Published on: December 17, 2025, 03:31h.

Updated on: December 17, 2025, 03:31h.

• Cash wagers reached an unprecedented CAD $9.33 billion in Ontario for November
• Revenue from sports betting experiences a significant surge
• Market is projected to expand in 2026 as international liquidity issues resolve and poker market opens up

During a meeting in his office yesterday, Joseph Hillier, President and CEO of iGaming Ontario, discussed the strong fundamentals of the gaming market. The recent release of financial data for November reinforces these observations.

The total cash wagers in November hit a record CAD $9.33 billion, marking a 1% increase over last month’s previous record. Additionally, the total non-adjusted gross gaming revenue (NAGGR) reached CAD $406.2 million, reflecting a substantial 10% rise since October.

There was also a 1% increase in active player accounts, totaling 1,297. The average revenue per active player account rose to CAD $313, representing a 10% increase from the previous month.

Market Booming with Nearly 50 Operators

Currently, the Ontario market features 48 licensed operators along with 82 active online gaming sites.

Hillier expressed optimism about the future, stating, “We can expect to see additional operators entering the sector in 2026 as the market continues to develop. While some may exit, new entrants have notably thrived, suggesting that this is a competitive market.”

In the realm of online casinos, the private, regulated market leads, amassing CAD $7.95 billion in total wagers (85% market share), a slight 1% increase from the previous month. Sports betting accounted for CAD $1.25 billion in cash wagers (up 2% month-over-month), representing a 13% market share. P2P poker saw CAD $129 million in cash wagers (a 1% decrease from October), holding a 1% market share.

When it comes to revenue, online casinos reported earnings of CAD $298 million in November (a 2% month-over-month decline), giving them a 73% market share. Sports betting surged to CAD $102 million, an impressive 75% increase from October, making up 25% of the market share, while P2P poker reached CAD $6.3 million in revenue, an 11% increase from October, representing a 2% market share.

Significant Increase in Sports Betting Revenue

A pivotal ruling by the Ontario Court of Appeal in November confirmed that Ontario is authorized to offer international liquidity, a decision that may reshape the igaming landscape in the province.

The court addressed whether online gaming and sports betting remain lawful under the criminal code if participants are allowed to engage in games and betting with individuals outside of Canada. Unlike Ontario, players in other provinces and territories cannot join in games or betting unless specific interprovincial agreements are established.

“We are actively exploring growth opportunities,” Hillier shared with us. “Clearly, liquidity is a crucial focus, not only on an international level but also inter-provincially. Alberta often comes up in discussions, and I believe there are valuable opportunities there.”

“Our goal is to position ourselves as partners with our operators, ensuring we create an environment that fosters competition and innovation. We aim to maintain a low burden while providing strong support for players. These aspects are essential for our success in the coming year.”