Ontario iGaming Market Shuffles as Operators Exit and Enter

Ontario's regulated iGaming market continues to shift. Conquestador has exited the province, leaving 46 licensed operators active. The departure follows Casumo's imminent exit and Rivalry's earlier closure. Despite the exits, new players are still entering. RubyPlay has partnered with Caesars Entertainment to expand its content across the operator's Ontario brands. An industry source calls it a natural ebb and flow, not evidence of a saturated market.

Conquestador Cites Business Reasons for Ontario Exit

Owners Mobinc shut down Conquestador in Ontario on April 13. A notice on the site confirmed the decision was strictly business-driven. "Conquestador's closure is part of a business decision to discontinue our operations in the Ontario market. This decision is not related to any regulatory, compliance, or legal issues," the statement read.

Players have six months from that date to submit withdrawal requests. Conquestador launched in Ontario in 2023. At the time, CEO Sergei Belikov described the move as part of expanding the company's global footprint. The brand's exit comes alongside Casumo's departure, scheduled to end all play on April 30. Casumo will stop accepting deposits on April 23, and all player accounts will close on May 14. Other operators, including Fitzdares, Unibet, Betiton, and MagicRed Casino, have also left the market since it opened in April 2022.

Revenue Grows but Operator Exits Continue

Ontario currently has 80 websites operating across 46 licensed operators. In February, the province recorded $8.7 billion in total cash wagers and $342 million in revenue. Nearly 1.3 million active players drove an average revenue of $264 per account. Analysts pointed to channelization, currently around 85–86%, as proof of continued growth potential. "Every year, the market has grown. Based on that, I would say the market is not saturated," they added. The AGCO confirmed it is working with multiple applicants expected to enter the market in 2026.

Ontario's iGaming market is reshaping, not shrinking. While Conquestador and Casumo head for the exit, RubyPlay and BetNova are moving in. The AGCO already has new applicants lined up for 2026.

RubyPlay and BetNova Enter as New Deals Are Struck

While exits draw attention, new deals are being struck. RubyPlay has agreed to supply its online casino games to Caesars Entertainment's Ontario brands. The partnership covers Caesars Sportsbook & Casino, Horseshoe Online Casino, and Caesars Palace Online Casino. Titles entering the portfolio include JMania Lucky Pyggs, Mad Hit Mr Coin, and Diamond Explosion 7s SE.

RubyPlay CCO Dima Reiderman said the deal reflects the studio's broader North American ambitions. "By launching with one of the most trusted names in gaming, we're not only expanding our footprint in Ontario but also demonstrating the value of our multi-studio model," Reiderman said. Caesars Digital VP Ricard Cornejo Rivas echoed the enthusiasm. "RubyPlay provides exactly that with its steady pipeline of tailored, high-performance titles," Rivas said. BetNova, owned by South African operator Goldrush Gaming, also launched in Ontario earlier this month.