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Ontario’s regulated iGaming market hit a noticeable speed bump in February. Following a record-breaking January, a new performance report released by iGaming Ontario shows across-the-board declines in total wagers, gross gaming revenue, and active player engagement.
A Post-January Hangover for Total Wagers
The total handle for the month settled at $8.735 billion. That marks an 8% dip from January’s high of $9.520 billion. Non-adjusted gross gaming revenue followed a similar downward trajectory, dropping 15% month-over-month to land at $342.4 million.
While those month-to-month drops look stark on paper, the wider financial picture remains incredibly solid for the province. For the comparison, seven billion was wagered in the same month last year; the 8 billion wagered in February is more than a 1/5 increase. The industry is still growing, but it was unable to keep the fast pace that was established at the beginning of 2026.
Sports Betting Takes the Hit
February saw a significant drop in sports betting. Total wagers dropped 20% to $946 million, while revenue from the sports vertical declined 29% to $61.3 million.
This sharp decline happened despite the Super Bowl taking place on February 8. The NFL championship game is traditionally a massive driver for sportsbooks, often serving as the high-water mark for single-event wagering. However, a solitary marquee event could not generate the sustained daily betting volume seen during the dense heart of the NFL playoffs in January. Sports betting accounted for an 11% share of the total market wagers last month. Operators are now heavily banking on the extended schedule of the men’s NCAA basketball tournament to inject a fresh, sustained wave of volume into the sports betting vertical.
Online Casinos Maintain Market Control
Meanwhile, digital casino gaming continues to heavily anchor the entire Ontario market. The casino vertical handled $7.653 billion in total cash wagers. While that figure represents a 6% drop from January, it still commands a massive 88% of the province’s total betting handle. Revenue for online casinos reached $275.7 million, capturing an 81% market share despite an 11% month-over-month slide.
Player activity largely mirrored the financial data. The province recorded 1.298 million active players in February, a slight 2% decrease from January. The average revenue generated per active user fell by 13%, settling at $264 for the month. These figures reflect the regulated commercial market and completely exclude data from the government-operated Ontario Lottery and Gaming Corporation platform.
Player Engagement and Poker Liquidity
Peer-to-peer poker remains the smallest part of the iGaming pie. The vertical saw $135 million in wagers and $5.4 million in revenue, dropping 14% and 10%, respectively. Right now, poker players in Ontario are strictly geo-fenced, restricting them to playing only against others physically located within the province’s borders.
That ring-fenced model could change soon. An Ontario Court of Appeal ruled in November that the province can legally offer international liquidity. The local poker scene would be significantly changed if the player pool were opened to other markets, but the legal system is now holding up the decision. Operators and players are waiting for a final decision as provincial lottery corporations appeal the decision to the Supreme Court of Canada.
A Maturing, Competitive Landscape
The province remains one of the world’s most competitive regulated iGaming ecosystems despite a slow February. Since going live in April 2022, the shift from the uncontrolled grey market to the formal framework has been extremely effective. According to industry observers, the majority of local players are selecting officially licensed platforms over offshore alternatives, as seen by the current channelization rate of about 85%.
In Ontario, 81 active websites are now managed by 47 licensed operators. The market will only get busier as 2026 progresses, as regulators pointed out late last year that more businesses are still in the licensing process.
Source: iGaming Ontario
