Canada, Mexico, and the US remain the three largest iGaming markets in North America and together generate around 39% of global iGaming revenue, according to Blask.
The market began with the Blask Index falling 35% from its December 2025 peak by February after a major tax increase took effect on 1 January. Offshore operators briefly benefited, increasing their share to 7.2% in February, up 2.2 percentage points from December.
Licensed operators regained momentum from March. Onshore demand increased 201% year-on-year across January to July, while forecast revenue measured through Competitive Earning Baseline, or CEB, rose by more than 50%.
Offshore brands accounted for only 6% of both Mexico’s Blask Index and CEB.
Canada grows overall but offshore operators gain faster
Canada’s total iGaming demand increased 7.3% year-on-year between January and July. However, Licensed operators recorded growth of only 1.3%.
Their share of the Blask Index fell four percentage points to 68.3%, while their share of CEB dropped almost five points to 43.3%. Total Canadian iGaming CEB increased 18.3%, but offshore operators grew faster.
Forecast revenue for offshore brands rose 29.6% compared with 6.3% for licensed operators. Alberta’s regulated market launch in July briefly improved onshore demand, lifting the licensed Blask Index share by 1.33 points.
However, the onshore CEB share still fell by two points, showing that market expansion does not translate into stronger channelisation.
United States is the only major market recording demand decline
The US was the only one of the three markets to record an overall fall in demand. Its Blask Index declined 5.6% year-on-year between January and July 2026.
The downturn extends a pattern that began in October 2025, similar to a decline seen between October 2024 and July 2025. Historically, demand has improved during the autumn period.
Licensed operators performed worse than offshore competitors. Onshore brands recorded an 8.1% decline in the Blask Index compared with a 4.9% fall among unlicensed operators. This reduced the licensed share of demand to 22%.
Offshore growth tests regulated market channelisation
CEB data shows similar pressure in the US. Licensed brands held 32.6% of forecast revenue, but their share still declined by 1.2 percentage points.
Both segments recorded modest revenue growth, with onshore operators up 1.3% and offshore brands up 6.7%. The absolute revenue increase among unlicensed operators was more than ten times larger.
Across North America, the data shows that market size alone does not guarantee stronger regulated participation. Mexico currently has the strongest onshore recovery, while Canada keeps growing despite increasing offshore competition.
The US is the weakest of the three on demand, with licensed operators losing ground faster than offshore rivals.
The Blask data shows that market growth does not directly translate into stronger regulated participation. While Mexico’s recovery stands out, Canada and the US face a tougher channelisation problem as offshore brands are pulling demand and revenue faster than licensed operators.
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