Published on: April 21, 2026, 03:57h.
Updated on: April 21, 2026, 03:57h.
- Conquestador is the latest operator to exit the Ontario market, following Casumo’s recent shutdown.
- Several industry players are poised to enter the AGCO registration process for the Ontario market in 2026.
- The AGCO indicates that approximately 85-86% of gambling activities are channeled into licensed operations in Ontario.
As of now, the number of licensed online operators in Ontario stands at 46 with the announcement that Conquestador, operated by Mobinc, has ceased operations.
Closure Announcement
As per a report from Canadian Gaming Business, Mobinc announced the shutdown of Conquestador on April 13. The subsequent notice on their website stated:
“Effective April 13, Conquestador is no longer available in Ontario. This closure results from a strategic business decision to exit the Ontario market. This choice does not stem from any regulatory or legal complications and reflects our commitment to full compliance with applicable regulations. We appreciate the support from our players in Ontario during this transition.”
Players have a six-month window to request withdrawals from their accounts after April 13, as mentioned in the notice.
Conquestador made its debut in Ontario in 2023. Mobinc’s CEO, Sergei Belikov, emphasized that this expansion aimed to extend the company’s global reach and enhance its offerings.
The departure of Conquestador coincides with Casumo’s exit from the Ontario market, alongside the closure of Rivalry.
Currently, iGaming Ontario lists 46 licensed gaming operators and approximately 80 active websites. iGaming Ontario spokesperson Josh Elliot indicated that sites are removed from their directory once they stop accepting bets.
New Operators Expected in 2026
An industry insider informed Casino.org that the departures of Casumo and Conquestador signify a regular market cycle rather than an oversaturated environment.
“Ontario remains a fiercely competitive landscape with nearly 50 operators,” the source explained. “I believe it is safe to assert that Ontario is the largest and most dynamic market in North America. Yet, operators frequently reassess their positions in various jurisdictions.”
“For instance, Betway exited the US market as it wasn’t viable for them, and Kindred refocused its efforts on European markets. The challenges faced are not indicative of Ontario’s market quality but rather an operational focus on more profitable areas,” they added.
Current Operator Landscape
BetNova, backed by South African iGaming powerhouse Goldrush Gaming, recently launched in the Ontario market. According to the industry source, at least two new operators are completing the licensing process and are expected to launch in Ontario by 2026, although the specific operators were not disclosed.
In Casumo’s situation, all operations will conclude on April 30, with no additional deposits after April 23 and full account closures by May 14.
The Alcohol and Gaming Commission of Ontario (AGCO) serves as the regulatory body overseeing operator and supplier registrations, while iGaming Ontario manages the commercial market activities.
“We are currently collaborating with various applicants and proponents,” stated Shae Greenfield, an AGCO spokesperson. iGaming Ontario cannot comment on prospective operators that have yet to finalize their licensing processes, Elliot mentioned.
Impressive Wagering Figures
Ontario is recognized as one of the most significant regulated iGaming markets worldwide, although it has also witnessed the exit of notable players such as Fitzdares, Unibet, Rivalry, Betiton, and MagicRed Casino since its inception in April 2022.
There’s no assurance that the Ontario market suits every operator, and the source emphasized that not all venues will achieve profit. The Country Manager for Fitzdares highlighted last year in Covers that the operational costs in Ontario had become prohibitive.
Casumo, headquartered in Malta, obtained its AGCO license for Ontario in June 2022 and launched shortly afterward, offering themed slot machines and live casino favorites like blackjack, roulette, and baccarat.
Market Dynamics and Channelization
While iGaming Ontario refrains from releasing financial specifics regarding individual operators, the province reported $8.7 billion in total cash wagers and $342 million in revenue in February, from nearly 1.3 million active users. The average revenue per active player account for that month was $264.
“With four years of market data in Ontario, the figures show progressive growth. Hence, I believe the market hasn’t reached saturation. With channelization estimated at around 85-86%, there remains substantial revenue in the grey market,” the source concluded.
Channelization refers to the percentage of players directed to licensed operators, with regulators aspiring for 100% channelization. However, many markets encounter challenges in achieving this due to the presence and activities of black-market operators.