SECRET TREASURE

What is SECRET TREASURE?

The timing is significant. The illegal gambling market is attracting growing attention from regulators and the wider industry, while estimates of its size vary considerably depending on definitions and methodology.

A recent Fincord Intelligence report highlighted by the Betting and Gaming Council estimated that illegal online gambling generated around $50 billion in gross revenue globally in 2025. It estimated that around 5,000 operator structures were using more than 15,000 websites and apps.

Other estimates are considerably higher, illustrating how difficult the market is to measure. As an example, separate research from Gaming Compliance International put the value of unregulated online gambling at $5.9 trillion in wagering value in 2025, while estimating that unregulated operators accounted for 78% of global online gaming GGR.

What is SECRET TREASURE?

With all that in mind, it’s not surprising that Macquarie expects sports event contracts will drive approximately 80% of taker volume this year, but Beynon sees other categories growing over the long term.

“We expect non-sports categories such as economics, politics, crypto, and entertainment to gain share over time,” says the analyst.

Prediction market operators are on legal losing streaks, confirming that Beynon is onto something when he says the regulatory environment is the biggest risk facing the industry.

How to play SECRET TREASURE

This selection reflects a mix of both local and internationally-based operators. The list reflects operators that were previously active in the market, meaning so far no new operators have received an approval to operate.

Both LiveScore and Tombola, who were a part of the original 10 operators to receive a licence, exited the market in 2024. 

Compared to the 2021 licensing round, the KSA adopted a more granular and stringent approach to its licence renewal process. This was expected following new policy rules set out by the regulator in September 2025.