Ontario iGaming Market Declines in February After Record January High

Ontario's regulated iGaming market experienced a significant downturn in February 2026, following January's record-breaking performance. Total cash wagers fell by 8%. dropping to $8.735 billion from $9.52 billion, according to the latest report released by iGaming Ontario on March 25.

This decline was particularly notable in the sports betting segment, which saw a staggering 29% decrease in revenue. The trends indicate a volatile market influenced by seasonal events, since February typically marks a low point following the Super Bowl.

February Slowdown Follows Recording January Performance

Overall gross gaming revenue (GGR) for Ontario's iGaming sector fell 14.7% month-on-month to $342.4 million in February.

This decline marks the first time in three months that revenue has fallen below $400 million.

The number of active player accounts also decreased by 2%, totaling 1.298 million. Average revenue per active player fell to $264, a 13% drop from January. The decline in participation and revenue reflects the market's sensitivity to major sporting events, like the Super Bowl, which typically drive higher betting volumes.

Sports Betting Revenue Drops as Casino Gaming Leads

Sports betting revenue plummeted to $61.3 million, accounting for just 18% of total GGR and representing a 29% month-on-month decline. In contrast, the casino segment, including slots and online bingo, remained the dominant revenue driver. It generated $257.7 million, despite an 11% decrease from January.

Casino gaming also accounted for the majority of overall cash wagers, with an 88% market share at $7.653 billion. This disparity underscores the more stable and consistent performance of casino products compared to the volatility of sports betting.

Strong Year-on-Year Growth Signals Market Resilience

Despite the recent monthly downturn, Ontario's iGaming market remains robust. Total revenue increased by 22.5% compared to February 2025, reflecting sustained expansion. The market currently boasts 47 licensed operators and 81 active websites, making it one of the most competitive regulated iGaming environments globally.

The ongoing transition from the grey market to regulated platforms has contributed to this growth. An estimated channelization rate of around 85% supports this trend. As the market continues to evolve, potential regulatory changes could open new avenues for growth and player engagement.