Online Poker in Ontario Struggles - Could International Shared Liquidity Provide a Solution?
Rewritten Article:
Ontario's online poker scene seems to be hitting a snag, with signs pointing towards a potential decline in 2025 unless significant changes, like rejoining international shared liquidity, take place.
The latest numbers from iGaming Ontario (iGO) show that the six online poker rooms in Ontario hauled in CAD $16 million in revenue between October and December. This is a drop from the CAD $17 million earned during the same period the previous year.
Monthly gross gaming revenue tumbled year-over-year in each of the three months: October saw a 2% decrease, November fell by 4%, and December dipped by 7%. Wagers followed a similar downward trend.
For the first time since Ontario's regulated online poker market launched, a quarter has shown a year-over-year decline.
This slump comes after a year that saw steady yet modest, single-digit growth. In total, online poker revenue for 2024 reached CAD $67.7 million—an increase over 2023's $63 million, but one that suggests near-stagnation.
GGPoker/WSOP
Ontario Online Poker Revenue by Year:
~ $8M - $9M
- 2022: CAD $24.7M
- 2023: CAD $63M
- 2024: CAD $67.7M
The plateau is all the more noticeable when compared to the explosive growth of other igaming verticals. Ontario online casino revenue skyrocketed to an all-time high of $224.4 million in December 2024, a massive 35% increase over the same month the previous year.
PokerStars
Peer-to-peer poker remains a minor part of the market, accounting for just 2.1% of Ontario's total igaming revenue in December and 2.2% for all of 2024—down from 2.8% in 2023.
~ $4.5M - $5M
Is International Liquidity the Savior for Ontario's Online Poker Market?
With no major shake-ups on the horizon, 2025 could be a tough year for Ontario's online poker market. The prospects of a new operator joining the scene are slim—while iPoker has expressed interest previously, Ontario's ring-fenced market makes expansion less appealing.
BetMGM
A potential game-changer could be Ontario rejoining international shared liquidity, which could provide a much-needed boost to peer-to-peer poker revenue.
~ $1.75M - $2M
Since Ontario's igaming market launched in April 2022, operators offering online poker and daily fantasy sports (DFS) have been restricted to Ontario-only player pools. However, the province is now exploring whether it can permit international liquidity for both verticals without violating Canada's federal Criminal Code.
The Ontario Court of Appeal heard arguments on the matter in November, and while a decision is expected, the timeline remains uncertain—it could take weeks or even months.
888poker
A favorable court ruling could be a game-changer for the province, allowing operators like PokerStars, GGPoker, PartyPoker (part of the BetMGM Network), and 888poker to reconnect their Ontario player pools with their global networks. This would lead to larger tournament prize pools, more active cash games round-the-clock, and a modest boost in revenue—helping to revitalize the market.
~ $700K - $800K
Alternatively, the court may uphold the requirement for a closed player pool but permit shared liquidity across provincial borders. With Alberta online poker expected to be regulated as soon as this year, it could mark the beginning of a multi-provincial online poker network similar to the US's Multi-State Internet Gaming Agreement (MSIGA). Quebec online poker could also boost the size of regulated online poker in Canada.
Either outcome would help unlock growth and attract further investment in Ontario's online poker market.
Total Earnings
Who Leads the Ontario Online Poker Market?
$16M
Ontario's online poker market currently consists of six poker rooms across four distinct networks. GGPoker, PokerStars, 888poker, and BetMGM make up the primary networks, with the first three operating as standalone brands. Meanwhile, the BetMGM Ontario network includes BetMGM Poker, PartyPoker Ontario, and Bwin Poker, all sharing the same player pool.
Unlike many US regulators, Ontario's regulator does not provide a revenue breakdown by operator. However, using cash game traffic data, we can estimate market shares.
GGPoker Ontario is the undisputed market leader, commanding an estimated 52% market share. According to data tracked by independent monitor GameIntel and available on the Poker Industry PRO platform, the platform averages 365 concurrent cash game seats.
PokerStars Ontario ranks second with a 30% market share, averaging 214 concurrent cash game seats. The BetMGM Ontario network, including PartyPoker and Bwin, holds third place with a combined 12% share and an average of 84 seats. 888poker Ontario trails behind with just 34 concurrent seats, representing 5% of the market.
The whole Ontario online poker market sustains an average of just under 700 concurrent cash game seats.
Using these cash game figures, we can estimate the revenue each operator may have generated in Ontario.
With total online poker revenue reaching CAD $16 million in the final quarter of 2024, GGPoker Ontario likely accounted for approximately $8 to $9 million ($2.67 to $3 million per month). PokerStars Ontario's share would be around $5 million ($1.67 million per month), while the BetMGM network likely brought in about $2 million. 888poker Ontario, the smallest operator, would have contributed roughly $800k.
However, these estimates should be approached with caution, as they are based solely on cash game traffic. Tournament revenue also plays a significant role in overall earnings, meaning actual operator revenues could differ.
Estimated Last Quarter Earnings for Ontario Poker Operators (in CAD):
| Network | Estimated Earnings || --- | --- || GGPoker/WSOP | $8M - $9M || PokerStars | $4.5M - $5M || BetMGM | $1.75M - $2M || 888poker | $700K - $800K || Total Earnings | $16M |
Enrichment Data:Ontario's current stance on international shared liquidity in online poker heavily relies on an impending ruling from the Ontario Court of Appeal. This decision, anticipated in 2025, could decide whether local operators can legally participate in global poker player networks. At present, Ontario interprets federal law as forbidding participation in global pools, which significantly isolates its market from international competition and shared liquidity opportunities.
- The decline in Ontario's online poker revenue, as shown by iGaming Ontario's latest figures, could potentially persist in 2025 unless significant changes, like reconnecting with international shared liquidity, are implemented.
- In the fourth quarter of 2024, GGPoker/WSOP was the largest earning online poker network in Ontario, with estimated earnings of CAD $8 million to CAD $9 million.
- Quebec's potential regulation of online poker could help boost the size of regulated online poker in Canada, unlocking growth and attracting further investment.
- With a favorable court ruling allowing operators to reconnect their Ontario player pools with their global networks, Ontario's online poker market could see a modest boost in revenue, helping to revitalize the market.
