TLDR
- Stake was ranked Canada’s most valuable online gambling brand at roughly CAD 2.50 billion, despite holding no licence in any province.
- New research from CasinoCanada studied 301 gambling brands and found four offshore operators sitting among the top ten.
- Offshore sites took in more money than licensed platforms even though fewer people use them, CAD 712 million compared with CAD 484 million.
- Channelisation rates vary widely by province, from Ontario’s often cited 91% down to an estimated 49% in British Columbia.
- A 2026 study found men under 30 report higher rates of gambling harm and anxiety than the wider betting population.
Stake has been named Canada’s most valuable online gambling brand, even though it does not hold a licence to operate in any province. The finding comes from new research published by CasinoCanada.com on August 25, 2026.
The study looked at 301 gambling brands active across Canada. It placed Stake’s market value at around CAD 2.50 billion, or roughly $1.8 billion.
Stake is described as an offshore, crypto-enabled operator. It is one of four offshore brands that made the list of Canada’s ten most valuable gambling companies.
Offshore Sites Take In More Money Than Licensed Ones
Data from Blask covering August 2026 shows that most Canadian gamblers still use licensed platforms. The figures put that share at 66.47%, with 33.53% using offshore sites instead.
Even with fewer users, offshore platforms recorded CAD 712 million in wagers that month. Licensed operators brought in CAD 484 million over the same period.
The gap suggests that people who gamble offshore are putting down more money on average than those who stick to licensed sites.
Provinces Show Very Different Results
Ontario is often held up as a success story, with a channelisation rate of 91%. That means most betting activity there happens through licensed platforms.
The report argues this number does not reflect the rest of Canada. Saskatchewan’s estimated offshore leakage sits at 93%, while Alberta and Manitoba both come in at 88%.
Quebec, where Loto-Québec has run since 2010, shows an estimated offshore leakage of 83%. British Columbia’s PlayNow platform has been active for years and records a lower rate, around 49%.
CasinoCanada points to product gaps as one reason people gamble offshore. Rules from the AGCO require Ontario balances to be held in Canadian dollars through an approved provider, which rules out cryptocurrency on regulated sites.
Prediction markets face a similar situation, sitting largely outside provincial oversight. Both areas have seen fast growth among offshore operators.
Rainbet’s Canadian business grew by 621% over the past year, according to the research. Offshore prediction market activity rose by 161% over the same stretch.
Younger Male Bettors Show Higher Risk Levels
The research also looked at who is most exposed to gambling harm. A 2026 study by Toronto Metropolitan University surveyed more than 1,800 bettors in Ontario and Alberta.
It found that men under 30 reported 50% higher gambling related harm than the broader group of bettors. This same group reported 44% higher anxiety levels.
The study also found that 60% of those surveyed said responsible gambling messages had little or no effect on their behavior.
Separate account level data from Norway showed a similar pattern. Problem gamblers made up just 2.1% of players but accounted for 46% of offshore turnover.
Eugene Ravdin, Head of PR at CasinoCanada, said Ontario has shown regulation can work at scale. He said other provinces are being measured against a target they have no clear path to reaching, and that offshore operators are winning by offering products licensed sites are not allowed to provide.
