Offshore Brands in New Jersey Lose Competitive Earning Baseline at Expense of Licensed Market Leaders

Offshore gaming brands are gaining a larger share of online search demand and Competitive Earning Baseline (CEB), while licensed brands are losing it. The trend is especially strong in New Jersey, where offshore brands saw their iGaming Blask Index rise from 26.40% to 33.25% between September 2025 and August 2026. Similarly, these offshore platforms’ share of projected revenue, measured through the CEB, also increased from 28.52% to 30.26% over the same period. 

It is worth noting that offshore brands’ monthly Blask Index remained below 30% before July 2025. However, it has maintained its position above the 30% mark since November 2025, dipping below that level only once. 

Largest brands taking the biggest hits 

The biggest licensed and legal online casinos have lost the most CEB compared to smaller brands. Notably, BetMGM, Bet365, and Borgata Online each lost between a fifth and a third of their index. In comparison, the index barely moved for FanDuel and DraftKings. Interestingly, most of these brands’ CEB still grew, meaning that they are losing attention faster than money. 

Among the offshore brands, Rainbet, MyBookie, BetOnline, BetUS, and Bons recorded the largest Blask Index gains. Notably, RainBet alone drove two-thirds of the offshore CEB growth in New Jersey online casinos – projected revenue also grew by more than five times. In contrast, the CEB share of Bovadam Betplay, and betPawa shrank. Overall, Bovada and BetOnline are the biggest offshore brands based on Blask’s BAP ranking. 

A countrywide trend 

Beyond New Jersey, offshore brands are gaining ECB at the expense of licensed brands across the country. However, the offshore ECB share varies between different states. It stands at 24% in Michigan, 30% in New Jersey, and 37% in Pennsylvania. The share is much higher in states where only sports betting is legal: 63.9% in New York, 64.3% in Florida, and 77.6% in Ohio. 

Notably, California and Texas are fully offshore online gambling markets. In H1 2026, California generated approximately $2.8 billion in CEB, while Texas generated $2.19 billion. If treated as standalone countries, California would rank eighth globally, while Texas would rank 12^th. 

Overall, total CEB in the U.S. reached $78.7 billion in 2025. Licensed brands accounted for $26 billion of that, while offshore brands brought in $52.7 billion. In H1 2026, offshore CEB reached 67.5% of the market, up from 65.8% the previous year. In the same period, offshore CEB increased from $25.5 billion to $27.2 billion, while licensed CEB fell from $13.3 billion to $13.1 billion. 

The American Gaming Association (AGA) estimates that about one-third of U.S. gambling activity goes down at illegal and unregulated platforms. During H1 2026, Bovada and BetOnline generated approximately $3.94 billion and $2.5 billion in CEB, respectively, totaling $6.44 billion. Notably, seven of the ten most popular brands by online demand are offshore or unregulated platforms. 

Why the shift? 

The shift to offshore brands is undeniable, and stats show that the trend is gaining momentum over time. There are several reasons behind the shift from licensed operators to offshore platforms, mostly coming down to regulation. 

Regulated platforms must operate under strict domestic restrictions, such as payout limits and self-exclusion programs. In contrast, offshore online casino platforms have few restrictions, which is appealing to many players. 

Most importantly, unregulated operators offer better odds and bigger bonuses since they are not obliged to pay hefty taxes, licensing fees, and other compliance costs. Interestingly, these platforms also offer greater game selections and exotic casino titles that are not approved under state regulations. The platforms are also generally easier to join, as account registration requires minimal paperwork.