INTRODUCTION Contributed by: Bahar Alaeddini, Harris Hagan
Booms and Bans: A Global Overview of the Gambling Industry Harris Hagan is again pleased to introduce the Cham- bers Global Practice Guide to Gaming Law. The 2025 edition – albeit not an exhaustive text on gambling law – is a guide to the licensing and regulatory regimes in many of the major global markets. As the editor, I hope that its geographical coverage and the informa- tion provided on the regulatory frameworks around the world continue to serve as a helpful guide to in-house and private practice lawyers, gambling businesses, and other industry stakeholders. This year’s guide brings together leading gaming law experts from around 30 jurisdictions. It continues to provide guidance on the framework that applies to all types of regulated gambling, while setting out the cur- rent outlook and recent changes in each jurisdiction Gambling remains a popular leisure activity, with industry analysts estimating global gambling revenues will reach USD700 billion by 2028. It also remains an important revenue generator for many countries by contributing significant tax revenues to the public purse, attracting investment, creating jobs, attracting tourists, and funding certain public initiatives. A prop- erly regulated market is key to the future sustainability of the gambling ecosystem. The ongoing challenge for the gambling industry – affecting its long-term sustainability – is balancing the need to protect con- sumers with the risk of hindering economic growth through excessive or unnecessary regulation. Legal and regulatory changes must be backed by evidence. Although there are cultural nuances stemming from national history, religious, sociocultural factors and local customs in each jurisdiction, the proliferation of smartphones and “smart living” has driven player behaviour and demand for online gambling in recent years. At the same time, public and political scrutiny has increased, with the future of the gambling industry currently looking uncertain in certain jurisdictions – for example, the UK, where significant tax increases are expected as part of the 2025 Autumn Budget. What remains key is finding the right balance between con- sumer freedoms and protecting those harmed by at the time of writing. Gambling ecosystem
gambling, while also recognising that most gambling businesses are privately owned and operate cross- border. As the global gambling industry continues to grow and evolve, the regulatory landscape continues to adapt to new challenges, opportunities and technologies. Throughout 2025, two key challenges have been concerns about illegal gambling and the prediction markets, and these issues will continue to be hotly debated well into 2026. Illegal gambling is a global threat The illegal gambling market remains a significant and persistent challenge around the world, with industry research suggesting it is worth a staggering USD1.7 trillion globally. Despite extensive efforts by govern- ments and regulators, illegal operators and suppli- ers continue to thrive. This underground market not only undermines the regulated gambling ecosystem – particularly given links to organised crime – but also poses a fundamentally serious risk to players, who do not receive any of the same consumer protections. Although there are jurisdictional differences, what is very clear is that a multifaceted approach is essen- tial to effectively combat the illegal gambling market, particularly where gambling regulators do not have criminal powers or extraterritorial reach. We welcome INTERPOL’s late-2024 operation SOGA X, which made more than 5,100 arrests and recovered more than USD59 million, together with the partnership between the American Gaming Association (AGA), the Betting & Gaming Council (BGC) and the European Casino Association (ECA). M&A activity This year was a busy year for transactions, with a number of high-profile transactions closing – most notably, two private equity deals that saw Apollo funds acquire IGT’s digital and gaming businesses and Everi for USD6.3 billion, and Brightstar acquire AGS for USD1.1 billion, as well as Intralot’s acquisi- tion of Bally’s online business for EUR2.7 billion. M&A activity in the second half of 2025 has been quieter owing to the macroeconomic climate; however, the tide is expected turn in 2026.
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