The legal sports betting industry is on the rise, but according to a United Nations report from last week, it pales in comparison to the illegal market.
The report, from the U.N. Office on Drugs and Crime, estimates that global illegal sports bets total up to $1.7 trillion each year and are often used by organized crime groups for money laundering.
The legal market checked in at around $40 billion in 2020, per the report, primarily from Asia ($19.6 billion) and Europe ($15.2 billion). The picture in North America ($2.3 billion) is in flux as more states legalize sports betting.
The U.N. report cited a 2020 American Gaming Association study which found that 52% of U.S. sports bettors participated in the illegal market — and that 82% of them were surprised to learn they were using illegal websites.
