Ontario’s regulated iGaming sector has seen substantial growth

By Julieta Belen Correa

January 10th, 2025

Burlington, ON

Ontario’s regulated iGaming sector has seen substantial growth since inception, with recent figures indicating about $14 billion in bets over the reporting period. This environment has attracted multiple industry players looking to expand their presence.

Golden Matrix Group, known for B2B and B2C gaming technology, has now applied for a license that would allow its subsidiary, Expanse Studios, to enter the Ontario iGaming scene. This attempt to gain a foothold comes as companies increasingly look for ways to broaden their offerings in Canada through online games, where regulated platforms give them a chance to interact with a strong pool of players who appreciate quality gaming experiences.

According to iGaming expert Andreea Stanescu, some of the best online casinos abroad are also accessible to Canadians. These platforms provide even stiffer competition for local offerings as they often operate with fewer restrictions and are therefore able to provide features like anonymous gambling, easier registrations, higher limits, and more expansive payment methods that include cryptocurrency.

However, despite that competition, locally registered have been performing exceptionally. Golden Matrix’s interest in Ontario is part of a push that began early this year. The company believes that approval could significantly influence its revenue streams, though it acknowledges the complexity and time typically required to receive the regulatory go-ahead.

Approval times can range from six to 12 months, and it is not guaranteed. Still, the region’s structure makes it appealing for operators capable of meeting requirements and providing content that can stand out among existing competitors.

Expanse Studios, operating under the Golden Matrix umbrella, already has a presence in more than 50 regulated gaming jurisdictions. These include a broad mix of slot titles, table games, crash games, and social casino offerings. Access to Ontario would allow the studio to introduce its suite of games to a new, sizable audience.

According to Expanse CEO Damjan Stamenkovic, completing the filing is a critical milestone that underscores the brand’s commitment to competing in major regulated markets and delivering top-tier content to players. Observers suggest that the company’s strong track record in other jurisdictions could help it secure player interest.

Before finalizing its application, Expanse Studios sought guidance from Canadian regulatory specialists Segev LLP. Representing the brand, Managing Partner Alon Segev praised the studio’s focus on compliance and standards. If the studio’s games make their way into Ontario’s ecosystem, they may help diversify the local catalogue, encouraging further competition.

Golden Matrix’s performance adds context to this strategic move. In Q3 2024, the company reported its highest-ever revenue of $41 million—an 85% annual increase—attributing the jump to strategic initiatives and strength in both products and teams.

Beyond Ontario, Golden Matrix has filed for permission to operate as a B2B provider in Brazil’s emerging market. Its Meridianbet acquisition for an estimated $300 million USD ($430 million CAD) demonstrates the group’s confidence in tapping multiple jurisdictions as they become available.

Ontario’s move toward regulated iGaming came at a time when Canadian gambling laws were shifting. Following the passage of Bill C-218 in 2021, single-event sports betting became an option, expanding the scope of wagers beyond traditional parlay formats.

The Ontario market stands out for encouraging third-party providers to introduce new experiences, contributing to a diverse set of regulated offerings for consumers across the province and the country.