(AsiaGameHub) –   Blask has published a fresh analysis of the North American online gambling sector, revealing that offshore operators still capture the majority of market value across both the US and Canada, even as regulated brands continue to expand.

US.- Blask, an AI-enabled analytics platform focused on the igaming and gambling market, has released its 2025 assessment of the US and Canadian online gambling ecosystem, with specific emphasis on the scale of offshore operations and the performance of regulated operators.

Findings from the report indicate that 83 percent of operators catering to US players do not hold valid US licenses, with 290 out of 362 total operators operating as offshore platforms. No US regulatory jurisdiction has fully eliminated offshore gambling activity, as regulation adjusts market balance rather than erasing unlicensed competition entirely.

Blask calculates that the total US online gambling market hit $79.8 billion in Competitive Earning Baseline (CEB) in 2025. Licensed operators claimed $25.2 billion of that sum, while $54.6 billion flowed to offshore platforms. This marks a 3 percent year-over-year increase for offshore operators, compared to a 20.6 percent annual rise for domestic licensed providers.

Four in every five operating brands are based offshore, and three of the top five highest-earning operators by CEB lack US licenses. Bovada sits at the top of the rankings with nearly a quarter higher CEB than FanDuel; BetOnline and MyBookie round out the offshore dominance of the top five spots. Both FanDuel and DraftKings recorded double-digit growth over the period.

A number of US markets have no legal online gambling frameworks in place, while many regulated states restrict legal online gambling exclusively to sports betting. 60 percent of all gambling value in New York flows to offshore operators, while that figure rises to 83 percent in Ohio, and a combined $10 billion in gambling revenue goes entirely to offshore platforms across California and Texas.

States with full regulation covering both sports betting and online casino perform far better: New Jersey and Michigan capture 75 percent of all gambling revenue through domestic licensed operators, demonstrating that comprehensive regulatory rules drive higher channelization of players to legal platforms.

Lottery is the most frequently searched gambling category when measuring generic search terms. Within the live dealer segment, blackjack and roulette are the most popular offerings. Interest in online casino is primarily driven by slots and Plinko, while football ranks as the top sport for online betting activity.

Canada establishes itself as a global igaming powerhouse

Canada has become one of the fastest-growing online gambling markets worldwide. The report estimates that the country’s online gambling market reached $9.5 billion in 2025, making it the third-largest online gambling market globally, trailing only the US and the UK.

Offshore operators saw their market share grow 40 percent in year-on-year terms vs a 23 percent annual rise for regulated operators, with 63 percent of all operating brands in the country based offshore. The top five operators claim over 60 percent of the total market, led by offshore platforms Stake and Roobet.

Ontario accounts for 85 percent of the country’s total regulated market, but the average province with a monopoly gambling model sees 76 percent of its gambling value go to offshore operators. Quebec, even with its dominant local operator, sees 83 percent of its gambling revenue flow offshore.

The province of Alberta is preparing to roll out a competitive market modeled after Ontario’s system in 2026. Currently, PlayAlberta, the province’s official regulated gambling platform, captures only roughly 12 percent of Alberta’s total online gambling market. According to Blask, if Alberta successfully replicates Ontario’s open-market framework, the balance between regulated and offshore operators across Canada could shift dramatically.

The Blask report states: “With 230 active brands vying for market share, the country pairs strong consumer demand with a highly dynamic competitive landscape. For operators, affiliates, and investors, the core takeaway is clear: Canada’s market size is already among the world’s largest, but its regulatory fragmentation continues to shape where revenue ultimately flows.”