Ontario’s regulated online gambling market has emerged as one of the most significant success stories in North American iGaming. Since the launch of the province’s competitive, multi-operator framework in April 2022, licensed gambling platforms have collectively generated more than $10 billion in total operator revenue, transforming Ontario into the most active regulated iGaming jurisdiction in North America by operator count.
This report draws on official performance data published by iGaming Ontario (iGO), the provincial agency responsible for conducting and managing internet gambling in Ontario, alongside public records from the Alcohol and Gaming Commission of Ontario (AGCO). All figures cited reflect non-adjusted gross gaming revenue (NAGGR) reported before the application of Ontario’s 20% iGaming tax rate, unless otherwise noted.
2025 Annual Performance: A Record-Breaking Year
The 2025 calendar year marked the strongest annual performance in the market’s history. Licensed operators generated approximately $4.04 billion in gross gaming revenue across online casino, sports betting, and peer-to-peer poker platforms, a 34% increase compared with the 2024 calendar year.
Total cash wagers placed across all regulated platforms reached approximately $98.3 billion, representing a 26% year-over-year increase. To put that figure in context, Ontario’s licensed operators are now processing roughly $8 to $9.5 billion in wagers every single month, with December 2025 setting the all-time monthly record at $9.5 billion in total handle.
The revenue trajectory since launch illustrates the speed at which the market has scaled:
| Year | Gross Gaming Revenue | Total Wagers | YoY Revenue Growth |
| 2022 (Apr–Dec) | ~$0.7B | — | Launch year |
| 2023 | ~$2.2B | ~$55B | +214% |
| 2024 | ~$3.0B | ~$78B | +36% |
| 2025 | $4.04B | $98.3B | +34% |
| Cumulative (since launch) | $10.2B | — | — |
Source: iGaming Ontario official monthly performance reports. 2022–2023 figures are approximate based on available reporting periods.
Revenue by Product Vertical
Online casino gaming is the dominant engine of Ontario’s regulated market by a substantial margin. In 2025, casino products, including online slots, live dealer tables, and digital table games, accounted for approximately 75% of total gross gaming revenue, generating roughly $3.15 billion across the year.
The concentration is even more pronounced when measured by wagering volume. In December 2025, online casino wagers represented 87% of the $9.5 billion monthly handle. This share has remained consistently above 83% throughout 2025, peaking at 89% during the summer months of July and August when major sports leagues were in their off-seasons.
Sports betting contributed approximately 23% of total revenue for 2025. While the segment’s share of total handle is lower (roughly 11% in December), operator margins on sports betting improved significantly in the second half of the year. November and December 2025 recorded the two highest monthly sports betting revenue figures in the market’s history, with $102 million and $99.1 million respectively, the latter representing a 150% increase compared with December 2024.
Peer-to-peer poker remains a niche segment, contributing approximately 2% of total revenue ($70.2 million for the full year). The segment’s growth is constrained by the current liquidity restriction that limits Ontario poker players to competing only against other Ontario-based players, rather than connecting to broader North American player pools.
Player Engagement and Market Reach
Ontario ended 2025 with 1.27 million active player accounts across regulated platforms, a 24.5% increase compared with the end of 2024. While the total number of accounts fluctuated throughout the year, dipping below one million during the quieter summer months before recovering strongly in the autumn, the overall trajectory has been decisively upward since launch.
Perhaps more significant than account growth is the increase in average revenue per active player account (ARPPA), which reached $334 in December 2025 — the highest level in the market’s history and a 27% increase over 2024. This metric suggests that existing players are engaging more deeply with licensed platforms rather than simply signing up and disengaging.
Channelization: The Shift Toward Regulated Platforms
One of the most closely watched metrics in Ontario’s iGaming market is the channelization rate, the proportion of online gambling activity taking place on regulated, provincially licensed platforms versus unregulated offshore sites.
According to a joint player survey conducted by the AGCO and iGaming Ontario between January and February 2025, 83.7% of Ontario players reported using a regulated gaming site. This figure is noteworthy because prior to the regulated market’s launch in April 2022, the vast majority of Ontario’s online gambling activity took place on offshore platforms that operated outside provincial oversight.
iGaming Ontario’s stated target is to reach a 90% channelisation rate by the 2026– 27 fiscal year, with incremental 5% annual improvements built into their strategic plan. The current rate of 83.7% is above the agency’s yearly target, though iGO has acknowledged that reaching the 85% threshold for 2025 to 26 will require continued focus on product quality, player experience, and public awareness of the regulated market.
Provincial Tax Revenue and Economic Impact
Ontario applies a 20% tax rate on gross gaming revenue generated by licensed iGaming operators. Based on the $4.04 billion in NAGGR reported for 2025, the province’s estimated tax intake from the regulated market was approximately $807 million for the calendar year.
Since the market launched in April 2022, cumulative tax revenue is estimated at approximately $2.04 billion. These funds flow back to the provincial government and are directed toward public services and social programmes across Ontario.
Beyond direct tax revenue, the regulated market has created a substantial private-sector ecosystem. With 48 licensed operators managing 82 gaming sites as of early 2026, the sector supports technology, compliance, marketing, and customer service employment across the province and within the operators’ Canadian offices.
The Competitive Landscape: 48 Operators, 82 Sites
Ontario’s regulated iGaming market is the most competitive in North America by number of licensed operators. The 48 private operators currently holding agreements with iGaming Ontario is more than double the number active in any single US state with legalised online gambling.
This competitive density has been a deliberate feature of Ontario’s regulatory model. Unlike jurisdictions that limit the number of licences to a handful of operators, Ontario’s open framework was designed to attract a wide range of providers, from global brands with decades of operating history to newer entrants bringing innovative product offerings and user experiences.
The operator mix has continued to evolve. Notable developments in 2025 included the launch of DraftKings-owned Golden Nugget Online Casino and Swiper Casino (under Canadix Limited), while some smaller brands, including Fitzdares and Betiton, exited the market. Additional market entries are anticipated in 2026, with Hard Rock Digital among the operators reportedly preparing for an Ontario launch.
For Ontario players, the practical impact of this competitive environment is meaningful. Operators must compete on product quality, payout speed, customer service, and game selection to attract and retain players, a dynamic that directly benefits the end user. Our independently researched comparison of Ontario’s top licensed casino operators provides a detailed evaluation of how the leading platforms perform across these factors.
Ontario’s Model as a Blueprint: Alberta and Beyond
Ontario’s success has not gone unnoticed by other Canadian provinces. Alberta passed the iGaming Alberta Act in 2025, establishing a regulatory framework modelled closely on Ontario’s competitive, multi-operator approach. If fully implemented, Alberta would become the second Canadian province to allow private operators to offer licensed online gambling under provincial oversight.
The implications extend beyond Canada’s borders. In the United States, where online gambling regulation varies dramatically from state to state, Ontario’s trajectory offers a case study in how a large, densely populated jurisdiction can successfully transition from an unregulated offshore market to a structured, provincially managed system that balances consumer choice, player protection, and public revenue generation.
Notably, Ontario’s approximately $3 billion USD in 2025 revenue now trails only a handful of leading US iGaming states, including Pennsylvania, New Jersey, and Michigan, all of which have smaller populations than Ontario. This comparison underscores the market’s growth potential as player channelisation continues to improve and new product verticals, including potential cross-border poker liquidity, come into play.
Regulatory Framework and Player Protection
Ontario’s regulated iGaming market operates under a layered oversight structure designed to protect players while enabling commercial competition.
iGaming Ontario, which became an independent Crown agency in May 2025 under the iGaming Ontario Act (previously it operated as a subsidiary of the AGCO), is responsible for entering into operating agreements with private providers, managing market conduct, and reporting financial performance. The Alcohol and Gaming Commission of Ontario (AGCO) retains its role as the market regulator, overseeing game integrity, responsible gambling compliance, anti-money laundering requirements, age verification, and data privacy standards.
Licensed operators are required to achieve responsible gambling accreditation through the Responsible Gambling Council’s RG Check programme, participate in coordinated self-exclusion systems, implement deposit limit and play-break tools, and share anonymous player data to support problem gambling research. A centralised self-exclusion programme (CSE) is expected to launch in the first half of 2026, which will allow players to exclude themselves from all regulated platforms through a single process.
For players considering where to play, the licensing framework provides a meaningful layer of protection that offshore, unregulated sites cannot offer. Licensed operators in Ontario are held accountable to provincial standards, subject to regular compliance audits, and bound by formal dispute resolution mechanisms. Our guide to Ontario’s licensed online casinos evaluates which operators perform best across these regulatory and player-protection criteria.
Looking Ahead: 2026 and Beyond
Several developments are expected to shape Ontario’s iGaming market in 2026 and beyond:
- New operator entries, including Hard Rock Digital and potentially others, will further increase competition and expand game availability for Ontario players.
- The launch of a centralised self-exclusion programme (CSE) is expected in the first half of 2026, strengthening the responsible gambling infrastructure across all regulated platforms.
- Potential changes to peer-to-peer poker liquidity rules could allow Ontario players to compete in broader player pools, which would likely boost the poker segment’s currently modest 2% market share.
- Alberta’s progress toward launching its own regulated iGaming market will be closely watched as a signal of whether other Canadian provinces will follow Ontario’s multi-operator model.
- Continued growth in average revenue per active player account suggests that operator investment in retention, game quality, and payout experience is deepening player engagement within the licensed ecosystem.
Ontario’s regulated iGaming market has achieved in under four years what many industry observers expected would take a decade. With $10 billion in cumulative revenue, rising player channelisation, and a regulatory framework that balances commercial competition with consumer protection, the province has established itself as a model for large-scale iGaming regulation in North America. As the market continues to mature, the beneficiaries are Ontario players — who now have access to a wider, safer, and more competitive selection of licensed platforms than ever before.
Data Sources & Methodology
All revenue and wagering data cited in this report is sourced from official monthly market performance reports published by iGaming Ontario (igamingontario.ca). Annual and fiscal year figures are drawn from the iGaming Ontario Annual Report 2024–2025. Channelisation data references the joint AGCO/iGaming Ontario player survey conducted between January and February 2025. Tax revenue estimates are calculated based on Ontario’s published 20% iGaming tax rate applied to reported NAGGR figures. US market comparisons use gross, calendar-year revenue for methodological consistency. iGaming Ontario’s reporting excludes activity on Ontario Lottery and Gaming Corporation (OLG) platforms, which report separately.
