83% of US igaming operators are unlicensed: Blask

Blask has released a new analysis of the North American online gambling market, showing that offshore operators still capture most of the value in both the US and Canada despite the growth of regulated brands.

US.- Blask, an AI-powered platform for igaming and gambling market analytics, has published a 2025 review of the online gambling landscape in the US and Canada, with a particular focus on the scale of offshore activity and the performance of regulated operators.

The report shows that 83 per cent of operators serving US players are unlicensed, with 290 out of 362 operators being offshore platforms. No US jurisdiction has fully eliminated offshore activity, and regulation shifts market balance rather than removing competition.

Blask estimates the total US online gambling market reached $79.8bn in Competitive Earning Baseline (CEB) in 2025. Licensed operators captured $25.2bn, while $54.6bn flowed to offshore. That’s a rise of 3 per cent in year-on-year terms for offshore and 20.6 per cent for domestic.

Four out of five brands are offshore, and three of the top five by CEB lack licences. Bovada leads with nearly a quarter more CEB than FanDuel; BetOnline and MyBookie complete offshore control of the top five. FanDuel and DraftKings posted double-digit growth.

Several markets lack legalised online gambling, while many of the regulated states limit it to sports betting. New York sees 60 per cent of its gambling value offshore, while Ohio sees 83 per cent, and California and Texas together see $10bn entirely offshore.

States with full sports and casino regulation fare better: New Jersey and Michigan capture 75 per cent domestically, proving comprehensive rules boost channelisation.

Lottery leads as the most commonly searched gambling category by generic terms. In the live dealer category, blackjack and roulette dominate. Online casino interest is driven by slots and Plinko, while in online betting, football is the leader.

Canada emerges as a global powerhouse

Canada has emerged as one of the world’s fastest-growing online gambling markets. The report estimates that the country’s online gambling market reached $9.5bn in 2025, making it the third-largest online gambling market globally, behind the US and the UK.

Offshore share grew 40 per cent in year-on-year terms vs 23 per cent for regulated, with 63 per cent of brands offshore. The top five take over 60 per cent of market, led by offshore Stake and Roobet.

Ontario captures 85 per cent of the regulated market, but the average monopoly province captures 76 per cent of the offshore market. Quebec, despite its local dominance, captures 83 per cent.

The province of Alberta is preparing to launch a competitive market similar to Ontario’s in 2026. Currently, PlayAlberta, the province’s regulated platform, captures only around 12 per cent of its online gambling market. According to Blask, if Alberta successfully replicates Ontario’s open-market framework, the balance between regulated and offshore operators in Canada could shift significantly.

Blask report reads: “With 230 active brands competing for market share, the country combines strong consumer demand with a highly dynamic competitive environment. For operators, affiliates, and investors, the key takeaway is clear: Canada’s market size is already among the world’s largest, but its regulatory fragmentation continues to shape where the value ultimately flows.”