Ontario igaming revenue peaks at CA$406.2 million in November

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2025/04/25: iGaming Ontario announces CA$3.2 billion revenue in third year 2025/09/26: Ontario reports record CA$8.1 billion wagers in August 2025/11/25: Ontario online gambling sector sets new record in October 2025/01/23: iGaming Ontario switches to monthly reporting as revenue grows

The Backstory

How Ontario’s hot streak came together

Ontario’s record November capped a six-month run of steady gains that began in late summer and accelerated into the fall. The province’s regulator, iGaming Ontario, has reported successive highs in wagers and revenue since August as a larger player base and deeper product mix pushed activity to new levels. That momentum crested when November’s non-adjusted gross gaming revenue topped CA$400 million for the first time, a psychological threshold for a market launched in 2022.

The trajectory was visible in late summer, when total cash wagers hit a then-record CA$8.1 billion in August, up 34.6% year over year, with casino play accounting for the bulk of activity, according to Ontario reports record CA$8.1 billion wagers in August. By October, Ontario eclipsed CA$9.2 billion in wagers and posted a record CA$367.7 million in non-adjusted gross gaming revenue, driven by nearly 1.3 million active accounts and robust casino performance, as detailed in Ontario online gambling sector sets new record in October. November’s peak extended that climb, underscoring how scale, product breadth and maturity are now reinforcing each other.

That pattern aligns with Ontario’s third-year fiscal picture. From April 2024 to March 2025, the market generated CA$82.7 billion in wagers and CA$3.2 billion in gross gaming revenue, up roughly one-third year over year, according to iGaming Ontario announces CA$3.2 billion revenue in third year. Casino products remained the anchor, while sports betting posted double-digit gains and poker was steady. November’s record sits squarely within that broader growth arc.

Policy shifts underpin the numbers

Regulatory changes helped clarify market performance and likely supported growth at the margins. In late 2024, Ontario shifted from quarterly to monthly disclosure, providing timelier visibility into wagers and revenue by product category and operator footprint. The regulator highlighted a still-expanding industry with CA$22.7 billion in wagers and CA$825.8 million in gaming revenue in the quarter ended Dec. 31, a double-digit sequential increase, per iGaming Ontario switches to monthly reporting as revenue grows. More frequent reporting allows operators to respond faster to demand and helps policymakers track responsible gambling metrics as participation climbs.

Structural governance is also evolving. Ontario is moving to make iGaming Ontario an independent agency under a new act to be proclaimed in 2025, separating it from the Alcohol and Gaming Commission of Ontario. That change, flagged alongside the reporting shift, further distances the igaming framework from the provincial lottery model and may give the market a clearer, more agile regulatory mandate as it scales. For operators, a dedicated oversight body can streamline compliance and product approvals, which can translate into quicker time to market and broader content libraries—both catalysts for the kind of month-to-month gains seen through the fall.

What changed in the fall

Ontario’s fall surge was not simply seasonal. The user base expanded and diversified, and the product mix tilted toward higher-yield segments. In August, online casino wagers made up 89% of the market and delivered a 44% jump in non-adjusted revenue year over year, according to the August market update. By October, casino revenue rose 43% year over year to CA$303.8 million, while betting generated CA$1.2 billion in wagers and peer-to-peer poker dipped month over month, as noted in the October record report. November continued that pattern: casino remained the revenue engine, betting rebounded sharply from September levels and poker ticked up from October even as its market share stayed small.

Legal context also shifted. The Ontario Court of Appeal ruled in early November that residents could participate in peer-to-peer games with players outside Canada on regulated sites, opening access to global pools for poker and daily fantasy sports, as referenced in the October performance report. While poker is a minor slice of revenue, liquidity is crucial for player experience and tournament depth. Even incremental gains in that category can elevate engagement and cross-sell into casino and betting, reinforcing total activity.

Operators, content and competition

Operator count and site availability continue to widen the funnel. Ontario had roughly 50 licensed operators and more than 80 sites during the fall, a competitive field that pressures promotions but expands choice. The addition of brands and content, such as the launch of Golden Nugget Online Gaming in August following licensing by the Alcohol and Gaming Commission of Ontario, bolsters casino variety and can lift average revenue per user over time. The August update noted this brand entry in the context of rising wagers, suggesting new supply helped meet demand as active accounts crossed one million.

Competition is particularly intense in slots and live dealer games, which dominate casino spend. The data from iGaming Ontario’s quarterly-to-monthly shift showed casino comprising 83% of third-quarter wagers and 78% of revenue. That mix tends to support steadier margins compared with the volatility of sports betting. November’s revenue composition—73% from casino, 25% betting and 2% poker—tracked those structural dynamics even as betting bounced back strongly from October’s lower take.

Why November’s milestone matters

Crossing CA$400 million in monthly non-adjusted revenue is more than a headline. It signals that Ontario’s regulated market has the depth to sustain near-record wagers while converting activity into revenue efficiently. Active accounts hit their highest level since launch, and average revenue per account rose year over year, indicating both broader reach and higher engagement. For policymakers, the milestone underscores the scale of channelization away from gray-market play into licensed environments with responsible gambling controls, which was a core objective when Ontario opened its market in 2022.

For operators and suppliers, November validates investment in content, payments and retention. It also raises the bar for 2025 as the regulator’s new agency status takes effect and monthly reporting keeps performance in the spotlight. The province’s third-year totals—outlined in the annual review—offer a runway for continued growth if the user base keeps expanding and sports calendars deliver consistent betting volume.

A wider North American lens

Ontario’s gains arrive as U.S. states calibrate online casino and sports betting models. Rhode Island, one of the newest online casino jurisdictions, shows how early-stage markets can be choppy as player behavior normalizes. The state’s online casinos collected just over US$2.7 million in November, down from October despite higher wagers, while land-based table games hit a fiscal-year high and sports betting revenue rebounded sharply, according to Rhode Island online gaming revenue hits nearly US$3 million in November. The contrast highlights Ontario’s advantage: a larger operator roster, broader product set and a regulatory structure designed for scale.

That scale is producing consistent records. August set the stage, October broke through on wagers and user counts, and November delivered the first CA$400 million revenue month. With more transparent reporting and an independent agency on deck, the stakes for Ontario are clear: sustain growth while managing consumer protection and market integrity. The province’s fall surge suggests the pieces are in place.