Yield Sec CEO Ismail Vali was outspoken at the early panel of the 2025 Barcelona ICE.
Discussing Yield Sec's work on analyzing online gambling, Vali stated that there is no grey market, only "legal and illegal" gambling.
Vali noted that various factors have led to an increase in illegal gambling in recent years, such as the rise of cryptocurrency betting and customers using illegal sports streaming.
Illegal operators use these channels to place ads, but Vali believes this should not be blamed on consumers, as they may not know whether a service is illegal.
Vali's speech continuously presented confrontational facts, indicating that the gambling industry has lost a tremendous amount of money (trillions of dollars) largely due to illegal companies.
According to the CEO, it is this straightforward speaking style that often makes Vali a target for end-of-life care.
It is worth noting: This is the first time ICE is held in Barcelona after moving from London.
Reviewing the history of illegal gambling, they told the audience: "We have never eradicated this criminal activity since the beginning of our online operations."
This paved the way for what he called "the great robbery of illegal gambling," where illegal operators offer unmatched prices to attract gamblers, as they do not have to pay any taxes or fees for responsible gambling behavior.
Although Yield Sec believes that up to 73% of the gambling market is illegal and only 27% is legal, he finally expressed hope in pushing for the full legalization of gambling.
He concluded: "It is now time to drive the shadow of crime out of this industry."
