Ontario is now one of North America’s most interesting laboratories for regulated iGaming. The market launched in 2022 and, just a few years later, is no longer an experiment. It has become a large, competitive ecosystem where operators compete not only for players but increasingly for profitability and product quality.
The iGaming Ontario business plan for 2026–2029, based on information available on 17 February 2026, forecasts further growth. The organisation projects that adjusted gross gaming revenue, or AGGR, will finish fiscal year 2025/26 at around CAD 3.8 billion. This is a forecast in the plan, not a confirmed final fiscal-year result. Meanwhile, the average number of active player accounts per month already exceeds one million.
These figures matter for more than their size. They show a market entering a stage where the presence of numerous operators is no longer the main story. Increasingly important are how spending is distributed between products, how player behaviour changes and whether operators can grow without continually increasing promotional costs.
Online casinos take a larger share of the market
iGaming Ontario reports that the casino segment is growing both in absolute terms and as a share of the overall market. This is understandable from an operator’s economic perspective. Casino products have different margin characteristics from sports betting and allow more frequent, shorter interactions with users.
This does not mean sport is losing its relevance. The business plan notes that betting activity remains solid. However, the balance between verticals is changing. A market initially associated mainly with legalised betting and the arrival of major brands increasingly resembles a complete iGaming ecosystem.
Less giving away, more attention to economics
One particularly interesting signal concerns promotions. iGaming Ontario notes that operators are increasingly focusing on profitability. In practice, this means fewer aggressive promotional losses and greater emphasis on products that make economic sense over the long term.
This is a typical stage of market maturity. At first, acquiring users is the priority. Later comes the point when the cost of bonuses, advertising and account acquisition must be weighed against a player’s actual value over time.
This is equally important for the affiliate industry. When operators reduce indiscriminate promotional spending, traffic quality, retention, regulatory compliance and the genuine value of new customers become more important.
Competition has not disappeared
Ontario remains one of North America’s most competitive regulated markets. Numerous operators give players choice but also make it harder for brands to build a lasting advantage. A welcome bonus alone is not enough when several other companies offer similar terms.
Competitive advantages therefore increasingly emerge in less spectacular areas: payment speed, app stability, clear promotions, customer support, live casino quality, personalisation and responsible management of player relationships.
The regulated market as a product
An interesting feature of Ontario’s model is that the regulator and market-management organisation must maintain standards while also ensuring that legal offerings remain attractive. If the regulated channel is to compete with illegal alternatives, safety alone is not enough. It must also be competitive.
This is an important lesson for Europe too. Effective regulation is about more than licensing and penalties. It needs a product that users genuinely want to choose.
What could happen next?
The 2026/27 plan anticipates further growth, albeit slower than in the market’s early years. That is natural: the larger the base, the harder it is to maintain spectacular percentage growth.
In its next phase, Ontario will therefore test less whether iGaming can grow than how steadily a mature regulated market can grow. Operator profitability, the quality of player protection, the capacity to innovate and whether the legal channel can remain attractive without a race towards ever larger bonuses will matter most.
For Radio Sloty, the most interesting conclusion is straightforward: a large iGaming market does not mature when it stops growing. It matures when growth stops being the only measure of success.
Sources and verification
Active accounts are not a count of unique individuals; one person may use several accounts with different operators. Sources checked on 4 October 2026. Conditions and publications may be updated.
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