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Seven years after launch, licensed operators hold a majority of the market — but more than $2.4B in CEB still sits offshore. Pennsylvania launched its online gambling regulation in 2019, making it one of the earlier adopters of full-spectrum iGaming in the United States, and seven years later its licensed operators capture approximately 57% of […]
The largest state gambling market in the U.S. still sends most of its online casino demand offshore. New York is the largest online gambling market among U.S. states, generating an estimated $6.41B in Competitive Earning Baseline in 2025 — and yet approximately 61% of that total, or nearly $3.9B, flows to offshore operators that pay […]
The U.S. poker ecosystem remains one of the most stable structures in online gambling. Americas Cardroom and PokerStars together accounted for approximately 50% of all U.S. online poker demand by December 2025, and market shares remained broadly stable throughout the year with no major new entrants breaking into the top tier — making online poker […]
In just two years, two platforms have captured nearly 80% of U.S. demand — turning a fast-growing experiment in wagering into something closer to a financial market structure. Prediction markets were barely visible in the American gambling economy a few years ago. By the end of 2025, they had become one of its fastest-growing segments […]
A boom that many expected to collapse after the 2024 presidential vote instead evolved into one of the fastest-growing segments of the online gambling economy.
America’s two largest licensed operators added billions in 2025. But the unregulated sector remained larger and, in some ways, harder to dislodge than ever. FanDuel and DraftKings, the two dominant licensed online gambling operators in the United States, both posted strong growth in 2025. FanDuel’s estimated Competitive Earning Baseline rose 16.9%. DraftKings grew 16.1%. Under […]
California and Texas, the two most populous states in the United States, together represent an estimated $9.7 billion in online gambling activity — all of it flowing to offshore, unlicensed operators and none of it generating state tax revenue or consumer protection.
Despite years of state-by-state legalization and record revenues from licensed operators, approximately two-thirds of American online gambling spending flowed to offshore, unlicensed platforms in 2025, according to new research from Blask that quantifies, the full scope of both the regulated and unregulated U.S. gambling market.
