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Beyond offering crypto payment solutions, a number of black market operators are licensed in “light touch” offshore jurisidictions which use opaque offshore operating structures to help to obscure company ownership and make local enforcement against these companies complex, the report noted.

By comparison, the long tail of smaller black market sites rely heavily on affiliates to generate traffic.

Much of the onus for the increasing black market is put on increasingly restrictive policies enforced by regulators across the licensed sector.

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Atucha warns there is a tipping point where higher taxes can undermine channelisation, citing the UK and Germany as important case studies.

“I sometimes wish regulators would look at other cases,” he adds. “I mean, what happened in Germany, what’s happening in the UK.”

This risk is particularly apparent when many offshore operators are established brands rather than unknown entities.

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Like most operators, slots make up the bulk of Holland Casino’s income, but it’s worth remembering that Holland Casino has a monopoly on table games, poker and bingo. “I would say those are also our hero products that make us attractive because in the Netherlands we are the only one offering land based live table games,” says Petra.

“Maybe they’re not so dominant in the results, but it is dominant in our identity. But figures-wise, slots are bigger than table games.”

Petra’s experience in aviation and education taught her that people are important – losing the human interaction on the casino floor would be a bad idea. Sure, not all customers want to talk, but the success of the Next Zone points to players seeing Holland Casino as a sociable, lively experience rather than a solitary one.