Ontario’s regulated online gambling market reached a new benchmark in November as revenue climbed faster than wagering activity, reflecting a shift in how operators generated returns. While online casinos continued to account for most betting volume, a sharp turnaround in sports betting performance helped push monthly revenue to a new high.
Figures released by iGaming Ontario show players wagered $9.33 billion in cash during November, the highest monthly total since the market opened. That amount narrowly surpassed October’s record and stood 25% higher than wagering in November 2024. The increase in betting volume from the previous month was modest, yet operator earnings rose much more sharply.
Revenue Growth Outpaces Wagering
Non-adjusted gross gaming revenue reached $406.2 million, marking a 10% increase from October and the first time monthly revenue exceeded $400 million. Compared with November last year, operators generated 39% more revenue, pointing to improved margins rather than a surge in betting alone.
Active player accounts also reached a new peak at nearly 1.3 million, a 1% increase from October and roughly 286,000 more than a year earlier. Average revenue per active player account climbed to $313, up 9% year over year and higher than recent months, though still below the market’s all-time high.
Sports Betting Delivers a Breakout Month
Sports betting played a decisive role in November’s results. Sportsbooks posted $102.0 million in non-adjusted gross gaming revenue, their strongest month since Ontario opened its market to private operators in April 2022. The figure topped the previous record of $92 million set in January 2025 and represented a 75% increase from October.
Sports betting handle reached $1.25 billion, another monthly record and slightly above November 2024 levels. Earlier in the year, sportsbook revenue lagged behind 2024 figures in several months, making November’s performance a notable reversal. Similar patterns appeared in multiple U.S. states, where sports outcomes proved more favorable for operators.
As a result, sports betting accounted for 25% of total market revenue in November, its largest share since January, despite representing a smaller share of overall wagers.
Casinos Anchor the Market
Online casino gaming remained the foundation of Ontario’s iGaming activity. Casino wagers totaled $7.95 billion, accounting for 85% of all bets placed during the month. Revenue from online casinos reached $298.0 million, slightly lower than October but still the largest contribution to total earnings.
Peer-to-peer poker continued to represent a small portion of the market, with $129 million in wagers and $6.3 million in revenue.
Long-Term Market Impact
Since Ontario’s regulated iGaming market launched more than three and a half years ago, players have wagered over $247 billion. Total operator revenue has reached $9.78 billion. With a 20% tax rate applied to iGaming, provincial tax receipts from the sector are approaching $2 billion.
The market currently includes 48 licensed operators running 82 websites, excluding platforms operated by Ontario Lottery and Gaming. November’s record results came despite recent operator exits, highlighting continued growth even as the market evolves.
Source:
“Ontario iGaming operators’ revenue soared to new all-time record in November”, canadiangamingbusiness.com, December 17, 2025
tough_nut
2 months ago
Moderator
Interesting to see revenue growth outpacing wagering volume :) November feels like a turning point, especially with sportsbooks finally pulling more weight alongside casinos.
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