Thriving Offshore Betting Surpasses US Market
U.S. Unlawful Sports Betting Sector Dwarfs Legal Counterpart in Size
While legal sports betting has expanded to 38 states within the US, a recent study by Blask and Next.Io indicates that the offshore betting market is twice as large. This study, which used data points such as search interest and user engagement, estimates that offshore sites outreach and exceed the regulated market, with a financial value double that of legal sportsbooks.
If projections hold, the regulated US sports betting market will reach a handle value of approximately $150 billion by 2024. However, the study suggests the offshore market may have generated a staggering $300 billion.
Digging Deep
The survey focused on California and Texas, both with over 65 million residents and currently without legal sports betting. In contrast, regulated states still have a substantial offshore market share. Florida, for example, the most populous state with a legal sportsbook, sees offshore operators accounting for around 80% of the market.
Surprisingly, despite being the market leader, Curacao-based iGaming giant Bovada boasts far greater bettor interest than Florida's only regulated sportsbook, Hard Rock Bet. Moreover, unregulated operators are found among the top sportsbooks in New York, Ohio, Massachusetts, and Illinois.
Online Casinos to the Rescue?
Interestingly, offshore operators have a lesser presence in states that have legalized both digital casino and sports betting. For instance, no illegal operator is among the top five most popular brands in New Jersey, Pennsylvania, Michigan, and West Virginia, states that have legalized both iGaming verticals.
You May Also Find Interesting:
- Global Sports Betting Market: Projected to reach approximately $187.39 billion by 2030 and grow at an annual rate of 11% from 2025 to 2030[1][3].
- Regulated US Sports Betting Market: Despite not having exact figures, it is part of the broader growth trend in the global sports betting sector.
- Offshore Betting Market: Operates outside of US regulatory frameworks, which can affect transparency in financial reporting.
- The offshore betting market, which currently surpasses the US market, is intriguingly intertwined with technology, as it leverages digital platforms to attract a significant portion of global sports-betting investors.
- As the line between finance and sports-betting becomes increasingly blurred, industry analysts suggest that the offshore betting market's financial value may rival that of the regulated US sports-betting market in the near future.
