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State of Play’s TL;DR
- Offshore platforms still control the bulk of US online gambling revenue, despite growing legalization.
- Blask’s 2025 analysis finds that two-thirds of the nation’s online gambling value flows offshore, leaving licensed operators with a much smaller share.
- That split matters for player protections, tax revenue, and where operators choose to invest as states move toward fuller regulation.
Blask’s 2025 assessment of the US online gambling landscape maps a huge but fragmented market that remains dominated by offshore operators.
The report estimates roughly $79.8 billion in Competitive Earning Baseline (CEB) for 2025, but only about $25.2 billion was captured by regulated domestic operators, with the remaining two-thirds siphoned offshore.
Of roughly 362 operators serving American players, Blask finds about 290 operate outside domestic regulatory frameworks, and offshore companies control roughly 80% of active brands. Market share varies by state type.
- States with both legal online casinos and sports betting: 38% offshore share
- Sports betting-only states: 74% offshore
- States with no online options: 100% offshore
Blask notes that while legalization shifts the balance, offshore competition persists as regulation matures.
Study shows legalization works to reclaim market share
The dominance of offshore platforms raises practical and financial issues. Offshore sites often offer large promotions and access, where domestic options are limited, but they typically lack the consumer protections, dispute resolution, and responsible gambling safeguards tied to licensed operators, meaning less recourse for harmed players.
For states and operators, the outflow represents lost tax revenue and reduced funds for local reinvestment. Licensed brands do retain advantages:
- Stronger products
- Regulatory-backed trust
- Safer responsible gambling tools
- Clearer marketing channels
For operators considering entry or expansion, the data signals both fierce competition from established offshore brands and sizeable untapped demand in states that haven’t implemented full regulation.
Overall, Blask’s findings reinforce that legalization and strong channelization policies are the primary levers to reclaim market share domestically.
Based on reporting by Deyan Dimitrov for Gambling News.
