Ontario’s regulated iGaming market closed out its fourth year with a record-breaking March and a trajectory that would have seemed implausible when the market launched in April 2022. The headline number is $9.59 billion in cash wagers placed on licensed platforms in March 2026 alone, beating the previous all-time monthly record of $9.52 billion set in January. For context, the entire first year of Ontario’s regulated market produced $35.5 billion in annual wagers. That was considered a massive success at the time. Now the province is doing more than a quarter of that in a single month.
Here’s what the full picture looks like, and what it actually means if you’re a bettor in Ontario.
The Top-Line Numbers: Where Ontario’s Market Stands
Ontario’s full calendar year 2025 saw the regulated market process nearly CAD $100 billion in total wagers, a 26% increase year over year. Combined operator non-adjusted gross gaming revenue (NAGGR) climbed 34% to CAD $4 billion for that period.
The fiscal year 2024-25 (April 2024 to March 2025) data from iGaming Ontario tells a similar story. Total wagers for the year hit $82.7 billion, up 31% year over year. Gross gaming revenue reached $3.2 billion, a 32% increase. The province’s three-year revenue progression makes the scale of growth hard to ignore:
- FY 2022-23 (Year 1): $35.5B in wagers, $1.26B GGR
- FY 2023-24 (Year 2): $63.0B in wagers, $2.4B GGR
- FY 2024-25 (Year 3): $82.7B in wagers, $3.2B GGR
That’s a market that roughly tripled its revenue base in three years. March 2026’s record handle suggests year four will be even larger.
Ontario operators processed $387.0 million in NAGGR in March 2026, up 30% compared to March 2025, while handle climbed nearly 21% year over year to $9.59 billion.
Casino vs. Sports Betting: The Split That Defines This Market
If you follow Ontario iGaming coverage expecting sports betting to be the centrepiece, the data will surprise you. Online casino gaming is the engine of this market, and the gap between casino and sports is wider than most bettors probably realize.
In March 2026, online casino NAGGR came in at $318.5 million, representing 82% of all operator earnings. iCasino handle hit a new all-time monthly record of $8.33 billion, making up 87% of all regulated online gambling activity for the month. That iCasino revenue was 32% higher than March 2025.
Sports betting, by contrast, generated $61.6 million in revenue in March 2026, roughly 16% of the total. Handle bounced back over the $1 billion mark to reach $1.08 billion, but that was actually the lowest monthly sports betting total since September 2025.
The full FY 2024-25 breakdown confirms this structure is consistent, not a one-month anomaly:
- Casino wagers: $69.6 billion (84% of total), revenue $2.4 billion
- Betting (sports, esports, exchange): $11.4 billion in wagers, revenue $724 million
- Peer-to-peer poker: $1.7 billion in wagers, revenue $66 million
Sports betting’s $724 million in annual revenue is real money, and it grew 23% year over year. But casino’s 36% growth rate outpaced it, and the revenue gap keeps widening. Ontario’s regulated market is primarily a casino market with a strong sports betting component, not the other way around.
The Sports Betting Trend Worth Watching Closely
Here’s where it gets more nuanced for sports bettors specifically. Overall market handle in March 2026 was up 21% year over year. Online casino handle was up 26% year over year. Sports betting wagering activity was actually down year over year as of March 2026.
That’s a meaningful divergence. The regulated market as a whole is growing strongly, casino is growing faster than the market average, and sports betting is contracting in handle terms. A few possible explanations: the sports calendar (March can be uneven depending on NHL standings races and playoff positioning), sharper operators tightening limits on winning bettors, or bettors shifting toward casino products that carry different risk profiles.
iGO hasn’t provided operator-level market share data in its public reports, so it’s not possible to say from public data whether this is concentrated at specific books or spread across the market. What the numbers do confirm is that the sports betting growth story, which was prominent in years one and two, has matured into a more complex picture.
Player Metrics and Market Composition
There were 1.235 million active player accounts in Ontario in March 2026, 17% more than the same month a year earlier. Average revenue per active account came in at $313 for the month. For full-year FY 2024-25, iGO reported 2.6 million active player accounts across the year, though that figure counts accounts, not unique individuals, since many players hold accounts at multiple operators.
The monthly active figure in March 2026 was actually the lowest since September 2025, which iGO data attributed in part to multiple platforms exiting the Ontario market. Rivalry halted all Ontario play in mid-February 2026. Mobinc’s Conquestador began a phased shutdown in March. Since then, Casumo has also left the province, while BetNova has entered. As of the latest iGO data, 45 licensed and active operators are running 79 sites in Ontario, not counting OLG.
The channelization rate, which measures the percentage of Ontario online gamblers using regulated platforms rather than offshore grey-market sites, stood at 83.7% for FY 2024-25. That’s down slightly from 86.4% the year before, though still far above the roughly 30% regulated-market share when Ontario launched in April 2022. iGO’s stated target is 90% channelization by 2026-27, meaning the grey market hasn’t been fully displaced.
iGaming Ontario’s channelization target is 90% of Ontario online gamblers on regulated platforms by 2026-27. The current rate of 83.7% means roughly one in six Ontario online bettors is still using unlicensed offshore sites.
What the Operators Look Like Right Now
iGO doesn’t publish operator-level revenue breakdowns in its public market data, so precise market share figures for individual books aren’t available. What is known: the market currently has 45 active licensed operators, down from a peak of 51 in Q2 FY 2024-25, as consolidation continues and some smaller platforms exit.
The major books operating in Ontario under full AGCO and iGO licensing include bet365, BetMGM, FanDuel, and DraftKings. These are the platforms operating under AGCO’s advertising rules, which prohibit publicly promoting bonuses or welcome offers through mass-media channels. Any offers are restricted to operator-owned channels and opt-in communications.
The shrinking operator count is worth noting for bettors: a market with fewer, larger operators may mean less competitive odds pressure over time. Whether the remaining 45 operators produce genuinely competitive lines on NHL, NFL, and NBA games is a separate question from aggregate market size, and one worth monitoring as consolidation continues.
Government Revenue and Where the Money Goes
iGO is a Crown agency, and its revenue flows back to Ontario. For FY 2024-25, the province’s dividend from iGaming Ontario was $181 million, up from the previous year. Net income for the year was $218.9 million, a 24% increase. Ontario First Nations received $41.45 million in revenue sharing, a 73% increase year over year.
These are the numbers that justify Ontario’s competitive open-market model to policymakers. The regulated market that once generated nearly $230 million in new government revenue in its first full year is now generating multiples of that. It’s also the model that Alberta is actively replicating, with its own iGaming launch underway.
What This Means for Bettors
Ontario’s regulated market is healthy, growing, and carrying real money through licensed platforms, which matters because it means operators have strong incentive to keep competing for your business. The sports betting side of the market is showing some softness in handle growth relative to casino, and the channelization rate dipping below 84% is a signal that some bettors are still finding better value on unlicensed offshore books. If you’re betting on regulated Ontario platforms, you’re in the majority, but that doesn’t mean the grey market has vanished.