Posted on: March 26, 2026, 05:37h.
Last updated on: March 26, 2026, 05:37h.
- Total cash wagers for Ontario igaming market in February down 8% from record $9.520 billion in January
- Month-to-month revenue in February down 15%
- 47 operators currently licensed and doing business in the province
Call it the February blahs, but Ontario’s igaming market saw declines across the board last month, according to the latest market performance report released today by iGaming Ontario.
Super Bowl Betting Peak
The Super Bowl was played Feb. 8, typically the high-water mark for sports betting during the year, at least until March Madness NCAA basketball hits, anyway.
Total cash wagers for February in Ontario was $8.735 billion, an 8% drop from January, where the market hit a record $9.520 billion. Still, cash wagers for February 2025 was at $7.128 billion (a 22.5% increase year over year), a testament to the overall strength of the Ontario market.
Total non-adjusted gross gaming revenue in February was $342.4 million, a 15% month-over-month decline.
Number of Active Players Down
Active players were down as well – 2% compared to January, at 1.298 million. Average revenue per active player was $264, down 13% month over month.
The financial results released by iGaming Ontario don’t include Ontario Lottery and Gaming Corporation’s igaming platform results. Ontario’s regulated market is benefitting from what’s been a high channelization rate from grey market to the regulated market, since the regulated market went live in April 2022 – currently at around 85%.
47 Licensed Operators
The market in Ontario sits at 47 licensed operators, and 81 active websites, making it one of the most robust and most competitive regulated igaming markets in the world. There are still operators in the licensing pipeline as well, we were told by iGaming Ontario in December.
Casino still dominates – an 88% market share in total cash wagers in February, at $7.653 billion, down 6% from January ($6.067 billion in February 2025). Sports betting cash wagers were at $946 million, for an 11% market share, a 20% month-over-month decline. P2P poker cash wagers was at $135 million, a 2% market share, and a 14% decline.
Right now, poker players are restricted to playing inside the province, geo-fenced in based on current rules, but that could change soon. An Ontario Court of Appeal ruling in November that Ontario can legally offer international liquidity, that would allow play to open up outside provincial borders, is being appealed by provincial lottery corporations to the Supreme Court of Canada.
Massive Drop in Revenue
On the NAGGR front, casino did $275.7 million in February, for an 81% market share, an 11% month-over-month drop. Sports betting was at $61.3 million in revenue, for an 18% market share and whopping 29% drop compared to January. P2P Poker revenue was at $5.4 million for February, down 10% from January, and a 2% market share.
