What is Blask?
Blask is an AI analytics platform for iGaming. It unifies broadly distributed and fragmented data from domestic and offshore operators in one place, delivering a single, reliable view of gambling market dynamics and complete global and country level perspectives of market share trends.
Artificial Intelligence powers Blask’s proprietary technology. It detects key signals and converts them into clear, visual metrics, updated hourly, enabling deep analysis and precise trend tracking across the industry. Blask makes the invisible visible, replacing legacy data sources with low latency, high frequency market data, reports and intelligence.
Key Metrics Measured
- Blask Index: An AI enhanced interest indicator. It converts de-noised online signals into an hourly index of market demand by country or brand. Pair it with APS/CEB to measure value. Historically, it shows strong correlation with actual market size.
- Brand’s Accumulated Power (BAP): How much of the market’s attention a brand owns. A brand’s share of total search based demand in a given country and period, expressed as a percentage. BAP divides a brand’s Blask Index by the market’s total Blask Index to show who captures the most organic interest.
- Competitive Earning Baseline (CEB): An AI derived estimate of the revenue a brand should be earning given its market influence, competitive position, and customer base. It is not a financial reporting metric; it is a modeled baseline used to spot gaps between actual vs potential revenue.
Executive Summary: United States (USA)
The U.S. online gambling market reached ~$79.8B in 2025, making it by far the largest in the world by CEB—7x the size of the UK, the #2 market.
Key Takeaways
- Offshore still dominates. Despite growing domestic momentum, unlicensed operators control roughly two thirds of total U.S. market volume by CEB. Approximately 80% of operators, 290 out of 362, serving U.S. players are unlicensed. Around 75% of total market value flows offshore, with only $25.2 billion captured by regulated operators.
- Full spectrum regulation works—but takes time. Six out of seven fully regulated states (offshore/licensed both online casino and sports betting) have tipped the balance toward domestic operators, averaging ~62% domestic CEB. Michigan leads at 75%, while Rhode Island remains below 50%.
- California and Texas are the biggest untapped prizes. Together they represent nearly $10B in CEB, entirely offshore. As standalone countries, California would rank 8th globally by CEB, and Texas would rank 9th.
- Without casino, offshore fills the gap. Betting only markets average 74% offshore. Of 24 states with online betting but no licensed casino, only 2 (Maryland, Arizona) have achieved domestic CEB above 40%. Players seeking slots and table games are pushed offshore by default.
U.S. Market Size Dynamics (2024-2025)
Offshore CEB grew just 3% YoY compared to 20.6% for domestic brands.
| Segment | 2024 CEB | 2025 CEB | YoY Growth |
| Offshore brands | $53B | $54.6B | +3% |
| Domestic brands | $20.9B | $25.2B | +20.6% |
| Total Market | $73.9B | $79.8B | ~8% |
Top 10 U.S. Brands by CEB (2025)
Bovada leads the entire market with an estimated CEB of $9.23B, exceeding the total market size of any country outside the U.S., UK, and Canada.
| # | Brand | Status | Min CEB | Avg CEB | Max CEB | BAP |
| 1 | Bovada | Unreg | $4.62B | $9.23B | $23.08B | 16.2% |
| 2 | FanDuel | Reg | $5.59B | $7.46B | $13.05B | 6.1% |
| 3 | DraftKings | Reg | $5.19B | $6.92B | $12.1B | 6.7% |
| 4 | BetOnline | Unreg | $2.44B | $4.88B | $12.19B | 8.2% |
| 5 | MyBookie | Unreg | $1.67B | $3.33B | $8.33B | 5.1% |
| 6 | BetMGM | Reg | $2.01B | $2.69B | $4.7B | 2.0% |
| 7 | Ignition Casino | Unreg | $935M | $1.87B | $4.68B | 2.6% |
| 8 | Betplay | Unreg | $923M | $1.85B | $4.62B | 2.5% |
| 9 | Rainbet | Unreg | $911M | $1.82B | $4.56B | 3.8% |
| 10 | BetUS | Unreg | $862M | $1.73B | $4.31B | 2.7% |
Top 10 U.S. States by CEB (2025)
Seven individual U.S. states would rank in the global Top 10 by CEB if they were standalone countries.
| # | State | Status | Min CEB | Avg CEB | Max CEB | BAP |
| 1 | New York | Reg (Bet) | $3.86B | $6.41B | $14.29B | 5.8% |
| 2 | Pennsylvania | Reg (Full) | $3.65B | $5.72B | $11.79B | 4.5% |
| 3 | New Jersey | Reg (Full) | $3.83B | $5.65B | $11B | 3.2% |
| 4 | California | Unreg | $2.77B | $5.50B | $13.85B | 13.3% |
| 5 | Ohio | Reg (Bet) | $2.74B | $4.82B | $11.97B | 3.5% |
| 6 | Michigan | Reg (Full) | $3.41B | $4.89B | $9.6B | 3.4% |
| 7 | Texas | Unreg | $2.10B | $4.16B | $10.51B | 9.0% |
| 8 | Illinois | Reg (Bet) | $1.89B | $3.13B | $7.09B | 3.5% |
| 9 | Florida | Reg (Bet) | $1.71B | $2.92B | $6.74B | 6.3% |
| 10 | Virginia | Reg (Bet) | $1.60B | $2.76B | $6.69B | 2.2% |
Executive Summary: Canada
Canada’s online gambling market reached ~$9.5B in 2025, ranking third globally by CEB and posting the highest YoY growth among the world’s top five markets.
Key Takeaways
- Offshore is outpacing domestic. Offshore CEB grew 40% YoY vs 23% for domestic brands. The gap widened as offshore operators added $1.6B in absolute volume in 2025. 63% of operators serving Canadian players are offshore.
- Ontario proves open markets work. Ontario allowed gray market operators to apply for licenses, enabling a smoother transition. Licensed brands now capture ~85% of CEB domestically—the highest of any province.
- Monopoly provinces struggle. Provinces with government monopolies capture only ~24% domestically. Quebec, for example, sees about 83% of market value captured by offshore operators.
- The brand landscape is offshore dominated. Stake and Roobet lead by CEB. Stake’s CEB is 3.5x that of its nearest competitor.
- Alberta is the next frontier. Alberta passed Bill 48 in May 2025 to create an open market. Currently at ~88% offshore (regulated platform captures 12%), its transition is the biggest structural shift ahead.
Canada Market Size Dynamics (2024-2025)
| Segment | 2024 CEB | 2025 CEB | YoY Growth |
| Offshore brands | $4B | $5.6B | +40.2% |
| Domestic brands | $3.1B | $3.9B | +23.1% |
| Total Market | $7.1B | $9.5B | +33% |
Top 10 Canadian Brands by CEB (2025)
| # | Brand | Status | Min CEB | Avg CEB | Max CEB | BAP |
| 1 | Stake | Unreg | $1.15B | $2.29B | $5.73B | 10.1% |
| 2 | Roobet | Unreg | $327.7M | $655.4M | $1.64B | 2.8% |
| 3 | PlayNow | Reg | $385.5M | $514M | $899.4M | 26.5% |
| 4 | Betty | Reg | $304.1M | $405.5M | $709.7M | 4.8% |
| 5 | Loto Québec | Reg | $291.7M | $388.9M | $680.6M | 16.8% |
| 6 | Rainbet | Unreg | $135.9M | $271.8M | $679.4M | 2.2% |
| 7 | Bet365 | Reg | $191.2M | $254.9M | $446M | 2.3% |
| 8 | PlayAlberta | Reg | $160.2M | $213.6M | $373.8M | 3.3% |
| 9 | Bodog | Unreg | $102M | $136.7M | $204M | 1.0% |
| 10 | Luxury Casino | Reg | $56.3M | $112.5M | $182.2M | 1.8% |
Vertical Performance and Category Interest
United States Breakout Verticals
- Prediction Markets: Emerged as the breakout vertical in 2024-2025. Interest peaked in November 2024 (Election Month) at 17.9M on the Blask Index. While it collapsed by 92% immediately after, 2025 saw a 256% growth in the Blask Index as the vertical diversified into sports. The space is rapidly consolidating around Polymarket (59.6% BAP) and Kalshi (19.6% BAP).
- Online Poker: Highly concentrated. By Dec 2025, Americas Cardroom (25.33%) and PokerStars (24.63%) account for ~50% of total demand.
- Live Dealer: Blackjack (6.2M interest) leads, followed by Roulette (3.1M) and Dice/Number games (1.5M).
- Online Casino: Interest is driven by General searches (3.9M), Slots (2.9M), and Plinko (2.3M).
- Online Betting: Football (6.2M) dominates sports specific interest.
- Lottery: Volume (196M total interest) so far exceeds other verticals that it is measured in its own league.
Canadian Provincial Performance and Interest
Ontario, Québec, Alberta, and British Columbia together account for 84% of total country BAP.
Provincial Offshore Capture (2025):
- Saskatchewan (Monopoly): 93% Offshore / 7% Domestic
- Alberta (Monopoly): 88% Offshore / 12% Domestic
- Manitoba (Monopoly): 88% Offshore / 12% Domestic
- Québec (Monopoly): 83% Offshore / 17% Domestic
- Nova Scotia (Monopoly): 78% Offshore / 22% Domestic
- New Brunswick (Monopoly): 74% Offshore / 26% Domestic
- British Columbia (Monopoly): 59% Offshore / 41% Domestic
- Ontario (Open): 15% Offshore / 85% Domestic
Category Interest (Canada):
- Online Casino: 2.1M (Blask Index). General interest leads, followed by Plinko and Slots.
- Live Dealer: 1.8M interest. Blackjack (737K) is the favorite.
- Lottery: 1.8M interest.
- Fantasy: 1.3M interest.
- Online Betting: 0.7M interest. Hockey takes the top position, followed closely by NFL Football.
Global Market Context (March 2026)
As of March 2026, Blask covers 126 countries. The United States maintains a massive lead in market value.
| # | Country | Brands | CEB (US$) | Casino Status | Gambling Status |
| 1 | United States | 362 | $82.02B | Reg | Reg |
| 2 | United Kingdom | 332 | $11.76B | Reg | Reg |
| 3 | Canada | 246 | $10.06B | Reg | Reg |
| 4 | Turkey | 235 | $8.62B | Unreg | Unreg |
| 5 | Brazil | 532 | $6.42B | Reg | Reg |
| 6 | Italy | 203 | $6.10B | Reg | Reg |
| 7 | Australia | 311 | $5.62B | Reg | Reg |
| 8 | India | 460 | $5.23B | Unreg | Unreg |
| 9 | Philippines | 210 | $5.14B | Reg | Reg |
| 10 | Indonesia | 77 | $3.96B | Unreg | Unreg |
Analysis: Regulation, Offshore Dominance, and Structural Shifts
New data from Blask highlights a defining reality, and that is that market size is expanding rapidly, but regulatory fragmentation dictates where value flows.
Regulation Defines Outcomes
Regulation significantly reduces offshore activity but does not eliminate it.
- Fully regulated states (Casino and Sports): Offshore share drops to about 38%. Examples include New Jersey (~73% regulated) and Michigan (~75% regulated).
- Sports betting only states: Offshore share averages around 74%. Examples include New York (~60% offshore) and Ohio (~82% offshore).
- Unregulated states: Entire market flows offshore by definition.
Maturity also plays a role. Newer regulated states take time to build trust and liquidity. However, full regulation including both casino and sports betting remains the most effective way to shift value into the regulated ecosystem.
Structural Challenges in North America
The United States is not a single market but a collection of country scale economies. Seven U.S. states would rank in the global top 10 as standalone markets. New York ($6.4B) is a top five global market yet remains 60% offshore. Pennsylvania and New Jersey are comparable to major European economies.
In Canada, the gap is widening as offshore operators added $1.6B in absolute volume in 2025. Ontario’s open model shows 85% regulated activity, while monopoly provinces like Saskatchewan see 93% flow offshore.
Key Global Takeaways
- Offshore operators dominate both brand presence and market share.
- Regulation improves channelization but does not eliminate offshore activity.
- Full product availability is essential for effective regulation.
- Market fragmentation directly impacts revenue capture.
- Scale alone does not guarantee regulated success.
Methodology and Data Sources
Blask aggregates and processes data from multiple source types, including:
- Search demand signals
- Public regulatory filings and gambling commission reports
- Country level tax frameworks
- Operator public disclosures
- Daily operator lobby scans via computer vision
- Third party research partners (ARPU, retention benchmarks)
- Feedback from regulators and investment analysts
Raw data undergoes a multi step process where negative queries are filtered, brand name variations are unified, and data is normalized through proprietary AI models to produce comparable metrics across 126+ markets.
Conclusion
The global iGaming landscape is entering a phase where regulatory structure, not market size, is the primary differentiator. Canada demonstrates how fragmented regulation enables offshore dominance, while the United States shows that even at massive scale, partial legalization limits domestic capture. The future of iGaming will be defined by how effectively regulation channels existing demand.Read the full report via the link: https://blask.com/reports/usa-canada-2025
