According to Ismail Vali, founder of machine-learning-powered intelligence platform Yield Sec, the illegal gambling market is thriving.  

“During 2023 there was $5.1 trillion wagered on illegal sites. Let’s put that into context, that’s the size of the world’s third-largest economy, just after the US and China,” Vali tells host Katie Goldfinch.  

Currently a main driver of the black market is illegal sports and film streams, says Vali, and unlicensed operators are fighting each other to gain a sponsorship spot on top sports streams like boxing and UFC matches.  

“The problem with illegal gambling though is it’s the tip of the spear of crime,” Vali warns. “They are going to bring in more crime.”  

It’s important to call the black market what it is, Vali insists – they are crooks. He is also quick to warn the sector it should be monitoring all the channels that are pushing illegal gambling sites, from peer-to-peer chats online, influencer ads and social media.  

In part two of his sit-down with iGB@ICE, Vali acknowledges the heavy pressure placed on regulators to solve the illegal gambling epidemic. But, he says, the black market is a problem for everyone. 

One salient point made by the Yield Sec founder is that suppliers may be unknowingly contributing to the black market through third parties utilising their software and proxy servers.  

This is a topic the UK Gambling Commission has flagged a lot recently as it clamps down on stakeholders that are contributing to illegal sites.  

Therefore, it’s a root problem, says Ismail, and that’s how we all must look at it.