We digitised the offshore segment of the largest iGaming market - and got $54bn

We digitised the offshore segment of the largest iGaming market - and got $54bn

Today is an important day for me. For the last two months, together with the Blask editorial team, we've been working on a massive project - breaking down the offshore part of the US and Canadian iGaming market in 2025. We've also put together analyses on pre-market - the hottest vertical right now - and online poker.

This is the industry's first report to digitise the grey market - the part that regulators and analysts have traditionally ignored due to a lack of reliable data.

According to Blask, offshore accounts for ~2/3 of the entire US gambling market in terms of CEB*

A few insights from the report:

• The US is by a margin the largest iGaming market in the world. The total volume is ~$79.8bn by CEB, 7 times the size of the UK, the second largest market;
• Bovada is the largest brand in the US with a CEB of $9.23bn. By volume, this operator is larger than any country in the world except the US, UK and Canada;
• California and Texas are the two largest unregulated states, together they generate ~$10bn CEB. If comparing states to entire countries, California would be in 8th place (between Australia and India), Texas would be in 9th place (between India and the Philippines);
• As of January 2026, Polymarket and Kalshi control a combined 79.2% of the prediction market. Despite the emergence of new operators (10 new brands entered the market in 2025), they cannot yet compete with the two giants.

This is just a fraction of what we found. Especially for Wager 3.0 subscribers, I have extracted the most interesting findings from the report:

EXCERPT IN RUSSIAN

The full version of the report (in English) is available here:

FULL ENGLISH VERSION

* CEB (Competitive Earning Baseline) — revenue forecast according to Blask