Ontario’s regulated iGaming market reached a new monthly handle record in March 2026, according to the latest report from iGaming Ontario published April 30. During the month, residents wagered $9.59 billion on licensed sites, surpassing the previous high of $9.52 billion set in January.
However, the record figure masks a significant split in the market: while the casino vertical is booming, sports betting has slumped to its lowest point since September.
The Casino Engine
Online casino continues to be the dominant driver of growth in the province. The iCasino handle increased by nearly 26% year-over-year, generating $318.5 million in operator revenue for March. This single vertical accounted for 82% of all operator earnings for the month.
Total operator revenue for March reached $387 million, a 13% increase from February and a 30% jump compared to March 2025. With more than 80 websites from 50 operators competing in Ontario, the maturing player base appears to be gravitating toward casino content.
Sports Betting at a Six-Month Low
In contrast to the casino success, sports betting experienced a notable decline. The vertical’s handle was $1.08 billion in March, which represents a 9% year-over-year decrease. This was the weakest monthly performance for sports betting in Ontario since September 2025.
This downturn occurred despite a calendar that included the final weeks of the NHL regular season and March Madness, events that typically drive substantial volume in North America. Currently, sports betting makes up only about 12% of Ontario’s market, far lower than the nearly 50% share seen in several U.S. states.
Growth in Poker and Long-Term Projections
Online poker also bucked the downward sports trend, posting its best month ever in March with $183 million in handle and $6.9 million in revenue.
Despite these records, poker remains a small segment, accounting for less than 2% of total activity. Looking at Q1 2026 as a whole, Ontarians wagered $27.8 billion, with operators collecting $1.13 billion in revenue. At this current pace, the market is on track to approach or exceed $5 billion in annual revenue.
Broader Market Implications
Ontario’s results in March 2026 offer a preview of what might be expected when Alberta opens its own competitive market on July 13, 2026. Major operators like DraftKings, FanDuel, and BetMGM are already accepting pre-registrations in Alberta. A key takeaway for investors is that the Canadian opportunity skews heavily toward casino. Additionally, a potential regulatory shift is on the horizon as the Ontario legislature considers a bill that would ban gambling advertising.
Given that advertising has been a primary driver for player acquisition, the industry will be watching this development closely as a possible indicator for other Canadian provinces.
