unauthorised gaming. As the Forbes discussion noted, licensed businesses operate within a system of controls, while illegal operators can avoid some or all obligations.

From left: Heathcliff Farrugia, Chief International Relations Officer at SiGMA Group; Mariano Angelucci, Rome City Councillor and President of the Permanent Commission on Tourism, Fashion and International Relations; and Sergio D’Angelo, National President of SAPAR.

Sergio D’Angelo, National President of SAPAR, addressed the challenge of ensuring that regulation remains effective without making the legal market uncompetitive: “When the regulated market is controlled, strong and organised, players are protected. Conversely, by placing barriers and restrictions on the regulated market, demand for gaming does not disappear; it turns to illegal activity. Looking towards 2030, we are calling for regulatory stability. We need regulatory and tax clarity. Regulation must be clear, but above all, applicable.” The discussion also included an Open Mic – Vision 2030 format, giving business leaders, associations, regulators and institutional representatives three minutes to set out their view of Italian public gaming in 2030. The format reflected the event’s focus on practical questions: how regulation should adapt to innovation, how technology can support player protection and how the legal market can remain credible and competitive.

\ SiGMA’s role in advancing regulated gaming

The link between the Top 50, the Campidoglio event and SiGMA World 2026 reflects a deliberate strategy.

SiGMA is positioning its events as platforms where commercial stakeholders and public institutions can address the same market from different perspectives. That means placing regulation alongside technology, investment and business development rather than treating it as a separate discussion.

\ From a list to an ongoing conversation

The Top 50 is much more than an industry recognition exercise. It offers a map of the people and areas of expertise shaping Italy’s regulated gaming sector. The Campidoglio discussion then places that map within a wider debate about the future of regulation, technology and responsibility. Nicola Tani, editor-in-chief of AGIPRO, framed Vision 2030 for the gaming sector around the idea of transformation. In his view, change will affect products, business models, regulation and consumer relationships, but above all it will shape how gaming is perceived and reported. He identified credibility, responsibility and technology as the three guiding directions for the industry and for media coverage. Tani acknowledged that artificial intelligence is already reshaping newsrooms and stresses that technology cannot replace core journalistic skills. His point is that AI tools are widely accessible, but the ability to uncover stories, engage sources and critically compare information remains a human prerogative. He summed this up directly: “Remember that in the future a journalist who knows how to find a news story and analyse it and explain it well will be increasingly appreciated and sought after compared to one who works only with artificial intelligence, because that we are all capable of doing.”

\ Media, evidence and the road to 2030 Imma Romano, director of institutional relations at Codere Italia closed the SiGMA Talks session. She argued that the Italian gaming debate has been dominated by political positioning rather than evidence-based discussion, and that this approach has stalled meaningful reform. In her view, treating gaming as a political tool creates uncertainty for operators, undermines the regulated market and ultimately strengthens illegal activity. Romano highlighted three recurring themes from the day: the relationship with local authorities, the focus on problem gambling and the broader sustainability of the sector. She noted that public debate often presents gaming in binary terms, either fully in favour or entirely against, with little space for a balanced position. She also questioned whether the current approach to responsible gaming places disproportionate responsibility on operators, while ministries and public institutions avoid defining clear, shared policies. On sustainability, Romano stressed that the sector’s employment impact, especially in retail, is rarely discussed. She described an industry where rules, payouts and tax conditions can change with little notice, making long-term planning difficult. Her conclusion was a call for regulatory stability and for gaming to be treated as an industrial resource with clear, lasting rules, rather than as a short-term fiscal or political lever.

\ A sector under pressure She put the risk in stark terms: “So the hope is that we stop using the sector as a political weapon, because this will absolutely and surely lead us to the implosion of the legal system in some way and probably we will open a road, a highway, I do not know, to illegal gaming which evidently abounds and continues to exist as everyone well knows.”

\ Methodology and data coverage The data in this report is based exclusively on Blask, a market intelligence provider specialising in tracking global iGaming activity. The Blask Index measures aggregated user interest in gaming brands within each country, inferred from attributed search activity and digital engagement signals. Market dynamics, also referred to as CEB, estimate monthly revenue as the sum of projected brand-level revenue for completed months. The analysis covers September 2025 to August 2026. Peak rankings use the highest reported monthly value for each market during that period. Percentage changes compare September 2025 with August 2026. The licensed-brand analysis uses a separate country-first methodology. Blask ranked licensed brands independently by BAP within each of 36 European market lists, then counted the number of country-level Top 10 appearances and number-one finishes for every brand. The final ranking orders brands by frequency of appearance rather than aggregating BAP or Index values across Europe. This reduces distortion from differences in market size, regulation, and licensing structure. Revenue figures are estimates and should be interpreted as indicators of market scale and relative performance rather than precise measurements of total market size. Regulatory classifications were taken directly from the supplied dataset and may not fully capture product-specific rules, licensing changes, offshore activity or enforcement conditions.

\ Shirley Pulis Xerxen

\ Jenny Ortiz-Bolivar

\ Garance Limouzy

Head of News Report Author

Senior Journalist and Reporter Report Author

Senior Journalist & News Operations Manager Report Author

\ Isaac Saliba

\ Manfredi Bertelli

\ Ansh Pandey

\ Sudhanshu Ranjan

News Writer Contributor

Data provided by Blask. For further enquiries or to be featured in the upcoming SiGMA Reports contact Shirley Pulis Xerxen, Head of News at shirley.p@sigma.world

SiGMA Europe Market Report, October 2026