Stake has been ranked Canada’s most valuable online gambling brand in new CasinoCanada research, despite not holding a provincial gambling licence at the time of publication.
The study analysed 301 gambling brands active across Canada. Stake was assigned an estimated value of CAD2.5 billion ($1.8 billion), putting it ahead of both regulated and offshore competitors. Three other offshore brands also made the top 10.
Offshore users are fewer but wager more
Blask data for August 2026 shows that 66.47% of Canadian gamblers use licensed platforms, while 33.53% use offshore operators.
The picture changes when measured by wagering volume. Offshore platforms accounted for around CAD712 million ($512 million) in wagers, compared with CAD484 million ($348 million) for licensed operators.
The figures therefore suggest that the smaller offshore user base generates significantly more betting volume per user.
Ontario stands apart from other provinces
The research also highlights a major gap between Canadian provinces.
In Ontario, 91.1% of players use the regulated market, according to an Ipsos study commissioned for iGaming Ontario and AGCO.
Outside Ontario, CasinoCanada estimates offshore leakage at around 93% in Saskatchewan, 88% in Alberta and Manitoba, and 83% in Quebec. British Columbia is estimated at roughly 49%.
The figures point to significant differences in how effectively regulated markets retain players across Canada.
Crypto and prediction markets strengthen offshore demand
CasinoCanada links part of the offshore demand to products that regulated operators cannot offer in the same format.
In Ontario, AGCO standards require player funds to be held in Canadian dollars through authorised financial institutions, effectively excluding crypto transactions from the regulated market.
At the same time, prediction markets remain largely outside provincial gambling frameworks.
According to the research, Rainbet’s Canadian business grew 621% year-on-year, while offshore prediction-market activity increased by 161%.
Younger bettors remain a key risk group
The study also examines the relationship between offshore gambling and users more vulnerable to gambling-related harm.
A 2026 Toronto Metropolitan University study involving more than 1,800 bettors in Ontario and Alberta found that men under 30 reported 50% more gambling-related harm and 44% higher anxiety than the wider group surveyed.
Meanwhile, 60% of respondents said responsible gambling messaging had little or no impact on their behaviour.
CasinoCanada also cites Norwegian account-level data showing that problem gamblers represented 2.1% of players but generated 46% of offshore turnover.
CasinoCanada says regulation alone is not enough
CasinoCanada Head of PR Eugene Ravdin said Ontario’s results should not automatically be applied to the rest of Canada.
“Offshore operators aren’t winning on trust or on brand - they’re winning on products licensed operators are structurally not allowed to offer, marketed to exactly the group the data says is already at most risk.”
According to CasinoCanada, responsible gambling messaging alone is unlikely to bring users back to licensed platforms while such a product gap remains between regulated and offshore markets.
The research highlights a significant divide between Canadian provinces and suggests that offshore brands continue to benefit where regulated operators cannot offer some of the products attracting players.
Source: CasinoCanada
