Canadian Casino and Online Market Revenues

In short: what happens to income

Canada remains a "hybrid" market: in most provinces, online and offline are managed by public corporations (BCLC, Loto-Québec, OLG, etc.), while Ontario has been working on an open model with private operators since April 4, 2022 under the supervision of AGCO and in conjunction with iGaming Ontario (iGO). For the 2024-2025 fiscal year, Ontario iGaming showed record results, and large provincial corporations also reported strong results for the year.

Ontario (private operators under AGCO/iGO): record 2024-25

Total revenue (GGR) for 2024-25: CA $3. 20 billion, + 32% YoY - the maximum since the launch of the market. By structure for the year: casino GGR ≈ CA $2. 4 billion, betting GGR ≈ CA $724 million, P2P poker GGR ≈ CA $66 million Casino vagers reached CA $69. 6 billion (+ 34% YoY).

It is important to understand the terminology: it is gaming revenue (GGR) that is published, and not the "gross revenue of operators" after costs/taxes. These data are comparable between quarters/years in iGO reports.

Provincial corporations: a stable "basis" of income

Loto-Québec (Quebec)

Total 2024-2025: total revenue ~ CA $2. 993 billion, net income ~ CA $1. 518 billion - both indicators have grown year-on-year.

BCLC/PlayNow (BC, also Manitoba/Saskatchewan online)

Net income 2024/25: CA$1. 408 billion for the BC budget (a slight decrease to the plan; the report also indicates ~ 3% underperformance of revenue). This is post-pandemic stabilization after a record 2022/23.

OLG (Ontario, state lottery/online products operator in addition to the "open" market)

Digital Gaming (OLG. ca) in 2023-24 gave CA $630 million in revenue, + 12% YoY. This is a separate segment from the iGO market (OLG state platform). Consolidation 2024-25 is available in OLG financial materials.

Land casinos vs online: who's pulling the market

In provinces with a state model, the main cash flow is formed by lotteries and land casinos, online casinos/sports complement the portfolio (for example, Loto-Québec and BCLC). Net income rates in BC and Quebec remain very high.

In Ontario, the growth driver is online casinos (slots/live/RNG tables): ~ CA $2. 4 billion GGR for 2024-25 against ~ CA $724 million in rates; poker remains a niche.

What affects income: Five factors

1. Regulatory model. Ontario's open competition improves the range and quality of UX → increasing retention and GGR per user. Provincial platforms provide stability and social dividends (net income to budgets).

2. Content and live infrastructure. Wide slot libraries, live game shows and local studios (for example, for BC) increase the share of casino revenues.

3. Mobile and payments. Interac/online banking reduces the friction of the cash register, which directly supports turnover. (Confirmed by the dynamics of the Ontarian report on the growth of wagers).

4. Marketing rules. Ontario prohibits public advertising of "inducing" off-site bonuses - competition shifts to product/UX rather than promotional noise. This makes growth more sustainable.

5. Lottery portfolio. Lotto Max/6-49 jackpots consistently support traffic and cross-sale (impact on total corporate revenue).

Regional accents (2024-2025)

Ontario (iGO): GGR acceleration to CA $3. 20 billion and the clear dominance of the casino vertical at the end of the year.

Quebec (Loto-Québec): Nearly CA $3. 0 billion in revenue and> CA $1. 5 billion net income; year-to-year growth.

BC (BCLC): CA $1. 408 billion net income in 2024/25; after peak 22/23 - stability at the "high plateau."

Looking ahead: 2026-2030

Ontario will continue to grow by expanding casino content and improving UX/payments; sports betting - moderate growth to events and live. The growth base is casino GGR.

The state model in other provinces will maintain high net income collection for budgets; the key to growth is the online portfolio and live sections on provincial platforms.

Macro signals: lower inflation/rates, moderate expansion of consumer spending, and investment in studio/live content can support revenues, even with tighter RG supervision.

How to read reports correctly (methodology and comparability)

Do not mix: GGR iGO (before deductions) ≠ "revenue "/" net income" of state corporations (after prizes/costs/transfers). Compare dynamics within a single source.

See the structure: casino vs betting vs poker - in Ontario, the casino vertical forms the lion's share.

Take into account the fiscal year: the provinces and iGO have the same reporting periods (April 1 - March 31) , but are published at different times.

Ontario (iGO) in 2024-25 reached CA $3. 20 billion GGR, of which ~ CA $2. 4 billion - casinos: this is the main engine of the country's online income.

Provincial corporations keep high results: Loto-Québec ~ CA $3. 0 billion revenue/ ~ CA $1. 5 billion net income, BCLC ~ CA $1. 408 billion net income.

In general, Canadian gambling revenues rely on strong terrestrial networks and growing online, where the casino vertical makes the maximum contribution. For correct analysis, keep in mind the difference in GGR vs revenue/net income metrics and compare similar indicators between reports.

Sources: iGaming Ontario - annual market report 2024-25 and quarterly QMR; Loto-Québec press release and materials to 2024-25; annual reports/ASPR BCLC; OLG financial statements (digital revenue 2023-24). All figures refer to the published documents of the relevant organizations.