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A Decade In History of Online Video
For example, If you have a blog with 30 posts on the home page, and every post has an autoplay video, every time someone lands on your pages, that would be 30 video plays. But obviously most people only watch one video at a time. Also, I think its more difficult to trace back the i.p. to determine uniqueness, which is why off-site, one unique individual can watch a video 30 times, but it only counts as one view.
Moral to the story? When there are a lot off-site views, YouTube doesn't count a lot of them.