CIS iGaming: how the gray and white sectors are split across Russia, Kazakhstan, and Ukraine

Blask’s data shows that money in CIS iGaming is distributed very unevenly from country to country, and the legal share can swing by dozens of percentage points. For PSPs and acquirers, the useful part is simple: regulation has changed demand mix, but the gray market is still large enough in some places to matter for payout routing, KYC, and merchant risk.

1. Russia ranks 4th globally by average CEB (projected revenue) at $9,61 billion, with 179 active brands. Since mid-2025, legal companies have accounted for 57% of customer demand, after the blocking of Qiwi Bank and the introduction of criminal liability for droppers.
2. Even so, the money still tilts toward the illegal side. According to research by Reyting Bukmekerov, in 2025 illegal sector GGR (gross gaming revenue) reached $7,77 billion, versus $5,22 billion for legal bookmakers. The article says the gap could widen further after the law against gambling addiction comes into force.
3. Russia also appears to be the most competitively balanced market in the CIS. Blask says market leader Fonbet accounts for only 20,1% of CEB, while the top 3 operators together hold just 33,1%. The most visible gray-market names mentioned are 1win, Dragon Money, and 1xBet.
4. Kazakhstan ranks 36th globally by average CEB at $1,19 billion, with 95 active brands and 91% of demand going to legal companies. In the CIS, only Armenia (95%), Belarus (95%), and Georgia (98%) are higher on that metric.
5. The 2023 reform did most of the work against illegal operators: criminal liability for online casino organizers, self-exclusion measures, ad restrictions, and betting bans for government employees, debtors, and law enforcement officers. Competition is still concentrated, though: Olimpbet holds 56,9% of CEB, and the top 3 operators control 82,9%. Gray-market names called out in the market include Nomad, Mostbet, and Sultan Games.
6. Ukraine ranks 23rd globally by average CEB at $2,01 billion, with 91 active brands and 91% of demand going to legal companies. Competition is slightly tighter than in Russia: Slotor777 holds 25,8% of CEB, while the top 3 operators together account for 65,7%.
7. The licensing picture is still moving. PlayCity recently terminated the license of Casino.ua over possible ties to Russia, started the process of revoking the license of online casino Betking (ООО «Слотс Юэй»), and in April stripped Cosmolot (ООО «Спейсикс») of its license.

For high-risk payment providers, the practical takeaway is that CIS iGaming is not one market. Russia still has a large illegal flow; Kazakhstan is heavily legalized but concentrated; Ukraine has high legal demand but active license enforcement. That mix matters for onboarding, exposure limits, and which merchants can actually stay live without constant payment-side churn.