Canada

Gambling.com Group Limited Reports Third Quarter 2021 Financial Results

Published

4 years ago

November 18, 2021

Gambling.com Group Limited, a leading provider of digital marketing services active exclusively in the global online gambling industry, today announced its operating and financial results for the third quarter ended September 30, 2021.

Third Quarter 2021 Financial Highlights

Revenue of $10.1 million grew 37% compared to $7.4 million in the same period for the prior year
Net income of $4.7 million, or $0.13 per diluted share, compared to a net income of $2.3 million, or $0.08 per diluted share, in the same period for the prior year
Adjusted EBITDA of $3.5 million decreased 14% compared to $4.0 million in the same period for the prior year, representing an Adjusted EBITDA margin of 34%¹
Free cash flow of $0.8 million decreased 81% compared to $3.9 million in the same period for the prior year²

Third Quarter 2021 Business Highlights

Completed successful public listing of common shares on the Nasdaq Global Market under the ticker symbol “GAMB”
Announced appointment of Mr. Daniel D’Arrigo to Board of Directors
Received temporary supplier license from the Arizona Department of Gaming to provide marketing services to licensed operators in the state and launched free-to-use comparison of legal online sports betting services on BetArizona.com
Launches of Marylandbets.com, casinosource.nl and gambling.com/nl providing bettors in Maryland and the Netherlands with trusted and up to date gambling information to help them place safe and secure legal wagers
Completed acquisition of domains suitable for targeting the US market

“Our financial performance in the third quarter remained strong as we grew revenue by 37% compared to the prior year and, despite the third quarter being the seasonally slowest quarter of the year, delivered an Adjusted EBITDA margin of 34%,” said Charles Gillespie, Chief Executive Officer and co-founder of Gambling.com Group. “Importantly, after the quiet summer months of July and August, we delivered all-time-high revenue in September. With the launch of Arizona and the kickoff of the NFL season, we saw a significant uplift in U.S. revenue in September and our U.S. performance exceeded our internal expectations. Entering the quarter with good momentum we are encouraged by the start to our seasonally stronger fourth quarter. We remain highly focused on prudently growing the Company through both sustained organic growth and future accretive acquisitions which we continue to actively pursue”

¹ Adjusted figures represent non-IFRS information. See “Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.

² Adjusted figures represent non-IFRS information. See “Non-IFRS Financial Measures” and the tables at the end of this

release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.

Third Quarter 2021 vs. Third Quarter 2020 Financial Highlights

	THREE MONTHS ENDED SEPTEMBER 30,						CHANGE
	2021			2020			$			%
	(in thousands USD, except for share and per share data, unaudited)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME DATA
Revenue	$	10,123		$	7,406		$	2,717			37	%
Operating expenses		(7,722	)	$	(3,931	)	$	(3,791	)		96	%
Operating profit		2,401			3,475			(1,074	)		(31	)%
Income before tax		2,694			2,609			85			3	%
Net income for the period attributable to the equity holders	$	4,675		$	2,303		$	2,372			103	%
Net income per share attributable to ordinary shareholders, basic		0.14			0.08			0.06			75	%
Net income per share attributable to ordinary shareholders, diluted		0.13			0.08			0.05			63	%

n/m = not meaningful

	THREE MONTHS ENDED SEPTEMBER 30,						CHANGE
	2021			2020			$			%
	(in thousands USD, unaudited)
NON-IFRS FINANCIAL MEASURES
Adjusted EBITDA	$	3,464		$	4,027		$	(563	)		(14	)%
Adjusted EBITDA Margin		34	%		54	%	n/m			n/m
Free Cash Flow		754			3,917			(3,163	)		(81	)%

n/m = not meaningful

	THREE MONTHS ENDED SEPTEMBER 30,				CHANGE
	2021		2020		Amount			%
	(in thousands, unaudited)
OTHER SUPPLEMENTAL DATA
New Depositing Customers ⁽¹⁾		27		28		(1	)		(4	)%

⁽¹⁾We define New Depositing Customers, or NDCs, as unique referral of a player from our system to one of our customers that satisfied an agreed metric (typically making a deposit above a minimum threshold) with the customer, thereby triggering the right to a commission for us.

	AS OF SEPTEMBER 30,	AS OF DECEMBER 31,	CHANGE
	2021	2020	$	%
	(Unaudited)
	(in thousands, USD)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DATA
Cash and cash equivalents	$53,160	$8,225	$44,935	n/m
Working capital ⁽²⁾	55,064	10,059	45,005	n/m
Total assets	91,648	45,383	46,265	n/m
Total borrowings	5,919	5,960	(41)	n/m
Total liabilities	11,373	11,171	202	n/m
Total equity	80,275	34,212	46,063	n/m

⁽²⁾Working capital is defined as total current assets minus total current liabilities.

n/m = not meaningful

Revenue

Total revenue in the third quarter increased 37% to $10.1 million compared to $7.4 million in the comparable period for the prior year. On a constant currency basis, revenue increased $2.3 million, or 30%. The increase was driven by improved monetization of NDCs that we attribute to a combination of technology improvements and changes in product and market mix. NDCs decreased 4% to 27,000 compared to 28,000 in the prior year.

Our revenue disaggregated by market is as follows:

	THREE MONTHS ENDED SEPTEMBER 30,				CHANGE
	2021		2020		$			%
	(in thousands USD, unaudited)
U.K. and Ireland	$	4,483	$	4,311	$	172			4	%
Other Europe		2,718		1,162		1,556			134	%
North America		2,270		1,081		1,189			110	%
Rest of the world		652		852		(200	)		(23	)%
Total revenues	$	10,123	$	7,406	$	2,717			37	%

Revenue increases were primarily driven by organic growth in our Other Europe and North American markets.

Our revenue disaggregated by monetization is as follows:

	THREE MONTHS ENDED SEPTEMBER 30,				CHANGE
	2021		2020		$			%
	(in thousands USD, unaudited)
Hybrid commission	$	2,808	$	3,847	$	(1,039	)		(27	)%
Revenue share commission		829		794		35			4	%
CPA commission		5,455		2,535		2,920			115	%
Other revenue		1,031		230		801			348	%
Total revenues	$	10,123	$	7,406	$	2,717			37	%

Revenue increases were driven primarily by additional CPA commission and Other revenue. The increase in Other revenue was driven primarily by bonuses related to achieving certain operator NDC performance targets.

Our revenue disaggregated by product type from which it is derived is as follows:

	THREE MONTHS ENDED SEPTEMBER 30,				CHANGE
	2021		2020		$			%
	(in thousands USD, unaudited)
Casino	$	7,965	$	6,354	$	1,611			25	%
Sports		2,076		858		1,218			142	%
Other		82		194		(112	)		(58	)%
Total revenues	$	10,123	$	7,406	$	2,717			37	%

Revenue increases were driven by growth in revenue from casino and sports products.

Operating Expenses

	THREE MONTHS ENDED SEPTEMBER 30,				CHANGE
	2021		2020		$			%
	(in thousands USD, unaudited)
Sales and marketing expenses	$	3,587	$	1,790	$	1,797			100	%
Technology expenses		1,123		663		460			69	%
General and administrative expenses		2,978		1,402		1,576			112	%
Allowance for credit losses and write offs		34		76		(42	)		(55	)%
Total operating expenses	$	7,722	$	3,931	$	3,791			96	%

n/m = not meaningful

Total operating expenses increased by $3.8 million to $7.7 million compared to $3.9 million in the prior year. On a constant currency basis, operating expenses increased by $3.5 million to $7.7 million compared to $4.2 million in the prior year. The increase was driven primarily by headcount across Sales and Marketing, Technology, and General and Administrative functions as we invest in the Company’s organic growth initiatives as well as increased administrative expenses associated with operating as a public company.

Sales and Marketing expenses totaled $3.6 million compared to $1.8 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount and professional services.

Technology expenses totaled $1.1 million compared to $0.7 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount partially offset by capitalized development costs.

General and Administrative expenses totaled $3.0 million compared to $1.4 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount, professional services, and insurance expenses.

Earnings

Adjusted EBITDA decreased by 14% to $3.5 million compared to $4.0 million in the prior year representing an Adjusted EBITDA margin of 34%. The decrease was driven primarily by increased operating expenses partly offset by increased revenue.

Operating profit in the third quarter decreased 31% to $2.4 million compared to $3.5 million in 2020. The decrease was driven primarily by a decrease in Adjusted EBITDA and an increase in share-based payments expense.

Net income in the third quarter totaled $4.7 million, or $0.13 per diluted share, compared to net income of $2.3 million, or $0.08 per diluted share, in the prior year. The increase was primarily driven by the recognition of deferred tax assets related to the transferred intangible assets.

Free Cash-flow

Total cash generated from operations of $1.4 million decreased 65% compared to $4.0 million in the prior year. The decrease was driven primarily by decreased adjusted EBITDA, the settlement of non-recurring IPO-related expenses and income tax payments. Free cash flow totaled $0.8 million compared to $3.9 million in the prior year. The decline was the result of decreased cash flow generated from operations and increased capital expenditures consisting primarily of the acquisition of domain names and capitalized development costs.

Balance Sheet

Cash balances as of September 30, 2021 totaled $53.2 million, an increase of $45.0 million compared to $8.2 million as of December 31, 2020. Working capital as of September 30, 2021 totaled $55.1 million, an increase of $45.0 million compared to $10.1 million as of December 31, 2020.

Total assets as of September 30, 2021 were $91.6 million compared to $45.4 million as of December 30, 2020. Total borrowings, including accrued interest, totaled $5.9 million compared to $6.0 million as of December 31, 2020. Total liabilities were $11.4 million compared to $11.2 million as of December 31, 2020.

Total equity as of September 30, 2021 was $80.3 million compared to $34.2 million as of December 31, 2020.

The increases in working capital, total assets, and total equity were driven primarily by the net proceeds received from the IPO and operating profit and net income generated by the Company.

2021 – 2023 Financial Targets


Total Revenue Growth		> Average 40%
Adjusted EBITDA Margin³		> Average 40%
Leverage⁴		< Net Debt to Adjusted EBITDA 2.5x⁵

2021 Outlook

Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Our third quarter results came in a bit above our expectations and after slow summer trading our financial performance accelerated in September to close out the quarter with the best month in the Company’s history. Our Adjusted EBITDA margin of 34% in the quarter was healthy despite a seasonally slow quarter and investments in scaling the organization for organic growth initiatives and operating as a public company. This is consistent with our prior guidance that our near-term margins may deviate from our average 40% target as we invest in our organic growth plan and pursue our M&A strategy. For the full year, we are reiterating our expectation to achieve both above 40% year-on-year organic revenue growth and approximately 40% Adjusted EBITDA margin. We remain in a very strong financial position after the IPO last quarter which offers us significant optionality going forward to execute our growth plan and each of our capital allocation priorities.”

Conference Call Details


Date/Time:		Thursday, November 18, 2021, at 9:00 am EST
Webcast:		https://www.webcast-eqs.com/gamb20211118/en
U.S. Toll-Free Dial In:		877-407-0890
International Dial In:		+1-201-389-0918

To access the call, please dial in approximately ten minutes before the start of the call. An accompanying slide presentation will be available in PDF format within the “News & Events” section of the Company’s website.

AiGC

Soft2Bet Eyes Alberta iGaming Market Expansion in Canada

Published

13 hours ago

March 16, 2026

Wladimir P.

soft2bet-eyes-alberta-igaming-market-expansion-in-canada

Soft2Bet, a global provider of turnkey iGaming solutions, has announced plans to pursue entry into the regulated gaming market in Alberta as part of its broader strategy to expand its footprint across Canada.

The company confirmed that its entry will depend on regulatory approval once the province finalizes its evolving legal framework for online gaming. The move reflects Soft2Bet’s growing commitment to the Canadian market and its strategy to scale operations across newly regulated territories in North America.

A Strategic Move Toward Alberta’s Emerging iGaming Market

As one of Canada’s most economically robust provinces, Alberta has quickly become a focal point for iGaming operators and technology providers preparing for potential market liberalization.

Industry forecasts indicate that Alberta’s regulated online gaming sector could become one of the country’s most lucrative regional markets. Estimates from analysts at Citizens JMP Securities suggest that the province’s iGaming industry could generate over $700 million in annual revenue once the market reaches maturity.

Soft2Bet’s early evaluation of the market demonstrates the company’s proactive approach to identifying high-growth opportunities in newly regulated jurisdictions.

Monitoring the iGaming Alberta Act

Soft2Bet is closely observing developments surrounding the proposed regulatory framework established under the iGaming Alberta Act. The legislation outlines the structure for Alberta’s regulated online gaming industry and establishes oversight responsibilities for provincial authorities.

Under the proposed system, the Alberta iGaming Corporation would oversee the province’s online gaming ecosystem, while regulatory enforcement would remain with the Alberta Gaming, Liquor and Cannabis.

Soft2Bet has indicated that it is preparing to meet Alberta’s anticipated compliance and technical standards, ensuring its platform technology aligns with the province’s regulatory expectations.

Building on Canadian Experience

Soft2Bet’s potential expansion into Alberta builds upon its experience operating in Ontario, where the company already offers localized gaming services through its consumer-facing brand ToonieBet.

The Ontario market has become one of North America’s most successful regulated online gaming jurisdictions since its launch in 2022, attracting numerous international operators and platform providers.

By leveraging insights from its Ontario operations, Soft2Bet aims to deliver tailored gaming experiences for players in Alberta while maintaining full compliance with regional regulations.

Localization as a Key Strategy

Localization remains a central pillar of Soft2Bet’s international growth strategy. The company emphasizes adapting its platforms and gaming products to match the cultural preferences, language requirements, and regulatory expectations of each market in which it operates.

Soft2Bet plans to apply this hyper-localized approach in Alberta by ensuring that its gaming offerings reflect the specific needs and preferences of Canadian players.

This includes customized content, localized branding, and user experiences that resonate with regional audiences.

Commitment to Innovation and Player Experience

According to company leadership, innovation remains a driving force behind Soft2Bet’s expansion strategy.

David Yatom Hay, General Counsel at Soft2Bet, highlighted the company’s commitment to delivering engaging gaming experiences that align with local player expectations.

The company continues to invest in platform technology and product development to create dynamic gaming environments that combine entertainment, compliance, and user-friendly design.

Expanding Across Regulated Markets

Soft2Bet’s interest in Alberta is part of a broader roadmap for 2026, which includes entering additional regulated markets around the world.

As governments increasingly adopt regulated frameworks for online gaming, technology providers like Soft2Bet are focusing on scalable solutions that allow them to quickly adapt to different regulatory environments.

Turnkey platforms, which include player management systems, gaming content, and compliance tools, have become essential for operators looking to enter new markets efficiently.

Canada’s Growing iGaming Landscape

Canada has rapidly become one of the most promising regions for online gaming growth in North America. The success of Ontario’s regulated market has encouraged other provinces to explore similar frameworks.

If Alberta successfully launches a competitive iGaming market, it could further strengthen Canada’s position as a key hub for regulated online gaming innovation.

Operators, developers, and platform providers are closely monitoring the regulatory process, positioning themselves for entry once licensing becomes available.

Looking Ahead

For Soft2Bet, Alberta represents a strategic opportunity to expand its presence in Canada while reinforcing its reputation as a global iGaming platform provider.

By preparing early for regulatory approval and leveraging its experience in Ontario, the company aims to deliver localized gaming experiences that meet the expectations of Canadian players and regulators alike.

As Alberta moves closer to establishing its regulated online gaming framework, Soft2Bet’s planned market entry signals the growing interest from international technology providers seeking to participate in Canada’s evolving digital gaming ecosystem.

The post Soft2Bet Eyes Alberta iGaming Market Expansion in Canada appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Canada

Soft2Bet Evaluates Alberta Market Entry to Strengthen its Canadian Footprint

Published

13 hours ago

March 16, 2026

GamingAmericas.com

soft2bet-evaluates-alberta-market-entry-to-strengthen-its-canadian-footprint

The Premier Operator and Platform Provider Announces Plans to Pursue Alberta Strategy as Part of its Roadmap, Anticipating the Region’s Upcoming Regulatory Framework

Soft2Bet, a leading iGaming turnkey solutions provider, today announced its intention to pursue entry into the Alberta market, pending regulatory approval. This strategic focus leverages Soft2Bet’s operational experience with localized offerings, including its Ontario-facing brand, ToonieBet.

Strategic Market Potential & Compliance

Alberta (Canada) represents one of the most significant growth opportunities in the North American iGaming landscape. With Canada’s youngest adult population and the highest GDPs per capita in the country, the province is well poised for a successful transition to an open, competitive market. Industry projections by Citizens JMP Securities suggest that Alberta’s regulated iGaming market could exceed $700 million in annual revenue at maturity.

Soft2Bet is closely monitoring the development of Alberta’s regulatory framework under the iGaming Alberta Act, which establishes the Alberta iGaming Corporation (AiGC) as the oversight body alongside the Alberta Gaming, Liquor and Cannabis (AGLC) as the regulator. Reflecting its commitment to the highest standards of integrity, Soft2Bet is preparing for the province’s specific technical requirements.

The planned entry into Alberta aligns with the company’s strategic plans for 2026 to drive sustainable growth, and enter several new regulated territories.

“Innovation is paramount at Soft2Bet, and our goal is to develop exciting products that meet our customers where they are most comfortable,” said David Yatom Hay, General Counsel, Soft2Bet. “As we evaluate our entry into Alberta, pending regulatory approval, we are committed to delivering localized, engaging experiences that reflect the unique preferences and culture of each market.”

Excellence in Canadian Localization

Soft2Bet aims to leverage its experience in Ontario to enhance the gaming experience for users in Alberta, Canada, with innovative, compliant products. A core component of the company’s regional strategy involves taking localization further by adapting its brands to local culture, regulatory standards, and player preferences.

To support its hyper-local focus, Soft2Bet targets comprehensive native-language support across its priority regions, ensuring its services are deeply integrated into the local culture of each active regulated market.

The post Soft2Bet Evaluates Alberta Market Entry to Strengthen its Canadian Footprint appeared first on Americas iGaming & Sports Betting News.

Canada

Fewer Canadians gamble than 20 years ago. So why is Canada’s market still growing?

Published

4 days ago

March 13, 2026

GamingAmericas.com

fewer-canadians-gamble-than-20-years-ago.-so-why-is-canada’s-market-still-growing?

By CasinoCanada.com

In 2002, 76 percent of Canadians aged 15 and over reported gambling in the previous year, according to Statistics Canada’s report Fighting the Odds. By 2018, that figure had fallen to 64.5 percent, based on the agency’s Gambling Rapid Response module.

At first glance, that suggests gambling participation in Canada has declined over the past two decades.

Yet over the same period, gambling has become more visible, more digital and more embedded in sport and everyday life. Sports betting brands sponsor professional teams, betting segments are embedded in live broadcasts, and provincial regulators report billions of dollars in annual online wagering.

How can participation fall while the industry expands? The answer lies in how Canada’s gambling market has changed, and in who is driving its growth.

This analysis draws on national participation surveys and provincial financial reporting to compare long-term participation trends with recent regulated market performance.

Research highlights of this article

National gambling participation declined from 76% in 2002 to 64.5% in 2018.
Ontario’s regulated online market generated approximately CAD 1.3 billion in revenue in 2022–23, rising to CAD 2.9 billion in 2024–25.
Total wagers in Ontario increased from approximately CAD 63.2 billion in 2023–24 to CAD 82.7 billion in 2024–25.
Online casino accounted for roughly three quarters of Ontario’s regulated online revenue in 2024–25.
Approximately 2.6 million active player accounts were recorded in Ontario in 2024–25.

Growth without more players

If fewer Canadians report gambling today than in the early 2000s, market growth cannot simply be explained by expanding participation. Since its launch in April 2022, Ontario’s regulated online gambling market has grown year over year. According to iGaming Ontario’s Annual Reports, in its first full fiscal year, the market generated approximately CAD 1.3 billion in gaming revenue. That rose to CAD 2.2 billion in 2023–24, before reaching CAD 2.9 billion in 2024–25. Total wagers also significantly increased from approximately CAD 63.2 billion in 2023–24 to CAD 82.7 billion in 2024-25.

The latest annual report also recorded approximately 2.6 million active player accounts in a province of roughly 15 million residents. Even allowing for multiple accounts per individual, the figures suggest a highly active digital environment concentrated among a defined segment of players.

The implication is clear: recent market growth appears to be driven less by an expanding audience and more by increased activity per active player.

Operators active in the market say the same shift is visible in player behaviour since Ontario introduced its regulated online framework. Dmitry Arabuli, CEO at Tonybet, said: “Since regulation launched in Ontario, the player landscape has changed significantly as many of the largest North American operators entered the market. Competition increased, with the focus shifting from chasing large volumes of casual participants to building stronger relationships with more informed and engaged players. These players tend to interact more frequently with betting products and show stronger loyalty to the platforms they trust.”

“Regulation also drew a clearer line between grey-market operators and licensed platforms. Many players who were previously using offshore sites have migrated towards regulated products. This did not necessarily expand the total number of gamblers, but it redirected an existing player base into the licensed ecosystem.”

Despite sports betting dominating headlines since the passage of Bill C-218 in 2021, online casino remains the commercial engine of Ontario’s regulated market. iGaming Ontario’s 2024–2025 annual report shows that online casino generated approximately CAD 2.2 billion of the CAD 2.9 billion in total gaming revenue.

In other words, casino accounts for roughly three quarters of the province’s regulated online revenue.

Sports betting reshaped visibility, but casino sustains the economics.

Modern growth appears to be driven less by player acquisition and more by retention and increased engagement within the existing customer base.

A provincial and digital transformation

One reason the national picture can appear contradictory is that Canada does not operate a single gambling model.

Ontario runs a competitive regulated online market with dozens of licensed operators. Other provinces continue to rely primarily on government-operated platforms. Alberta has signalled plans to introduce its own regulated framework.

Since 2018, most of the meaningful growth data has been provincial and digital, not national and survey-based. While participation surveys provide a broad snapshot, provincial market reports reveal how play is evolving in practice.

The shift from retail-based lottery and venue gambling to app-based multi-vertical platforms represents a structural transformation. Gambling is increasingly platform-based, integrated into smartphones and digital ecosystems rather than tied to specific locations.

That structural change helps explain how the industry can grow even without broader participation.

Visibility versus participation

Following the legalisation of single-event sports betting, sportsbook partnerships and advertising have expanded across professional sport. Major leagues, including the National Hockey League, have entered into official betting partnerships at the league level, while Canadian competitions such as the Canadian Football League and Canadian Premier League have also announced sponsorship agreements with licensed operators.

Betting brands now feature prominently in arena signage, broadcast integrations and digital content, embedding gambling directly into the commercial presentation of professional sport.

Dmitry Arabuli, CEO at Tonybet, said: “Ontario regulation made gambling become much more visible in sports broadcasts, live events and daily sports culture. It opened significant opportunities for operators such as Tonybet to do business in Canada legally and build brand awareness through marketing and PR campaigns. For example, Tonybet has previously partnered with the Canadian Premier League and currently works with the Canadian Elite Basketball League.”

Arabuli added that these partnerships help operators connect with highly engaged sports audiences. “These partnerships help strengthen brand awareness, target high-value players, and improve customer retention by building trusted and long-term relationships in the Canadian market.”

Yet fewer Canadians report gambling than two decades ago.

This disconnect between rising visibility and declining participation creates a cultural tension. Gambling is increasingly framed as a routine extension of sport rather than a distinct commercial activity.

For younger audiences in particular, repeated exposure through live broadcasts and social media feeds helps position betting as part of the sporting experience itself, regardless of whether participation is expanding.

Visibility, in other words, is reshaping how gambling is perceived, even if it is not expanding its audience.

Selected examples of publicly announced partnerships, as of 13 March 2026, are outlined below.

Selected Professional Sports Betting and iGaming Partnerships in Canadian Sport

League / Organisation	Betting Partner	Nature of Partnership	Scope
National Hockey League (NHL)	ESPN BET; theScore Bet	Official league betting partner	North America / Canada
Canadian Football League (CFL)	ToonieBet	Official sports betting and casino partner	Canada
Canadian Elite Basketball League (CEBL)	TonyBet	Official online sportsbook partner	Canada
Maple Leafs Sports & Entertainment (MLSE)	Betty	Official online casino partner	Ontario

Sources: Various league and operator press releases; compiled by CasinoCanada.com.

Risk concentration and policy relevance

If growth is increasingly driven by more intensive digital play among a defined group of participants, the social and regulatory implications become more complex.

Market expansion rooted in activity rather than recruitment raises questions about how gambling risk is distributed. A smaller base of highly active players may account for a disproportionate share of wagering volume.

At the same time, regulators are increasingly focused on channelisation, responsible gambling tools and sustainable market design. If the future of Canada’s gambling market depends more on engagement intensity than expanding participation, policy debates may shift accordingly.

The conversation may move away from how many Canadians gamble and towards how gambling is structured, monitored and integrated into daily digital life.

The next phase

Alberta’s regulatory plans suggest Canada’s gambling evolution is not over. But the next stage may not be about expanding participation. It may be about managing a digital market driven by deeper engagement among a smaller group of players.

Canada’s gambling market is no longer expanding simply because more people are playing. It is expanding because the way people play has fundamentally changed.

The paradox remains: fewer players, larger market.

Methodological note: National participation figures are drawn from Statistics Canada surveys conducted in 2002 and 2018. More recent insights are based on publicly available provincial regulator reporting, which measures wagering, revenue and account activity rather than survey participation. As such, national participation trends and provincial activity data are not directly equivalent but are analysed comparatively to assess structural change.

The post Fewer Canadians gamble than 20 years ago. So why is Canada’s market still growing? appeared first on Americas iGaming & Sports Betting News.