Ontario iGaming revenue has passed $10 billion in cumulative gross gaming revenue since the regulated market opened in April 2022. The 2025 calendar year alone produced $4.0 billion on $98.3 billion in wagers.
Every month of 2026 reported so far has run ahead of its 2025 equivalent, with July 2026 setting the all-time wagering record at $9.88 billion, while the rate of growth has eased from the 34 per cent of 2025 to about 26 per cent year to date.
- Cumulative revenue has passed $10 billion. Operators keep 80 per cent of it; the 20 per cent share goes to iGaming Ontario, which paid the province $181 million in dividends in 2024-25.
- Growth is decelerating even as records fall. Revenue for January to August 2026 is up 26 per cent on the same months of 2025, against 34 per cent growth across 2025 as a whole.
- Channelisation has jumped to 91.1 per cent from 83.7 per cent a year earlier, the single most consequential number in this report.
- The operator field has stopped expanding. It has moved in a narrow band between 46 and 50 operators for over a year, churning at the edges rather than growing; the register showed 49 operators and 84 sites on 1 September 2026.
Ontario iGaming revenue is reported every month by iGaming Ontario, the only such disclosure in Canada, which makes it the reference point for measuring online gambling anywhere in the country.
This report covers the full 2025 calendar year, 2026 to the end of August, and the trends underneath the headline figures. All amounts are Canadian dollars.
Ontario iGaming revenue passes $10 billion
Since the market opened on 4 April 2022, licensed operators in Ontario have generated more than $10 billion in cumulative non-adjusted gross gaming revenue.
That figure is worth stating carefully, because it is frequently misread. Gross gaming revenue is what operators retained after paying out winnings. It is not turnover, and it is not profit. It is, near enough, the amount Ontario players lost across four years of regulated play.
Nor is it a tax take. Operators keep 80 per cent of gaming revenue and remit 20 per cent to iGaming Ontario, which pays HST and its own costs out of that share and passes the rest to the province: $218.9 million of net income in 2024-25, of which $181 million was paid as dividends.
The milestone matters less as a headline than as a measure of how quickly a market can form when it is given a legal structure.
Ontario went from a single provincial platform in early 2022 to the most competitive regulated online gambling market in North America by operator count, and it did so in four years.
The 2025 calendar year
Licensed operators handled approximately $98.3 billion in wagers during 2025 and generated $4.0 billion in gross gaming revenue, increases of 26 and 34 per cent respectively.
Revenue grew faster than handle, which is the pattern that has defined this market since launch. It reflects the product mix shifting steadily towards online casino, where the operator retains a larger share of each dollar wagered than in sports betting.
December 2025 closed the year with what were then records across the board: $9.5 billion in wagering and $425.6 million in revenue. The wagering record has since fallen twice, but the revenue figure is still the highest single month the market has recorded.
Online casino accounted for 87 per cent of wagers and 75 per cent of revenue that month. Active player accounts reached 1.27 million by year end, up 24.5 per cent on 2024, and average revenue per active account hit a record $334.
| 2025 measure | Result |
|---|---|
| Total wagers | Approximately $98.3 billion, up 26 per cent year over year |
| Gross gaming revenue | Approximately $4.0 billion, up 34 per cent year over year |
| Record month | December, at $9.5 billion wagered and $425.6 million in revenue |
| Active player accounts | 1.27 million at year end, up 24.5 per cent |
| Revenue per active account | A record $334 in December |
| Competitive field | 48 licensed operators running 82 gaming sites in January 2026 |
For the fiscal year iGaming Ontario itself reports on, 2024-25, the market recorded $82.7 billion in wagers and $3.2 billion in non-adjusted gaming revenue, up 31 and 32 per cent on the prior year, with 50 operators holding agreements at year end. Casino accounted for $69.6 billion of wagers and $2.4 billion of revenue, betting for $11.4 billion and $724 million, and peer-to-peer poker for $1.7 billion and $66 million.
Fiscal 2025-26, to 31 March 2026, is not yet in an annual report, but the twelve monthly reports sum to about $103.3 billion wagered and $4.27 billion in non-adjusted revenue, with a peak of 1.33 million active accounts in January.
2026 year to date, month by month
Every one of the eight months of 2026 published so far has run ahead of its 2025 equivalent, and the records have kept moving through the year.
January put a then-record 1.326 million active player accounts into the market and took the all-time wagering record at $9.519 billion. March beat that handle record at $9.592 billion, and May produced what was then the highest online casino revenue on record at $326.4 million.
July then reset both headline records: $9.884 billion wagered and 1.365 million active accounts, with total revenue of $413.6 million standing second only to December 2025. August followed with the highest casino handle and casino revenue the market has seen, $8.776 billion and $336.3 million, even as total wagering eased 1 per cent to $9.740 billion.
Monthly performance, 2026 year to date
Tap any column heading to sort. Months that set an all-time record on at least one measure are highlighted.
| Month▼ | Wagers▼ | Revenue▼ | Active accounts▼ | Per account▼ | Casino share of wagers▼ |
|---|
Source: iGaming Ontario monthly market performance reports, which are published for every month roughly four weeks after it closes. September is the next to land, and this table is updated as each report is released.
February looked worse than it was
February broke the run, and the headline numbers were stark: handle fell 8.2 per cent from January to $8.734 billion and revenue dropped 14.7 per cent to $342.4 million, both the lowest totals since September 2025. Average revenue per active account fell to $264, the weakest month since February 2025.
Almost all of the handle decline is a calendar artifact, and it is worth correcting because most coverage reported it as a slump. February has 28 days against January’s 31, a 9.7 per cent shorter month.
On a per-day basis Ontario handled $312 million in February against $307 million in January, which is an increase of 1.6 per cent rather than a fall of eight. Revenue per day did soften, from $12.95 million to $12.23 million, but that is a decline of 5.6 per cent rather than the 14.7 per cent the monthly total implies.
The year-over-year comparison tells the same story. February 2026 handle and revenue were each around 22 per cent above February 2025, and online casino revenue climbed 29 per cent to $275.7 million from $214.0 million. A short month is a short month; it is not a market turning.
Taken together, the first quarter of 2026 produced $27.8 billion in wagers and $1.13 billion in revenue, and January to August combined reached $75.7 billion and $3.16 billion. iGaming Ontario’s own business plan budgets $293.6 million in net income to the province for 2026-27, after operator payments, HST and its own costs.
On a trailing twelve month basis to the end of August 2026, the market was running at $112.4 billion in wagers and $4.69 billion in revenue, up 23 and 30 per cent on the twelve months before. That is the cleanest single measure of current scale, because it strips out the seasonality that makes individual months misleading.
Growth is slowing while records keep falling
Both things are true at once, and the second is the one that matters for anyone forecasting this market.
Revenue grew 34 per cent across 2025 and above 40 per cent in the closing months of that year. For January to August 2026 the gain over the same months of 2025 is 26 per cent, and wagering is up 23 per cent. Individual months still swing: June and July posted 31 and 33 per cent year-over-year revenue growth against a weak summer of 2025, and August then slowed to 18 per cent.
This is what maturity looks like rather than weakness. A market cannot compound above thirty per cent indefinitely once channelisation approaches its ceiling and the addressable population is largely enrolled.
Records will continue to fall for some time on absolute figures while the growth rate keeps easing, and confusing the two is the most common error in coverage of this market.
Where the revenue comes from
Ontario is a casino market with a sportsbook attached, and the gap is widening rather than closing.
| Vertical | August 2026 wagers | August 2026 revenue | Direction |
|---|---|---|---|
| Online casino | $8.776bn, 90% share | $336.3m, 85% share | Record on both measures. Share of handle up from 86% in January |
| Sports betting | $843m, 9% share | $54.4m, 14% share | Off-season low; down from $1.18bn of handle in January |
| Peer-to-peer poker | $122m, 1% share | $5.6m, 1% share | Peaked at $183m in March, still a rounding error |
Casino’s dominance comes with a structural catch visible in the hold rate. Casino games returned only about 3.8 per cent of handle to operators as revenue in August, because slots and table games recycle the same money at high speed.
Sports betting handle is far smaller but converts at a much higher rate, around 6.5 per cent in August even in a weak month. So the two verticals are not comparable on wagering volume alone, and any analysis that ranks them by handle is measuring the wrong thing.
Poker deserves a note despite its size. It set consecutive records through the first quarter of 2026, reaching $183 million in handle in March, then slipped back to the $116 million to $134 million range through the summer, because it remains confined to an Ontario-only player pool.
The Court of Appeal for Ontario ruled 4 to 1 in November 2025 that the province’s proposed international shared-liquidity model is lawful, subject to conditions. Several other provinces’ lottery corporations appealed, the Supreme Court of Canada heard the case on 7 October 2026 and has reserved its decision, and Alberta intervened in Ontario’s support. A final ruling permitting shared liquidity is the single change that could alter this vertical’s trajectory.
The number that matters most: 91.1 per cent
The 2026 Ipsos survey for the AGCO and iGaming Ontario, with fieldwork from 30 March to 20 April 2026, puts 91.1 per cent of Ontario online gamblers on regulated platforms, up from 83.7 per cent a year earlier.
That is a remarkable jump in a single year, and it is the metric against which the entire policy should be judged. Ontario’s stated purpose in opening a competitive market was to move play out of the offshore grey market and into a supervised one. On this measure it is working faster than most forecasts allowed for.
The residual matters too. Roughly one player in eleven is still outside the regulated market, down from one in six a year ago. Those players have no access to the province’s dispute processes, no deposit limits enforced by a regulator, and no route into centralised self-exclusion.
The channelisation figure is therefore both a success measure and a map of who remains unprotected.
The operator field has stopped expanding
Ontario had 48 licensed operators running 82 gaming sites in January 2026, dipped to 46 across 80 by May after Casumo and Conquestador left and Rivalry suspended play, and was back at 49 operators and 84 sites on iGaming Ontario’s own register as of 1 September 2026.
The field reached 50 operators with agreements at the end of the 2024-25 fiscal year and has moved within a narrow band ever since. That is the more accurate reading: not a decline, but a market that has stopped expanding and now churns at the edges as entrants meet the compliance cost and others take their place.
Anyone citing a single month’s count as evidence of contraction is reading noise as trend.
The direction of travel among those remaining is towards casino specialisation. Operators including FanDuel and DraftKings, both built originally on sports betting, have prioritised standalone casino products in Ontario as a direct response to where the revenue actually is.
That is a rational response to a 90 per cent casino share of handle, and it reinforces the vertical concentration described above.
For anyone tracking which operators are currently licensed rather than which were licensed last year, the practical answer is iGaming Ontario’s directory of registered sites , which carries its own as-at date. Our guide to how online gambling works in Ontario explains what AGCO registration and an iGaming Ontario agreement actually require of an operator.
Player accounts and spend per account
Active accounts reached 1.33 million in January 2026, settled between 1.23 and 1.27 million through the spring, then set a new peak of 1.365 million in July before easing to 1.21 million in August.
The seasonal shape is now well established: accounts build through the autumn, spike around the turn of the year, then ease back through the first half. The underlying trend is still clearly upward. Ontario counted 1.365 million active accounts in July, against 948,000 a year earlier and 823,000 the year before that, a 66 per cent increase across two years.
Average revenue per active account has risen over the long run even as it swings month to month: $321 in April, $303 in July when the account count spiked, and $328 in August, against a record $334 in December 2025.
That combination, account growth alongside rising revenue per account, means existing players are spending more rather than the market simply reaching more people. It is the metric a regulator watches most closely, and it is the reason the harm-reduction measures below arrived when they did.
What has changed in the framework this year
Three developments in 2026 bear on the numbers above, and two of them are designed to restrain them.
Centralised self-exclusion launched on 14 May 2026. BetGuard lets anyone aged 19 or over opt out of every regulated site in the province through a single portal, including OLG’s platform, with terms from six months to five years and no gambling account required to sign up.
Ontario had operated without this for four years; it is the most significant consumer protection added since launch.
OLG introduced a deposit-limit requirement for younger players in June 2026, obliging online players under the age of 25 to set a daily, weekly or monthly deposit limit once they make a single deposit of $500 or more. It applies to OLG’s own platform rather than market-wide, but it signals the direction of provincial thinking on age-banded harm reduction.
A private member’s bill to ban advertising was defeated. The Stop Harmful Gambling Advertising Act, Bill 107, would have prohibited licensed operators and the firms that market their services from advertising through any medium. It lost its second-reading vote on 14 May 2026, 33 to 60, so the existing AGCO advertising standards, which already bar inducements and athlete or celebrity endorsements, remain the rules in force.
Alberta’s own competitive market opened on 13 July 2026 on a structure closely modelled on Ontario’s, with AGLC-registered Alberta casinos now sitting alongside AGCO-registered Ontario casinos as the country’s two open markets. A domestic shared-liquidity deal between the two provinces has been discussed but not signed. Our guide to online gambling in Alberta covers how that market differs.
Data sources and methodology
All wagering and revenue figures come from iGaming Ontario’s published market performance reports, its annual report and its business plan. Channelisation is from the Ipsos survey commissioned by the AGCO and iGaming Ontario. Operator and site counts are the most recent public figures and change through the year.
Three notes on reading them. Revenue is non-adjusted gross gaming revenue, reported before promotional deductions, before the 20 per cent share remitted to iGaming Ontario and before operating costs, so it is neither turnover nor profit; the annual report’s adjusted figure for 2024-25 was $2.9 billion against $3.2 billion non-adjusted.
Wagers are total cash wagers including rake, tournament and other fees, and exclude promotional wagers. And iGaming Ontario’s reporting covers the private licensed market rather than OLG’s platforms, which report separately, so provincial totals including OLG are higher than the figures here.
iGaming Ontario’s own figures are described as unaudited and subject to adjustment. Where a monthly and an annual figure disagree slightly, the annual report is the later and more reliable number.
What this means if you are the one playing
Every number on this page describes money that moved from players to operators, and rising revenue per account means existing players are spending more rather than more people winning.
That is worth saying plainly on a page otherwise full of figures that read like success. A regulated market is meaningfully safer than an unregulated one: verified age, enforced deposit limits, a dispute process, and since May a self-exclusion system covering every licensed site at once.
None of that changes the maths of the games, which are priced so the operator retains a margin over time.
If gambling has stopped feeling like entertainment, BetGuard will exclude you from every regulated site in Ontario in a few minutes, and our quick self-assessment takes two minutes. ConnexOntario is available 24 hours a day on 1-866-531-2600. 19+. Play responsibly.
