Australia's regulated online gambling sector continues to attract most player interest across the country, but new research suggests that offshore operators remain the primary beneficiaries when it comes to revenue. According to data published by Blask, licensed brands account for the majority of user demand in almost every Australian jurisdiction, while offshore competitors capture most of the market's projected earnings.

The findings highlight a disconnect between player interest and revenue generation in one of the world's largest iGaming markets. Although recent regulatory measures appear to have strengthened the position of licensed operators among consumers, the flow of money continues to favor offshore businesses in most states and territories.

Australia's Global Ranking Continues to Decline

Australia remains one of the largest iGaming markets worldwide, ranking ninth globally by projected Customer Estimated Balance (CEB) during the May 2025 to April 2026 period.

That position represents a continued downward trend over recent years. Australia ranked fifth globally in 2023 before falling to sixth in 2024, seventh in 2025, and ninth in the latest reporting period.

Blask's analysis also shows a decline in projected revenue. The country's projected CEB for 2025 was 8.8% lower than in 2024. Compared with 2023, projected revenue was only 6.9% higher.

Demand patterns present a different picture. Australia's Blask Index increased by 13.3% in 2025 compared with the previous year. However, when measured across the May 2025-April 2026 period, the index declined by 9.1% year over year.

The report attributes much of that decline to the offshore segment. Offshore demand reached its highest point in April 2025 and has since moved downward. At the same time, licensed operators have recorded rising Blask Index figures since July 2025.

Despite attracting increasing attention from users, licensed operators have not managed to secure a comparable share of market revenue.

Demand Favors Licensed Operators While Revenue Favors Offshore Brands

Australia's current online gambling framework dates back to 2001. Federal legislation introduced a nationwide ban on online casino gambling while allowing individual states and territories to license online sports betting operations.

Although the basic structure has remained in place, authorities strengthened enforcement measures against illegal offshore operators through reforms introduced in 2017.

Further regulatory changes have followed since 2023. These include restrictions on gambling with credit cards, the removal of crypto wagering options, and measures to reduce gambling advertising during live sporting events.

According to Blask, these developments have contributed to strong channelization. Licensed operators now attract significantly more demand than offshore competitors both nationally and across nearly all Australian jurisdictions.

Revenue data tells a different story. Offshore operators continue to capture the majority of projected iGaming revenue despite generating a smaller share of overall demand.

Victoria stands apart from this trend. The state is the only jurisdiction where the pattern of offshore revenue dominance does not apply. Victoria is Australia's second-largest state by population after New South Wales and differs considerably from the Northern Territory, where licensed operators remain behind offshore brands in terms of demand.

The ten most popular brands account for 72.5% of the Blask Index in Victoria. In the Northern Territory, the top ten operators represent 60.5% of the index.

Victoria's top ten includes only two offshore brands. The Northern Territory's top ten contains six offshore operators, including Winx96, which held a 15.4% share of the territory's Blask Index as of April 2026. The same brand recorded less than 0.3% market share in every other Australian jurisdiction.

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Northern Territory Differs From the Rest of the Country

Blask points to demographic factors as a key reason for the Northern Territory's unique market profile.

The territory has Australia's smallest population and a significantly different demographic composition compared with the rest of the country. Data from the Australian Bureau of Statistics shows that Aboriginal people make up more than 30% of the Northern Territory's population. In other Australian jurisdictions, the share does not exceed 6%, while the national average is around 4%.

The report also references findings from a 2025 study by the government-backed Australian Institute of Family Studies. According to that research, gambling-related harm affects Aboriginal adults at almost twice the rate observed among non-Indigenous Australians.

Blask notes that this may help explain the stronger presence of offshore operators in the Northern Territory, as those brands operate outside Australia's licensed harm-prevention framework.

The latest figures show that Australia's regulated operators have successfully attracted player interest across most of the country. However, offshore brands continue to secure a larger share of projected revenue, leaving licensed companies with the challenge of converting demand into stronger financial performance.

Source:

Australian iGaming: a market where money does not follow demand, blask.com, 2026.