Ontario’s iGaming Market Hits Records in September

Ontario’s regulated iGaming market continued its rapid ascent in September, setting a new monthly wagering record for the second consecutive time. According to figures released by iGaming Ontario (iGO), players spent CA$8.55 billion (US$6.11 billion) on online casino, sports betting, and peer-to-peer poker last month—up 5% from August’s CA$8.14 billion and 30.7% higher than September 2024.

The latest data underscores the steady expansion of Ontario’s two-year-old iGaming sector, which has quickly become one of North America’s largest regulated online gambling markets. However, the figures also point to an emerging slowdown in revenue growth and player yield, suggesting a more mature and competitive environment may be taking shape.

Casino Dominates as Sports Betting and Poker Trail

Casino gaming remained the dominant force in Ontario’s online gambling landscape, accounting for CA$7.34 billion in wagers—roughly 86% of total betting activity. Sports betting followed with CA$1.06 billion, while peer-to-peer poker contributed CA$144 million.

Despite the increase in total wagering, non-adjusted gross revenue declined slightly month over month, falling 1.8% from August to CA$329 million. Still, the total marked an 18.8% year-over-year increase and the sixth consecutive month that iGaming revenue exceeded CA$300 million. Casino operations generated the bulk of revenue at CA$277.8 million, or 84.4% of the total. Sports betting contributed CA$46.5 million, while poker accounted for CA$5.1 million.

The record-setting wagers were driven in part by an unprecedented level of player engagement. iGO reported 1.2 million active player accounts in September—the highest number since the market’s launch in April 2022. However, while participation reached new heights, average revenue per active account (ARPA) declined to CA$282, down from CA$330 in August and CA$320 in September 2024. The figure represents the lowest monthly ARPA since February 2025, indicating that while more Ontarians are participating in iGaming, individual spending is moderating.

Analysts suggest the downward trend could reflect growing market competition, more casual play from newer entrants, or consumer caution amid broader economic headwinds.

A Maturing Market with Intensifying Competition

Ontario’s iGaming market—home to major global brands such as FanDuel, BetMGM, Bet365, and BetRivers—has become a bellwether for regulated online gambling in Canada. Since opening to private operators in 2022, the province has consistently posted double-digit annual growth in both handle and revenue.

Yet, the September data hints that the market may be transitioning from its early explosive growth phase toward a more sustainable equilibrium. Higher player counts are balancing out lower per-player spending, while operators face tighter margins and increasing competition for customer loyalty.

Ontario’s iGaming market is showing classic signs of maturity — record participation and steady handle growth, but a flattening in per-player spend.

Outlook

Industry observers view Ontario’s September results as both a milestone and a sign of evolving market dynamics. The record wagering total reinforces the province’s status as a leading iGaming jurisdiction, but the softening in average revenue suggests a marketplace reaching a new phase of maturity.

As Ontario heads into the final quarter of 2025, operators will be closely watching whether spending levels continue to rise—or whether the record-breaking momentum begins to plateau.