In September, the iGaming market in Ontario reached a betting volume of CAD 8.55 billion (approximately USD 6.11 billion), setting a historical record for the second consecutive month, with a 5% increase from August and a year-over-year increase of 30.7%. Casino games were the most popular segment with a betting volume of CAD 7.34 billion, followed by sports betting at CAD 1.06 billion, and P2P poker at CAD 144 million. The total revenue was CAD 329 million, a slight decrease of 1.8% month-over-month, but an increase of 18.8% year-over-year, maintaining over CAD 300 million for six consecutive months. The number of active player accounts increased to about 1.2 million, reaching a new historical high, but the average revenue per account dropped to CAD 282, the lowest level since February.
Betting Volume Performance and Growth Trends
The total betting volume in Ontario's iGaming market reached CAD 8.55 billion in September, setting a new historical high for the second consecutive month. This figure represents a 5% increase from August's CAD 8.14 billion and a 30.7% increase from the same period in 2024, reflecting a continuous expansion of the market.
The growth is driven by a diversified product offering and increased user engagement.
Distribution of Betting Across Segments
Casino games led with a betting volume of CAD 7.34 billion, accounting for 85.8% of the total. Sports betting followed with CAD 1.06 billion, and P2P poker with CAD 144 million. The dominance of casino games indicates a stable preference for traditional iGaming content such as slots and table games.
The proportion of each segment remains consistent with previous months, maintaining a stable market structure.
Revenue Performance and Period Comparison
The unadjusted total revenue for September was CAD 329 million, a slight decrease of 1.8% month-over-month but an increase of 18.8% year-over-year. This marks the sixth consecutive month that revenue has exceeded CAD 300 million, indicating that the market has entered a stable and mature phase.
The slower growth rate of revenue compared to betting volume may be related to increased promotional activities and fluctuations in hold rates.
Analysis of Revenue Composition
Casino gaming revenue was approximately CAD 277.8 million, accounting for 84.4% of the total revenue. Sports betting generated CAD 46.5 million, and poker gaming CAD 5.1 million. The contribution rate of casino games to revenue is slightly lower than its share of betting volume, reflecting differences in profitability across product lines.
Although sports betting and poker have smaller shares in betting volume, they contribute a significant proportion of the revenue.
User Behavior and Activity
In September, the number of active player accounts reached about 1.2 million, setting a new market record. The expansion in user base is one of the main factors driving the growth in betting volume, indicating a continuous increase in market penetration.
The growth in user base reflects the increasing acceptance and popularity of iGaming in Ontario.
Changes in Per-User Value
The average revenue per active account dropped to CAD 282, lower than August's CAD 330 and the same period in 2024's CAD 320, marking the lowest level since February. This change may be related to the addition of new users, changes in consumer behavior, or intensified market competition.
The decline in per-user value highlights the need for long-term strategies to maintain user quality.
Market Participants and Operational Patterns
Ontario has approved several iGaming brands for operation, including FanDuel, BetMGM, Bet365, and BetRivers. These operators offer a variety of products and services to meet the needs of different player groups.
A diversified operational pattern promotes market competition and innovation, benefiting industry development.
Market Maturity Analysis
With revenue exceeding CAD 300 million for six consecutive months, the Ontario iGaming market has entered a relatively mature stage. The continuous setting of new highs in betting volume shows that there is still room for growth, but the quality of growth needs attention.
Balancing user growth with per-user value becomes key to future development.
Regulatory Environment and Compliance
iGaming Ontario, as the regulatory body, regularly publishes monthly data to ensure market transparency and compliance. A stable regulatory framework provides a predictable operating environment for market participants.
Regulatory compliance is the foundation for the healthy development of the market.
Future Outlook and Development Trends
Based on current data, the Ontario iGaming market is expected to maintain its growth trajectory, but may need to optimize strategies for user acquisition and retention to enhance per-user value. Product innovation and improving user experience will be competitive focuses.
Market participants need to adapt from expansion to enhancing quality.
