A new report published by the United Nations estimates that the illegal sports betting market worldwide draws total bets of up to $1.7 trillion annually.
This compares to around $40 billion wagered last year by the legal sports betting market, mostly in Asia ($19.6 billion) and Europe ($15.2 billion), according to the report. North American sportsbooks drew $2.3 billion in wagers in 2020.
The U.N. Office on Drugs and Crime also reported that proceeds from illegal sportsbooks are typically used by organized crime for money laundering. The report estimates that $140 billion is laundered annually through sportsbooks.
The U.N. document also cited a 2020 American Gaming Association study that showed 52 percent of U.S. sports bettors participated in the illegal market, unwittingly for the most part.
