Blask has released its USA & Canada iGaming Landscape 2025 report, offering a comprehensive sizing of both regulated and offshore online gambling markets across every state and province.
The U.S. market reached approximately $79.8 billion in estimated Competitive Earning Baseline (CEB) in 2025 — seven times the size of the UK. Canada adds $9.5 billion, ranking third globally. In both countries, unlicensed operators control the majority of that value.
Offshore operators captured roughly two-thirds of U.S. CEB in 2025, a share that grew despite ongoing regulatory expansion. California alone — $5.5 billion in demand, no legal online gambling — would rank as the eighth-largest iGaming market in the world if it were a country. Every dollar flows offshore.
Regulation determines the split: fully licensed states average 69% of CEB captured domestically; sports-betting-only states average 28%. Ontario, which opened a competitive multi-operator market in 2022, now captures 85% domestically. Alberta opens a similar model this year.
“The question is no longer whether offshore exists — it’s whether the market structure gives players a licensed alternative,” said Max Tesla, CEO of Blask. “Ontario proved that competitive regulation works. The data makes the trajectory clear, even if the timeline is measured in years.”
The report also documents the rise of prediction markets, which grew 256% on the Blask Index in 2025 — now legally available across all 50 U.S. states for the first time. With the FIFA World Cup opening June 11 across the U.S., Canada, and Mexico, Blask data already shows $5.7 million in pre-event prediction market volume on the tournament winner market alone.
