Last updated on October 21st, 2026 at 11:03 am
Business analysis | Canada | October 2026
Canada’s online gambling industry has become a contest between some of the world’s largest betting companies. FanDuel, DraftKings, bet365 and BetMGM are competing for customers alongside Canadian-origin brands and provincial gambling platforms.
But which company is actually winning?
Ontario provides the clearest picture of the competitive landscape. Its regulated market generated approximately CA$4 billion in gross gaming revenue during the 2025 calendar year, while Alberta’s July 2026 launch created a second major opportunity for private operators.
The companies behind these brands have different advantages. Some rely on established sportsbook audiences, others have built strong online casino businesses, and provincial operators benefit from longstanding relationships with local customers.
The question of who rules the market also depends on what is being measured. A brand can lead in sports betting without leading in casino revenue. A company can have several gambling brands without having the largest customer base. And the operator collecting wagers isn’t necessarily the business keeping all the revenue.
The Companies Behind Canada’s Major Gambling Brands
The Canadian market is not simply a competition between websites. Several prominent brands belong to multinational gambling groups, while others operate through joint ventures or provincial Crown corporations.
| Operator or parent company | Major Canadian brand | Competitive position |
| Flutter Entertainment | FanDuel | International betting group with a strong sportsbook and casino business |
| DraftKings Inc. | DraftKings | Digital sportsbook and casino operator with a broad North American technology platform |
| bet365 Group | bet365 | Privately owned international sportsbook and casino group |
| MGM Resorts International and Entain | BetMGM | Joint venture with a substantial online casino presence |
| PENN Entertainment | theScore Bet | Canadian-origin sports media and betting brand |
| Caesars Entertainment | Caesars Sportsbook and Caesars Palace Online Casino | Established gambling company with sportsbook and casino brands |
| Rush Street Interactive | BetRivers | Online casino and sportsbook operator |
| Ontario Lottery and Gaming Corporation | OLG.ca | Provincial Crown operator |
| Alberta Gaming, Liquor and Cannabis | PlayAlberta | Alberta’s provincial online gambling platform |
These companies don’t all compete under identical conditions. Ontario’s private operators participate through agreements with iGaming Ontario, while OLG.ca operates separately under the provincial lottery corporation. Alberta also has its own regulatory and commercial framework.
The distinction matters when comparing market size and performance. A figure describing Ontario’s competitive private-operator market does not automatically include OLG.ca.
BetMGM Has One of the Strongest Claims to Market Leadership
Among the international operators, BetMGM has made one of the clearest public claims to leadership in Ontario.
The company is jointly owned by MGM Resorts International and Entain. Its portfolio includes online casino, sportsbook and poker products, giving it exposure to several segments of the market.
In a December 2025 business update, BetMGM CEO Adam Greenblatt said the company held approximately 22% of Ontario’s combined online gambling market. Independent estimates subsequently reported from Eilers & Krejcik Gaming placed its share closer to 20%.
That would put BetMGM ahead of individual competitors in the combined Ontario market, according to those estimates. However, the figure is not an official regulatory ranking.
The distinction is important because iGaming Ontario publishes market-wide figures rather than a complete operator-by-operator revenue breakdown.
Estimated Ontario market share
Who holds Ontario’s online gambling revenue?
Reported estimate, not an official complete operator ranking
■ All other operators combined
■ BetMGM (estimated)
Approximate combined Ontario iGaming market share. BetMGM estimate from Eilers & Krejcik Gaming, reported March 2026. Remaining brands are not individually disclosed.
Source: PlayCanada reporting on BetMGM and Eilers & Krejcik Gaming. Ontario does not publish comparable market-share percentages for every brand. Assigning individual slices to FanDuel, DraftKings, bet365 and other operators would therefore require estimates that cannot currently be verified.
BetMGM’s position also illustrates why online casino performance matters. A company may receive considerable attention for its sportsbook, but casino products generate most of Ontario’s regulated online gambling revenue.
That creates a competitive advantage for operators with substantial slot and table-game offerings, rather than those relying predominantly on sports betting.
FanDuel, DraftKings and bet365 Compete With Different Strengths
BetMGM may have the strongest publicly reported claim to Ontario’s combined market leadership, but that doesn’t settle the competitive picture.
FanDuel, owned by Flutter Entertainment, benefits from an established North American sportsbook business and a recognizable brand. Its ability to attract sports bettors gives it opportunities to introduce existing customers to online casino products where permitted.
DraftKings follows a similar multi-product approach. Its sportsbook, casino platform and Golden Nugget Online Casino brand allow the company to serve different customer segments. DraftKings is also a technology business, investing in its own platforms, customer acquisition and account-management infrastructure.
bet365 has a different corporate profile. The privately owned British group built its reputation around sports betting and operates internationally. In Canada, its sportsbook and casino products allow it to compete across both major revenue categories.
These companies share a fundamental challenge: attracting customers is expensive, particularly in a market where dozens of licensed websites offer similar products.
Bonuses, advertising and sports sponsorships can bring customers through the door. Long-term profitability depends more heavily on retention, product margins, operating costs and how frequently customers return.
That helps explain why operators continue investing in casino products, live betting, mobile applications and payment infrastructure. Winning an account is only the beginning of the commercial relationship.
theScore Bet: A Canadian Brand With American Ownership
theScore Bet deserves particular attention because its history differs from that of many international competitors.
The brand originated from theScore, a Canadian sports media business with a strong following among hockey, basketball and other sports fans. Its connection to sports content provided a recognizable identity before it expanded into online wagering.
Today, theScore Bet is part of PENN Entertainment, a US-based gambling company.
That makes it a useful example of how Canadian branding and corporate ownership can differ.
For PENN, theScore’s value extends beyond its name. A sports media audience can potentially reduce dependence on traditional advertising by creating opportunities to introduce betting products to people already engaging with sports content.
The challenge is converting that audience into profitable gambling customers while complying with provincial advertising and marketing restrictions.
Canadian recognition provides an advantage, but it doesn’t guarantee market leadership. theScore Bet still competes against multinational operators with substantial technology budgets, established casino products and international operating experience.
Ontario and Alberta Are Different Competitive Markets
Ontario’s regulated private-operator market launched in April 2022. By September 1, 2026, iGaming Ontario listed 49 operators offering 84 gaming websites.
Alberta launched its competitive market in July 2026, creating another opportunity for operators to expand their Canadian presence.
The two provinces offer different business opportunities.
Ontario has a larger population and a more mature competitive environment. Established operators have already spent years acquiring customers, developing partnerships and refining their products.
Alberta offers the possibility of attracting customers entering the provincial regulated market for the first time, even though many were already gambling online before its launch.
As reported in GambleOnline.ca’s coverage of Alberta’s regulated iGaming launch, converting existing offshore customers is one of the central challenges for Alberta’s new market.
That gives established international brands an opportunity, but it also creates competition with PlayAlberta, the province’s existing government-operated platform.
For operators already active in Ontario, Alberta offers potential economies of scale. Technology, risk management, payment systems and parts of the compliance infrastructure may be adaptable across markets, although provincial requirements still have to be met separately.
Smaller companies face a tougher calculation. Entering a second province can create new revenue opportunities, but registration, compliance, marketing and customer-service expenses can quickly accumulate.
Where Does Canada’s Online Gambling Revenue Actually Go?
A large gambling market doesn’t mean operators keep every dollar reported as gaming revenue.
In Ontario’s 2024–25 fiscal year, the competitive iGaming market generated approximately CA$2.9 billion in gaming revenue from CA$82.7 billion in wagers.
Of that gaming revenue, approximately CA$2.33 billion was paid to operators, while iGaming Ontario retained approximately CA$574 million as its share before other income and expenses.
iGaming Ontario reported net income of CA$219 million and paid CA$181 million in dividends to the province during the fiscal year.
Ontario iGaming revenue distribution, FY 2024–25
Operator payments: 80.2%
iGO share: 19.8%
Approximate distribution of gaming revenue before operating expenses and other financial adjustments. Source: iGaming Ontario annual report 2024–25.
The figures require careful interpretation.
The CA$2.33 billion paid to operators is not the same as their profit. Companies still need to cover technology, personnel, marketing, payment processing, compliance and other expenses.
Likewise, iGaming Ontario’s retained revenue is not identical to the amount ultimately transferred to the provincial government.
Alberta’s framework also uses a revenue-sharing model, with a substantial portion retained by private operators and a provincial share directed through its gaming framework.
For business readers, these arrangements are as important as the total size of the market. They determine how much revenue is available to fund operations, attract investment and support further expansion.
Online Casino Revenue Is Reshaping the Competition
Sports betting attracts attention because it is tied to major events, professional teams and recognizable athletes. But Ontario’s financial results show that casino gaming is the larger commercial opportunity.
In fiscal 2024–25, online casino products generated approximately CA$2.2 billion, representing about 75% of the market’s gaming revenue.
Betting, including sports and other events, generated approximately CA$654 million. Peer-to-peer poker contributed another CA$59 million.
■ Betting
■ Online casino
■ Peer-to-peer poker
Ontario FY 2024–25. Rounded figures from iGaming Ontario.
This explains why a recognizable sportsbook brand isn’t necessarily the market’s largest business.
Casino products can generate revenue throughout the year without depending on the sports calendar. Slots and table games also create opportunities for recurring customer activity, although operators must balance that commercial opportunity against responsible gambling obligations.
For companies such as BetMGM, FanDuel, DraftKings and bet365, the competitive question increasingly involves how effectively their sportsbook and casino operations work together.
The ability to move customers between products, provide reliable payments and maintain a consistent experience across devices may matter as much as individual advertising campaigns.
Can Smaller Operators Challenge the Market Leaders?
Canada’s online gambling industry has room for more than a few international corporations, but smaller operators face significant barriers.
Technology is one of them.
A competitive online casino needs reliable gaming software, payment processing, identity verification, fraud prevention, cybersecurity, customer support and regulatory reporting.
Those costs are substantial before a company spends anything on acquiring customers.
Larger operators can spread some of these expenses across multiple markets. They may also have existing relationships with game suppliers, payment providers and technology vendors.
Smaller brands can compete by specializing. Some focus on casino products, while others emphasize particular customer segments, game libraries or user experiences.
However, differentiation must be meaningful. Offering another website with similar games and a different welcome bonus may not be enough to win customers from established competitors.
The same applies to provincial expansion. A smaller operator may have the technology to enter Alberta, but it still needs to determine whether the potential customer base justifies the additional costs.
Who Will Lead Canada’s Next Phase of Growth?
Canada’s online gambling market is likely to remain divided among several types of competitors.
Multinational operators have the financial resources, technology and existing customer bases to compete at scale. Canadian-origin brands can use local recognition and established audiences. Provincial operators remain important participants, particularly where governments retain exclusive control of online gambling.
Alberta introduces another competitive variable.
Operators that have already built their businesses in Ontario now have an opportunity to establish themselves in a second open provincial market. But success in Ontario doesn’t guarantee the same results in Alberta, where customer preferences, competitive conditions and the maturity of the regulated market differ.
The next stage of competition will depend on several factors: customer acquisition costs, casino revenue growth, product differentiation, regulatory requirements and the ability to attract players away from offshore platforms.
BetMGM currently has one of the strongest publicly supported claims to Ontario market leadership, based on reported industry estimates. But without comprehensive operator-level revenue data, it would be misleading to declare any company the undisputed leader across Canada.
The answer to who rules Canada’s online gambling market is therefore more complicated than a single brand name.
International gambling groups control many of the most recognizable commercial platforms. Provincial governments determine the regulatory frameworks and retain a share of gaming revenue. Meanwhile, operators continue competing for customers in a market where casino products generate most of the money.
Canada’s online gambling industry has powerful competitors, but no single company controls the entire market.
About the Author
GambleOnline.ca is an independent online gambling media website founded in 2008, publishing experience-based reviews, guides and analysis of online casinos, sportsbooks and poker platforms. Its editorial team conducts hands-on testing and research to provide factual, player-focused insights, alongside educational content on gambling strategy, legality and responsible play.
