Demand concentration in iGaming: the markets where top brands don't dominate

In this article, Blask analyzes iGaming demand concentration across 133 markets, highlighting the rare cases where no small group of operators controls the majority of user interest.

Blask data shows that in almost all iGaming markets, the top 10 brands collectively hold more than half of user demand. The only two exceptions across 133 tracked markets are the UK and Turkey. The world's largest iGaming market, the USA, sits just outside that group, but 10% of its states would belong to the exceptions if treated like separate markets.

Blask metrics overview

Blask Index — real-time measure of market demand volume for iGaming brands in a given country, based on normalised search data.

BAP (Brand’s Accumulated Power) — a share of a given brand in a country's total Blask Index.

CEB (Competitive Earning Baseline) — projected revenue a brand should realistically capture given its market presence, expressed in USD.

The world's least concentrated iGaming markets

In most iGaming markets, demand is concentrated. The top 10 brands typically control the majority of a country's Blask Index. Two markets are the exception: the UK at 45.3% and Turkey at 49.9%, measured over the 12 months ending April 2026. In both countries, only 19 brands individually hold more than 1%.

Turkey is led by Merit King, an offshore brand with a 12.8% share of the country's Blask Index — the only brand in the country with BAP above 10%. In absolute terms, Merit King's Blask Index grew almost 1.5x year-over-year. The largest licensed operator, Nesine, lost 16.9% of its Blask Index over the same period.

The UK has two brands with BAP over 10%: Bet365 and William Hill. William Hill led in almost every month over the three years prior to July 2025. Since then, Bet365 has been ahead.

The UK and Turkey also have the two lowest top 5 brand shares globally — 31.7% and 33.9%. Fourteen other markets have a top 5 share below 50%: six in Asia (Cambodia, Vietnam, India, Nepal, Bangladesh and Japan), four in Europe (Spain, Belgium, Netherlands and Romania), plus Australia and the United States.

The US is the world's largest iGaming market by CEB — and the national figure covers a wide spread of state-level results. 

iGaming demand concentration in the US

The US top 10 brand share is 56.9% — the fourth lowest of any market Blask tracks, behind only the UK, Turkey and Cambodia.  The top 5 brands in the US capture 42.4%. It is the fifth lowest figure globally, with Vietnam (42%) the only additional market.

Seventeen brands hold a BAP above 1% nationally; only Bovada exceeds 10%.

At the state level, five of the markets — Arkansas, Wyoming, Kansas, Iowa and Oregon — have a top 10 brand share below 50%, ranging from 41.8% to 49.8%. All five states share one structural feature: regulated sports betting, but no licensed online casino. Beyond that, they have little in common: Iowa's CEB for the 12-month period ending April 2026 was $1.18B (23rd among all states); Wyoming's was $195.5M (44th place).

DraftKings leads in three of the five states with a BAP of 10.5% to 12.8%. In Oregon, Bovada leads at 10% — just 0.2 pp ahead of DraftKings, the only licensed sportsbook in the state.

Arkansas was also led by Bovada for most of the period at 12.2%, while no major licensed operators were present. FanDuel and DraftKings entered the state’s market in spring 2025, and by April 2026 ranked first and second at 19.6% and 17.2%. The state's top 10 share climbed to 59.2%. The top 5 total BAP is still below 50%.

In total, 32 of 50 states — a majority — have a top 5 brand share below 50%. In terms of size and regulatory model, they represent a complete mix.

Bottom line

There are only two countries in the world where the top 10 brands combined don't hold the majority of iGaming demand — the UK and Turkey. Both are among the world's largest iGaming markets. The largest of all, the US, sits just above 50% nationally; five of its states do not. Arkansas was one of them until FanDuel and DraftKings entered the market.