Germany’s sports betting market will top the €5b mark for the first time in 2016, despite the perpetual legal limbo surrounding the activity.

According to a new report by analytics firm GoldMedia, the German market will be worth €5.12b in 2016, over £300m more than 2015’s total. At least half the gains will be directly attributable to wagers placed on the Euro 2016 football tournament, which got underway last week.

GoldMedia based its projections on both land-based and online betting operators that are either licensed by the state or are paying taxes on their betting revenue despite the lack of a German license.

GoldMedia says these ‘grey’ market operators will account for €4.9b of 2016’s projected total, leaving just €210m generated by ODDSET, the state-owned monopoly provider that is currently the sole possessor of official approval to offer sports betting in Germany.