The Financial Action Task Force (FATF) has published its first detailed examination of money laundering, terrorist financing and proliferation financing risks across gaming and gambling, drawing on contributions from more than 80 jurisdictions, industry bodies and researchers over a year. The report identifies illegal gambling as one of the sector’s most significant risks, with illegal markets rivaling or exceeding legal gambling markets in some jurisdictions. It warns that criminals use gambling platforms to move funds without genuine betting, split transfers into smaller transactions known as smurfing, place unusually large or coordinated bets, and exploit complex ownership structures. Cash, e-wallets, mobile money and virtual assets can provide channels for rapid, anonymous and cross-border transactions. The FATF’s risk indicators cover suspicious customer, payment, identity, betting, transaction, ownership and operator-related activity, including links to cyber-enabled fraud, corruption, professional money laundering networks and organized crime. The findings build on a related estimate that illegal online gambling proceeds laundered through underground networks could exceed half a billion euros and on a July 2025 FATF report linking online gaming platforms to terrorist activity funding.