North Macedonians Bet More Than They Invest: €852 Million on Gambling, Only €372 Million in Investment Funds

North Macedonians trust bets more than long-term investments. According to an analysis by Bankarstvo.mk published in 2026, gambling companies in the country declared revenues of €852.2 million in 2025, steadily rising from €836.5 million in 2024 and €791.3 million in 2023. For three consecutive years, the gambling sector has declared approximately €2.48 billion in revenues.

Over the same period, saving through financial markets remains far more modest. Around €372 million (22.9 billion denars) flowed into open-ended investment funds in 2025, but about €279 million (17.18 billion denars) was withdrawn. Net new capital inflow was therefore only about €93 million. At the end of 2025, total fund assets reached around €478 million (29.37 billion denars).

The comparison is telling: gambling-sector revenues are 2.3 times larger than gross inflows into investment funds and more than 9 times larger than net inflows. The gap becomes even more visible when looking at winnings declared by players: according to the Public Revenue Office, €180.7 million in gambling winnings were declared in 2025 tax returns.

It should be clarified that gambling companies’ revenues are not equal to players’ losses, since a considerable share of the money is returned to players as winnings. Still, the ratio between hundreds of millions of euros flowing toward bets and tens of millions invested in long-term funds reflects a low level of financial literacy: North Macedonians continue to trust luck more than planned investments.