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This study presents a cost-benefit analysis of engaging in IUU fishing. The benefits of IUU fishing include an increase in the amount of catch realized, a low cost of fishing, and lower effort per catch, while costs include the likelihood of being detected, how much it takes to avoid detection, and how severe the penalties are if caught. The study concludes that there are simply too many benefits and not enough costs to not engage in IUU fishing–meaning that detection would have to be higher, fines levied would have to be higher, and costs of fishing would have to decrease. The economic gains realized from IUU fishing corroborate why it is so widespread globally but is also another way to think about how to best regulate the practice and put an end to IUU fishing.