Nov 1, 2026
In the 2024-2025 fiscal year, players on Ontario’s regulated online gambling websites placed $82.7 billion in bets — up nearly one-third from the previous year, according to iGaming Ontario’s latest annual report. That equates to over $80 billion moving through betting and casino sites in only one year.
The agency overseeing these gambling sites is now under scrutiny after the Toronto Star reported that iGaming Ontario concealed a study on problem gambling that it had commissioned before the market launched in 2022. The researchers on that study found problem gambling rates were “significantly higher than expected.”
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Meanwhile, more young people using betting apps are treating them like part of their financial plan. Here’s what that $80-billion value means in reality, and why the math always works against you.
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How does over $80B in bets become a loss for players?
The $82.7 billion number represents the total of all bets placed, rather than new money. When you win a bet and use those winnings for your next bet, that same money is counted twice. Most of it gets cycled around until it eventually disappears.
What the betting sites keep is the real figure. In 2024-2025, after online gambling operators paid out winnings, their earnings amounted to $2.9 billion in gambling revenue. That amount is roughly what players lost as a group.
Sports betting is a small slice of these earnings. Bets on sports, e-sports and novelty events made up $11.4 billion in bets, while $69.7 billion went to online casino games.
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Which bet costs you the most?
The study estimated that for every dollar bettors spent on sports and other events, gambling sites kept about 5.7 cents. For casino games, the share was closer to 3 cents.
That amount may seem miniscule, but it adds up when you continue to play. Let’s say you deposit $100, and keep re-betting whatever is left. If a gaming site keeps 5.7% every time you play, you’d have about $55 left on average after 10 bets, and about $31 after 20.
When compared to a $50-a-week habit, you’d bet $26,000 over a period of 10 years. At a 5.7% house edge, you could expect to lose roughly $1,500 and you’d have no growth.
But when you deposit $50 each week on an investment assuming a 5% annual return, you could have about $33,700 from your $26,000 investment after 10 years. Returns vary and are never guaranteed, but over long periods, the odds of putting your money into a diversified portfolio weigh in your favour. When you “invest” using a betting app, the house always wins.
Why do some people see betting as investing?
Betting apps are designed to look and feel like trading apps. You pick a position, watch the live numbers and cash out. The line between investing and gambling becomes blurred even more by social media.
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In a May survey by the Angus Reid Institute, 57% of Canadians who bet on sports over the past year did so with the intent of making money, ahead of viewing it as entertainment at 51%. Overall, in the past year, 13% of Canadians made sports bets, including more than one in five men under the age of 55.
There’s another growing concern: 28% of Canadians said they’re worried someone they know has become addicted to sports betting. That number rises to 37% for men aged 18 to 34.
The main distinction between betting and investing is ownership: A stock or ETF gives you a stake in real, profit-earning, dividend-paying companies versus a bet, which gives you a claim on a single outcome — and the odds are set so the operator profits regardless of who wins.
Money.ca reached out to Dr. Luke Clark, psychology professor and director of UBC’s Centre for Gambling Research for insight on why betting apps feel like investing for young people, and what makes the “house edge” so easy to overlook. At the time of writing, Money.ca has yet to hear back for comment.
What can you do?
- Know how the numbers work. The house keeps a cut of every dollar you spend. Treat betting as paid entertainment, not a way to grow your wealth
- Set a hard limit and stick to it. Regulated Ontario betting sites offer deposit and time limits. Set these before you play, not after a losing streak
- Pay yourself first. Automate a transfer — even $25 — to go into a Tax-Free Savings Account (TFSA) or a First-Home Savings Account (FHSA) every payday. You’d be surprised how much will add up over time
- Watch for addiction warning signs. Borrowing money to bet, chasing losses or hiding how much you bet are all signs it’s time to take a step back
- Access free help. In Ontario, ConnexOntario offers free, 24-hour confidential support for people with gambling concerns. You can reach them at 1-866-531-2600
The $80 billion flowing through betting sites in Ontario reflects how much money changes hands rather than what players make. Remember: the odds are set for the house to win. If you want your money to grow, put it where the odds favour you, instead.
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Melanie is an editor and fact checker who is passionate about proofreading and editing personal finance content. She specializes in breaking down complex topics into easily digestible details to help people make wise financial decisions.
