USA and Canada iGaming landscape 2025: the offshore reality

The U.S. online gambling market reached ~$79.8B in estimated CEB in 2025, 7x the size of the UK. Canada adds another $9.5B, ranking third globally. Yet in both countries, unlicensed operators still control the majority of the market. This report maps where the value actually flows — state by state, province by province, brand by brand.

Who should read this

Operators and affiliates navigating competitive dynamics in the world's largest iGaming region. Regulators and policymakers evaluating which models effectively channel demand into licensed platforms. Investors and analysts seeking data on a $90B+ combined market where two-thirds of the value sits offshore.

What's inside

• State-by-state and province-by-province market sizing: offshore vs domestic CEB splits across U.S. states and Canadian provinces

• Regulation impact: fully regulated states average ~69% domestic CEB, betting-only states just 28%, Canada's monopoly provinces ~24%

• Brand competitive landscape: top operators by CEB, YoY growth, licensed vs unlicensed dynamics

• Prediction markets, online poker, and category-level demand trends across both countries