FY25/26-Q3 (Oct-Dec): The Key Numbers
FY25/26-Q3 (Oct-Dec) was the strongest quarter in Ontario's regulated iGaming history by total GGR. The $1,199.7M figure, up 45% on the same quarter the prior year, confirms that the market is no longer in an early-growth phase. It is operating at scale. Every metric moved in the right direction: total wagers, average player counts, and average ARPPA all showed year-over-year improvement.
The hold rate of 4.27% for the quarter sits close to the long-term market average of 3.98%, indicating that the strong GGR reading reflects genuine volume growth rather than an unusually bookmaker-friendly run of results. When GGR growth outpaces wager growth -- as it did this quarter -- it typically means either the hold rate was elevated, more high-margin products drove the mix, or ARPPA deepened. All three were true to varying degrees in FY25/26-Q3 (Oct-Dec).
Quarterly GGR: The Full Picture Since Launch
The quarterly GGR chart puts the current quarter's performance in structural context. The market grew from $162M in its first quarter (FY22/23-Q1, April-June 2022) to $1,200M in FY25/26-Q3 (Oct-Dec) -- a 639% increase over fifteen quarters. That trajectory has been remarkably consistent, with modest seasonal dips in summer quarters and strong recovery in the October-December window when North American sports schedules are at their densest.
The inflection in the growth rate became visible in FY24/25. Prior quarters were growing at 15-25% year-over-year. The last three complete quarters have all exceeded 35% YoY growth. This acceleration reflects two simultaneous forces: the player base is now large enough that even modest ARPPA improvement generates substantial absolute GGR, and the largest operators have graduated from market entry investment to full product deployment with their deepest casino and sports betting offerings now live in Ontario.
Casino, Sports Betting, and Poker: FY25/26-Q3 (Oct-Dec)
Casino's 76.9% share of quarterly GGR is above the cumulative market average of 74.7%. The October-December quarter (Q3 in iGO's fiscal year) historically runs higher casino share because autumn and winter drive sustained indoor activity and longer gaming sessions. NFL and NHL sports betting surges in Q3 are real but do not close the structural gap between casino and sports verticals.
Sports betting's $264.3M in GGR for the quarter reflects the full NFL regular season and a significant portion of the NHL campaign, making it the highest sports betting volume window of the iGO fiscal year. For a detailed breakdown of why casino structurally dominates Ontario's revenue over the long term, see the casino vs sports betting analysis.
Player Growth and Engagement in FY25/26-Q3 (Oct-Dec)
The average active account count of 1,288k per month across the quarter, up 29.6% year-over-year, represents the broadest reach Ontario's regulated market has achieved. To put this in context, the market launched in April 2022 with 277,000 active accounts. The market has now grown to nearly five times that base.
The more important number is ARPPA at $311 for the quarter. Player count growth explains part of the GGR expansion -- more players means more GGR even if individual spend is flat. But ARPPA growth confirms that the existing player base is also deepening its engagement, not just growing in headcount. This dual growth -- more players AND higher spend per player -- is what drives the steepening quarterly GGR trajectory. The full ARPPA analysis is available at the Ontario ARPPA Report.
Ontario iGaming GGR by Quarter: Complete History
The table below shows every complete quarter from launch through FY25/26-Q3, with GGR, wager volume, average active players, average ARPPA, and hold rate.
| Quarter | GGR | Wagers | Avg Players | Avg ARPPA | Hold |
|---|---|---|---|---|---|
| FY25/26-Q3Latest | $1,199.7M | $28.1B | 1,288k | $311 | 4.27% |
| FY25/26-Q2 | $975.3M | $24.3B | 1,047k | $313 | 4.03% |
| FY25/26-Q1 | $958.1M | $23.1B | 1,057k | $302 | 4.15% |
| FY24/25-Q4 | $905.0M | $22.9B | 1,099k | $275 | 3.95% |
| FY24/25-Q3 | $827.4M | $22.7B | 994k | $277 | 3.64% |
| FY24/25-Q2 | $755.1M | $18.7B | 800k | $315 | 4.04% |
| FY24/25-Q1 | $730.3M | $18.4B | 855k | $285 | 3.97% |
| FY23/24-Q4 | $693.5M | $17.8B | 882k | $263 | 3.89% |
| FY23/24-Q3 | $658.3M | $17.2B | 789k | $278 | 3.83% |
| FY23/24-Q2 | $540.7M | $14.2B | 600k | $302 | 3.79% |
| FY23/24-Q1 | $545.8M | $14B | 621k | $293 | 3.9% |
| FY22/23-Q4 | $524.3M | $13.9B | 660k | $265 | 3.78% |
| FY22/23-Q3 | $462.8M | $11.5B | 581k | $265 | 4.03% |
| FY22/23-Q2 | $263.8M | $6.1B | 360k | $247 | 4.31% |
| FY22/23-Q1 | $162.3M | $4.1B | 295k | $182 | 3.99% |
How This Quarterly Review Is Built
This report is generated automatically from the same iGaming Ontario market performance data that powers the iGO Market Reports page. Each quarter, when iGO publishes the third monthly report completing a fiscal quarter, this page updates automatically with a new headline figure, revised KPI cards, updated charts, and a refreshed year-over-year comparison.
The data flows from iGO's operator reporting system through our RPM data pipeline, which ingests the iGO monthly Excel releases via the admin upload interface, stores them in a structured database, and exposes the data to this page via a WordPress database query at render time. There is no manual data entry involved in the quarterly figures once the monthly upload has been completed.
iGO defines the fiscal year as April to March, which means Q1 covers April-June, Q2 covers July-September, Q3 covers October-December, and Q4 covers January-March. This quarterly structure is used consistently throughout this report. Monthly data points within each quarter are aggregated by summing GGR and wager figures and averaging player counts, ARPPA, and hold rates.
Why not use calendar quarters? iGO publishes data in fiscal year format, and aligning our quarterly analysis to their structure makes it directly comparable with their official reports and any third-party analysis that references iGO filings. Calendar quarter alignment would require re-bucketing data and introduce inconsistencies with the source reports.