The gambling stocks Canada investors can buy fall into three groups: a handful of companies listed in Toronto, large American casino and sportsbook operators, and global suppliers of games and data. This page explains each group in plain terms. If you want to play rather than invest, our list of licensed online casinos in Canada covers the sites we have reviewed.
Nothing here is investment advice. We describe the companies, what they earn money from and the risks they face, and we do not quote share prices, which change by the minute.
| Company | Ticker and exchange | What it does |
|---|---|---|
| NorthStar Gaming Holdings | BET, TSX Venture | Runs NorthStar Bets, an Ontario casino and sportsbook |
| Bragg Gaming Group | BRAG, TSX and Nasdaq | Supplies online casino content and platforms |
| Pollard Banknote | PBL, TSX | Prints instant lottery tickets and runs iLottery systems |
| Jackpot Digital | JJ, TSX Venture | Builds electronic table games for casinos |
| Flutter Entertainment | FLUT, NYSE | Owns FanDuel, PokerStars, Betfair and Paddy Power |
| DraftKings | DKNG, Nasdaq | Runs a sportsbook, online casino and fantasy sports |
| Penn Entertainment | PENN, Nasdaq | Owns casinos and theScore Bet |
| MGM Resorts International | MGM, NYSE | Runs Las Vegas, regional and Macau casino resorts |
What are the gambling stocks Canada investors can buy?
Gambling stocks are shares in companies that earn money from betting. The gambling stocks Canada investors look at include casino operators, online sportsbooks, lottery suppliers, slot makers, live casino studios, sports data firms and landlords that own casino buildings.
Each type earns money in a different way. A casino operator keeps the house edge on every bet. A slot maker sells or leases machines and takes a share of their revenue.
A sports data company sells official odds and live data to sportsbooks. A real estate trust collects rent from the casino operators who use its buildings.
That spread matters to an investor. Two companies can both be “gambling stocks” and still react very differently to the same news.
What are the gambling stocks Canada lists on its own exchanges?
The gambling stocks Canada’s own exchanges list are small in number and size. NorthStar Gaming trades on the TSX Venture Exchange, Bragg Gaming and Pollard Banknote trade on the Toronto Stock Exchange, and Jackpot Digital trades on the TSX Venture Exchange.
Bragg also has a Nasdaq listing, so American investors can buy it in US dollars.
Canada’s biggest gambling businesses are not listed at all. Provincial lottery corporations such as OLG, BCLC and Loto-Québec are Crown corporations owned by governments.
That leaves Canadian investors who want large gambling companies looking south of the border or overseas. Most of the sector’s big names trade in New York, London, Stockholm or Sydney.
What does NorthStar Gaming do?
NorthStar Gaming Holdings runs NorthStar Bets, a casino and sportsbook platform for Ontario’s regulated market. It is a rare pure Canadian online operator among the gambling stocks Canada offers, and it is headquartered in Toronto.
The company trades on the TSX Venture Exchange under the ticker BET. Its company profile on Yahoo Finance says it runs sports betting and online casino gaming in Canada and also offers managed services.
NorthStar competes in a crowded market. Ontario had 49 operators running 84 gaming sites by the end of its third open-market year, according to iGaming Ontario.
Small operators face big rivals with deep marketing budgets. That makes a company like NorthStar a higher-risk holding than a large international group.
What does Bragg Gaming Group do?
Bragg Gaming Group is a Toronto-based supplier of online casino content and technology. Among the gambling stocks Canada lists, it is the main business-to-business iGaming company, selling games and platforms to online casino operators rather than taking bets itself.
Its products include Bragg PAM, a player account management platform, Bragg HUB for delivering games, and Fuze, a tool for gamification and player engagement.
Yahoo Finance’s profile lists operations in Malta, the Netherlands, the United States, Brazil and other markets. The company was once called Rockies Financial Corporation before it took the Bragg name.
A supplier earns from dozens of operators at once. That spreads its risk, but it also ties its growth to how fast regulated online markets open around the world.
What does Pollard Banknote do?
Pollard Banknote prints instant lottery tickets and runs digital lottery systems for lottery operators in Canada, the United States and abroad. It is the oldest of the gambling stocks Canada’s exchanges list, with roots in a Winnipeg printing firm founded more than a century ago.
Wikipedia traces the company to the Saults & Pollard printing business in Winnipeg. It moved into security printing and began printing lottery tickets for government lotteries.
Today its products include instant tickets, eInstants for online play, iLottery platforms under the Catalyst brand and ticket vending machines.
It also makes charitable gaming products such as pull-tab tickets, bingo paper and daubers. Yahoo Finance lists about 2,500 full-time employees.
What does Jackpot Digital do?
Jackpot Digital is a Vancouver company that develops, sells and leases electronic table games to casinos, including the Jackpot Blitz digital smart table. It is the smallest of the gambling stocks Canada’s exchanges list, with 17 full-time employees in its Yahoo Finance profile.
The company was once called Las Vegas From Home.com Entertainment before it took the Jackpot Digital name.
Electronic tables let casinos run poker and other games without a live dealer at each table.
Micro-cap stocks like this one can swing sharply on small news. They also trade thinly, which can make buying or selling at a fair price harder.
What happened to Great Canadian Gaming?
Great Canadian Gaming, once the best-known of the gambling stocks Canada listed, was taken private by Apollo Global Management and now operates as Great Canadian Entertainment. Its casinos no longer trade as a public stock in Toronto.
The company runs casinos across Canada, including in Ontario and British Columbia.
Recent industry news shows it selling British Columbia casinos to First Nations. Gaming news sites report that the Tsleil-Waututh Nation agreed to buy Vancouver’s Hastings Casino and the Snuneymuxw First Nation agreed to buy two more.
Old quote pages for its former ticker still appear in search results. They show the company’s history, not a stock you can buy today.
What happened to theScore and The Stars Group?
Both Toronto companies left the gambling stocks Canada lists after larger foreign groups bought them. Score Media and Gaming, the maker of theScore app and theScore Bet, is now a subsidiary of Penn Entertainment. The Stars Group, owner of PokerStars, merged with Flutter Entertainment.
The Stars Group traded on Nasdaq and the Toronto Stock Exchange before the deal. It ran PokerStars, Full Tilt Poker, BetStars and Fox Bet.
PokerStars was once the largest real-money online poker site in the world, with over two thirds of the online poker market.
These deals are why the gambling stocks Canada has today are small. The country’s biggest online gambling success stories now sit inside American and Irish companies.
Which American names lead the gambling stocks Canada investors watch?
The American gambling stocks Canada investors see most often on lists are DraftKings, Penn Entertainment, MGM Resorts, Las Vegas Sands, Wynn Resorts, Boyd Gaming, Bally’s, Sportradar and Gaming and Leisure Properties. Those nine make up Finder Canada’s list of gambling stocks to watch.
Finder notes that the list leans toward mid- and large-cap companies and is not a recommendation.
Finder names Questrade, Qtrade and CIBC Investor’s Edge as Canadian brokers where you can buy them.
Most of these stocks trade in US dollars. A Canadian buyer pays a currency conversion on the way in and again on the way out, unless the account holds US dollars.
How do the big gambling stocks Canada investors follow compare on revenue?
MGM Resorts and Las Vegas Sands bring in the most revenue among the gambling stocks Canada investors follow, but profit margins vary widely. Finder’s snapshot shows three of the six losing money over the trailing year.
| Company | Revenue, trailing 12 months | Profit margin |
|---|---|---|
| MGM Resorts International | US$17.8 billion | 2.40% |
| Las Vegas Sands | US$13.7 billion | 12.59% |
| Penn Entertainment | US$7.2 billion | -12.66% |
| DraftKings | US$6.2 billion | -2.68% |
| Boyd Gaming | US$4.1 billion | 44.34% |
| Bally’s | US$3.0 billion | -25.83% |
These figures come from Finder Canada, as of the market close in early October. They will change with every quarterly report.
A negative margin means the company lost money over the period. Large one-time items, such as asset sales, can also push a margin far above normal.
What does DraftKings do?
DraftKings is a Boston-based sports betting and gaming company. Among the gambling stocks Canada investors can buy on Nasdaq, it is one of the purest plays on online betting, with a sportsbook, online casino, daily fantasy sports and digital lottery services.
Finder’s profile says DraftKings offers online and retail sports betting, daily fantasy sports, digital lottery couriers and prediction markets.
Its online casino includes blackjack, roulette, baccarat and slots.
DraftKings operates in Ontario’s regulated market. It reported trailing revenue of about US$6.2 billion in Finder’s snapshot, with a small negative margin.
What does Flutter Entertainment own?
Flutter Entertainment owns FanDuel, PokerStars, Betfair, Paddy Power, Sky Betting & Gaming and Sportsbet. Wikipedia calls it the world’s largest online betting company. For gambling stocks Canada investors can buy, it offers the widest global reach in one share.
Flutter is an Irish-American group. Its main listing is on the New York Stock Exchange, with a secondary listing in London.
FanDuel runs a sportsbook, daily fantasy sports, horse racing betting and an online casino. It is headquartered in New York City.
Flutter has a direct Canadian link. PokerStars came to it through the merger with The Stars Group, the former Toronto-based company.
What does Penn Entertainment do?
Penn Entertainment runs casinos and racetracks in the United States, plus online betting in Ontario through theScore Bet. It is one of the gambling stocks Canada investors know best because it owns Toronto’s Score Media and Gaming, the company behind theScore app and theScore Bet.
Wikipedia says Penn operates 43 properties in 20 states under brands such as Hollywood Casino, Ameristar and Boomtown.
Finder lists five segments: Northeast, South, West, Midwest and Interactive. Its online brands include theScore Bet, theScore Casino and Hollywood Casino.
Penn also runs PENN Game Studios, an in-house content studio, and the PENN Play loyalty program. Finder’s snapshot showed a negative margin over the trailing year.
What does MGM Resorts International do?
MGM Resorts runs casino resorts in Las Vegas, other American states and Macau, plus an online business. Among the gambling stocks Canada investors follow, it has the largest revenue in Finder’s snapshot, about US$17.8 billion over the trailing year.
Its Las Vegas properties include the Bellagio, Mandalay Bay, MGM Grand and Park MGM.
Finder lists four segments: Las Vegas Strip Resorts, Regional Operations, MGM China and MGM Digital.
Outside the United States, Wikipedia lists MGM resorts in Macau and in Chinese cities including Shanghai, Chengdu, Hangzhou and Sanya.
What does Caesars Entertainment do?
Caesars Entertainment runs more than 50 hotel and casino properties and is based in Reno, Nevada. It sits on MarketBeat’s list of casino gambling stocks Canada investors can compare, alongside MGM, Wynn and Las Vegas Sands.
The company used to be called Eldorado Resorts. Eldorado bought Caesars Entertainment Corporation and took the Caesars name.
Caesars Palace in Las Vegas is its best-known property.
The company also runs an online sportsbook and casino brand under the Caesars name in American states where they are legal.
What does Las Vegas Sands do?
Despite its name, Las Vegas Sands now runs its resorts in Macau and Singapore. It sold its Las Vegas properties, so among the gambling stocks Canada investors can buy, it is a pure bet on Asian casino tourism.
Its Macau resorts include The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and the Sands Macao. In Singapore it owns Marina Bay Sands.
Sands China, which runs the Macau business, is a majority-owned subsidiary.
The company traces back to the Sands Hotel on the Las Vegas Strip, which Sheldon Adelson and partners redeveloped as The Venetian. Finder’s snapshot showed a 12.59% profit margin.
What does Wynn Resorts do?
Wynn Resorts builds and runs high-end hotels and casinos in Las Vegas, Macau and Massachusetts. It is one of the luxury-focused gambling stocks Canada investors can buy on Nasdaq.
Steve Wynn founded the company after leading Mirage Resorts. Craig Billings is now its chief executive.
Finder lists four segments: Wynn Palace, Wynn Macau, Las Vegas Operations and Encore Boston Harbor.
Wynn Palace includes private gaming salons, sky casinos, a luxury hotel tower and a performance lake. High-end resorts like these depend on wealthy travellers, which ties results to tourism.
What does Boyd Gaming do?
Boyd Gaming runs casinos for local customers and tourists and has an online casino business. Finder describes it as a multi-jurisdictional gaming company in the United States and Canada, which makes it one of the gambling stocks Canada investors may recognise from home.
Boyd is based in Paradise, Nevada. Its segments include Las Vegas Locals, Downtown Las Vegas, Midwest and South, and Online.
It also owns Boyd Interactive and runs a travel agency.
Finder’s snapshot showed a very high profit margin, 44.34%. A figure that high often reflects a one-time gain, so check the company’s own report before relying on it.
What does Bally’s Corporation do?
Bally’s runs casinos across American states, a casino in the United Kingdom and the Bally Bet sportsbook and online casino. It is among the smaller gambling stocks Canada investors can buy, and Finder’s snapshot showed a negative margin.
Bally’s is headquartered in Providence, Rhode Island. Wikipedia lists 19 American casinos across 11 states, a horse track in Colorado and a golf course in New York.
In Australia, Bally’s operates through its Star Entertainment Group subsidiary.
Finder notes that Bally Bet holds licences in 16 North American jurisdictions. The company also holds a majority interest in Bally’s Intralot.
What does Churchill Downs do?
Churchill Downs Incorporated owns the Louisville racetrack that hosts the Kentucky Derby, plus casinos and an online wagering business. It appears on MarketBeat’s list of casino gambling stocks Canada investors can compare.
The company grew from one racetrack into a group spread across American states.
Its online wagering business takes bets on horse racing.
Horse racing ties it to a different set of rules than casinos. Pari-mutuel betting pools bets and takes a cut, rather than betting against the player.
What does Red Rock Resorts do?
Red Rock Resorts is the listed holding company that owns part of Station Casinos, a Las Vegas locals casino operator. Among the gambling stocks Canada investors can buy, it is a bet on Las Vegas residents rather than tourists.
Station Casinos was founded by Frank Fertitta Jr. and is based in Summerlin South, near Las Vegas.
Wikipedia says Station Casinos, Affinity Gaming, Boyd Gaming and Golden Entertainment dominate the Las Vegas locals market.
The company bought gaming-entitled sites, land where large casinos can be built without extra approvals. Only a limited number of these sites exist around Las Vegas.
Which casino suppliers count among the gambling stocks Canada investors buy?
Light & Wonder, Aristocrat Leisure, International Game Technology and Evolution are the big casino suppliers. These gambling stocks Canada investors can buy do not run casinos. They make the slot machines, lottery systems and live dealer games that casinos use.
| Supplier | Home base | Main products |
|---|---|---|
| Light & Wonder | Nevada, United States | Slot machines and casino products, formerly Scientific Games |
| Aristocrat Leisure | Sydney, Australia | Gaming machines, casino systems, online games, social casino |
| International Game Technology | London, United Kingdom | Slot machines, lottery technology |
| Evolution | Stockholm, Sweden | Live casino software for online operators |
Suppliers sell to dozens of operators, so they do not depend on any single casino’s success.
Their growth depends on new markets opening and on operators replacing old machines.
What does Evolution do?
Evolution is a Stockholm company that develops and licenses live casino software to online operators. Its studios stream real dealers running blackjack, roulette, baccarat and game shows. It is the live casino leader among the gambling stocks Canada investors can buy, on the Stockholm exchange.
Evolution sells to operators, not players. Each casino that offers its tables pays to use them.
Live dealer games took 32% of Ontario’s online casino wagers in the market’s first year, according to iGaming Ontario. That gives a sense of the demand Evolution serves.
Our page on live blackjack in Canada shows what these studio games look like from the player’s side.
What does Light & Wonder do?
Light & Wonder makes gambling products and services, from slot machines to online games. It was formerly called Scientific Games. Among supplier gambling stocks Canada investors follow, it is one of the largest American names.
The company is headquartered in Enterprise, Nevada, with a Las Vegas mailing address.
Suppliers like Light & Wonder earn from selling machines, leasing them for a share of revenue and licensing games to online casinos.
A hit slot title can run in thousands of casinos and online lobbies at once, which is what makes these companies scale.
What does Aristocrat Leisure do?
Aristocrat Leisure is an Australian maker of electronic gambling machines, casino management systems, online real-money gambling technology, iLottery products and social casino games. It trades in Sydney, so it is one of the overseas gambling stocks Canada investors reach through a global broker.
Its administrative and research headquarters sit in North Ryde, a Sydney suburb.
It has marketing and development offices in South Africa and the United States, among other places.
Its social casino games earn money without real-money betting. Players buy virtual coins, which gives Aristocrat revenue outside gambling regulation.
What does International Game Technology do?
International Game Technology, known as IGT, is one of the supplier gambling stocks Canada investors can buy, making slot machines and lottery technology. It began as the Italian companies Gtech and Lottomatica and is headquartered in London, with offices in Rome, Providence and Las Vegas.
Wikipedia says the De Agostini group controls IGT with a 42% stake.
Lottery technology is a steady business. Governments sign long contracts for systems and terminals, which gives suppliers predictable revenue.
For gambling stocks Canada investors weigh, lottery suppliers are usually less volatile than online sportsbooks.
Which sports data firms belong among the gambling stocks Canada investors buy?
Sportradar and Genius Sports are the two big sports data companies. These gambling stocks Canada investors can buy on American exchanges sell official data, live odds, streaming and integrity monitoring to sportsbooks, leagues and media companies.
Sportradar is based in Switzerland. Finder’s profile lists betting technology, live odds, managed trading services, virtual sports and integrity services among its products.
Genius Sports provides data management, video streaming and integrity services to leagues, bookmakers and media.
Integrity services watch betting patterns for signs of match fixing. Licensed sportsbooks rely on them to spot suspicious bets.
Why do sports data companies matter to sportsbooks?
Sportsbooks need fast, official data to price live bets. Data companies buy rights from leagues and resell the feeds. That makes them a “picks and shovels” option among gambling stocks Canada investors can buy, earning from every sportsbook rather than from betting results.
In-play betting changes odds second by second. Without live data, a sportsbook cannot offer those markets.
League rights deals are the main cost. Losing a major league contract can hurt a data company’s revenue.
Sports betting in Ontario reached $11.4 billion in wagers in the open market’s third year, according to iGaming Ontario. Every one of those bets relied on a data feed.
What does sports integrity work involve?
Sports integrity work means watching betting markets for signs of match fixing and helping leagues protect their competitions. Sportradar sells monitoring, intelligence, education, consultancy, rights protection and regulatory services, which makes integrity a business line for data-focused gambling stocks Canada investors can buy.
When a betting pattern looks suspicious, integrity teams alert sportsbooks, leagues and regulators.
Sportradar also sells performance tools to teams and leagues, such as competition management, official data collection and video analysis.
Integrity services matter more as legal betting spreads. Every new regulated market, including Alberta’s, needs a way to flag fixed games.
What are gaming real estate stocks?
Gaming real estate stocks are trusts that own casino buildings and lease them to operators. Gaming and Leisure Properties is on Finder’s list of gambling stocks Canada investors watch. It collects rent rather than betting revenue.
Gaming and Leisure Properties uses triple-net leases. The tenant pays maintenance, insurance, taxes and utilities on the property.
The company is based in Wyomissing, Pennsylvania.
Landlord stocks depend on tenants paying rent. A tenant’s casino can lose money for a year and still pay, which makes this group steadier than operators.
Which gambling stocks Canada investors buy focus on Macau?
Las Vegas Sands, Sands China, Wynn Resorts, Galaxy Entertainment and MGM Resorts all have major Macau businesses. For gambling stocks Canada investors can buy, Macau exposure ties results to Chinese tourism and policy.
Casino gambling is legal in Macau but not on the Chinese mainland.
Sands China is the Macau arm of Las Vegas Sands. Galaxy Entertainment runs its Macau hotels and casinos through Galaxy Casino.
Wynn runs Wynn Palace and Wynn Macau there, and MGM runs MGM China. Changes in Macau’s licensing rules or China’s travel policy can move all of these stocks at once.
What does Galaxy Entertainment do?
Galaxy Entertainment Group owns and runs hotels and casinos in Macau through its subsidiary, Galaxy Casino. It trades in Hong Kong, so among gambling stocks Canada investors consider, it needs a broker with access to the Hong Kong exchange.
Galaxy competes in Macau with Sands China, Wynn Macau and MGM China.
Unlike the American groups, Galaxy is focused on Macau rather than spread across countries.
That focus makes it a direct bet on Macau’s visitor numbers and on the rules China sets for travel to the city.
Hong Kong shares trade in Hong Kong dollars, which adds a currency step for Canadian buyers on top of the broker’s access fees.
Are there gambling ETFs Canadians can buy?
Yes. ETF Database lists American-listed gambling ETFs such as the Roundhill Sports Betting & iGaming ETF (BETZ), the Corgi Sports Betting & Gambling ETF (ODDZ) and the Pacer BlueStar Digital Entertainment ETF (ODDS). Canadians can buy these gambling stocks Canada-wide through brokers that offer US-listed funds.
An ETF holds a basket of gambling stocks Canada investors would otherwise buy one by one.
ETF Database ranks these funds by gambling involvement, the share of each fund invested in companies tied to gambling.
Broader funds such as the First Trust S-Network Streaming and Gaming ETF (BNGE) mix gambling with video games and streaming, so their gambling share is lower.
What is the Roundhill Sports Betting & iGaming ETF?
The Roundhill Sports Betting & iGaming ETF, ticker BETZ, holds companies in sports betting and online casino gambling. It is the best-known fund for gambling stocks Canada investors can buy as a group, and it has traded for more than five years.
ETF Database files it under consumer discretionary equities.
Funds like BETZ hold operators, suppliers and data companies together. That spreads company risk but not sector risk.
If regulation tightens across the industry, a gambling ETF falls with it. Diversification within one sector has limits.
How do you buy the gambling stocks Canada investors follow?
To buy gambling stocks Canada residents open an account with an online broker, fund it, search the ticker and place an order. Finder’s five steps are research the sector, choose a platform, open and fund an account, pick the stock and then monitor it.
- Research the company’s revenue, debt, markets and regulation.
- Choose a broker and compare trading fees and currency costs.
- Open the account and link a bank account to fund it.
- Search the ticker, such as BRAG, DKNG or MGM.
- Place the order and review the company’s quarterly results.
Bank-owned and discount brokers in Canada offer TSX, TSX Venture and American stocks.
Shares listed in Stockholm or Sydney need a broker with access to those exchanges.
Can gambling stocks Canada investors buy go in a TFSA or RRSP?
Yes. Shares listed on designated stock exchanges, which include the TSX, the TSX Venture Exchange, the NYSE and Nasdaq, qualify for a TFSA or RRSP. That covers almost all of the gambling stocks Canada investors are likely to buy.
Gains inside a TFSA are tax-free, and gains inside an RRSP grow tax-deferred.
American dividends are taxed differently in each account. The United States usually withholds 15% of dividends paid to Canadians under the tax treaty.
That withholding does not apply inside an RRSP, but it does apply inside a TFSA. Check with your broker or a tax adviser before choosing an account.
Are gambling winnings and gambling stock gains taxed the same way?
No. Recreational gambling winnings are generally not taxed in Canada, but profits from selling gambling stocks are capital gains. Dividends from gambling stocks Canada investors hold outside registered accounts are also taxable.
The difference comes from how the tax system treats each activity. A casual win is a windfall. A share sale is an investment.
Professional gamblers who earn a living from betting can be taxed on winnings. That is a separate case.
Keep records of every purchase and sale. You will need the cost of each share to calculate a gain or loss.
Do the gambling stocks Canada investors buy pay dividends?
Certain gambling stocks Canada investors buy pay dividends and others do not. Real estate trusts like Gaming and Leisure Properties are built to pay out most of their income, while growth-focused online operators such as DraftKings usually reinvest instead.
American real estate investment trusts must distribute most of their taxable income to shareholders. That makes casino landlords a common choice for income investors.
Casino resort companies set their own dividend policies. They can cut or suspend payments when travel slows.
Check the latest dividend record on your broker’s research page before you buy for income.
What moves the gambling stocks Canada investors hold?
Gambling stocks move on regulation, earnings, tourism, interest rates and, for sportsbooks, sports results. The gambling stocks Canada investors hold can rise or fall sharply when a new market opens or a tax rate changes.
Finder lists trade policies, regulation and supply and demand among the factors that drive the sector.
Casino resorts depend on travel. Online operators depend on new states and provinces legalizing play.
Sportsbooks also depend on luck in the short term. A run of results that favour bettors can cut a quarter’s revenue.
How does regulation affect the gambling stocks Canada investors own?
Regulation decides where gambling companies can operate and the tax they pay. For gambling stocks Canada investors follow, a new legal market can add revenue, while a tax hike or advertising ban can cut it.
Ontario’s open online market let private operators like DraftKings, FanDuel, BetMGM and theScore Bet compete for Canadian players.
Alberta has followed. Its regulated online market opened on July 13 with 22 operator sites live on day one, according to European Gaming.
Advertising rules also matter. Ontario’s regulator banned athletes from online gambling ads, except in responsible gambling messages. Our page on Ontario online gambling laws covers the rules operators work under.
How big is Canada’s online gambling market for listed companies?
Ontario’s open market took over $103 billion in wagers and more than $4.2 billion in gaming revenue in its fourth year, according to iGaming Ontario. That revenue is the prize the gambling stocks Canada investors follow are competing for.
The market grew from $1.4 billion in gaming revenue in its first year.
That growth explains why operators from the United States and Europe entered Ontario early.
Our page on gambling statistics in Canada breaks the market down by year, game and sport.
Why is Ontario important for gambling stocks?
Ontario was the first province with a fully open, competitive online market, and it is still the largest, so it is where listed gambling companies earn most of their Canadian online revenue. The gambling stocks Canada investors own report Ontario results inside their wider numbers.
Ontario had 49 operators and 84 sites by the end of its third market year.
Players there mostly use regulated sites. An Ipsos study found 91.1% of Ontario online gamblers played on regulated sites.
That high share means less money leaks to offshore sites. It is good news for licensed operators.
What risks do the gambling stocks Canada investors hold carry?
The main risks for gambling stocks Canada investors hold are regulation changes, competition, heavy marketing costs, debt, travel slowdowns and public pressure over problem gambling. Finder warns that the sector is subject to changing market and industry conditions.
- Regulation: tax rates and advertising rules can change quickly.
- Competition: online markets can hold dozens of operators chasing the same players.
- Marketing: sportsbooks spend heavily to win customers.
- Debt: casino resorts carry large loans for construction.
- Travel: Las Vegas and Macau depend on visitors.
- Reputation: governments can tighten rules in response to gambling harm.
Small companies add another risk: thin trading that makes prices jump on small orders.
Are the gambling stocks Canada investors buy a good investment?
Gambling stocks can make money, but like any stock they carry risk. Finder stresses that its list of gambling stocks Canada investors watch is for information only and is not advice, and that no investment performance is guaranteed.
The answer depends on your goals. Income investors may prefer landlords. Growth investors may look at online operators.
Owning a gambling stock is not the same as gambling. You own part of the business that keeps the house edge.
Still, a single stock can lose most of its value. Spread your money and only invest what you can leave untouched for years.
Are gambling stocks “sin stocks”?
Yes. Gambling stocks are often grouped with alcohol and tobacco as sin stocks. ETF Database lists gambling under social issues in its ESG investing section, and certain ethical funds avoid gambling stocks Canada investors can otherwise buy.
ESG funds score companies on environmental, social and governance measures.
Gambling companies can score poorly on the social side because of addiction risk.
If you want ethical funds, check whether they screen out gambling. If you want gambling exposure, check that your fund includes it.
What does Alberta’s new market mean for gambling stocks?
Alberta’s regulated online market opened on July 13 with 22 operator sites live on day one, making it Canada’s second open iGaming province after Ontario. For gambling stocks Canada investors follow, it adds a second provincial market for listed operators and suppliers.
European Gaming reported that more than 50 online sports betting and casino sites had been licensed, along with almost 60 gaming system providers and 14 platform providers.
Light & Wonder said it went live on day one. Private companies such as bet365 and Pragmatic Play also entered.
The Alberta Gaming, Liquor and Cannabis Commission regulates the market, and the Alberta iGaming Corporation oversees it. Private sites compete with the government’s Play Alberta platform.
How does Alberta share online gambling revenue?
For gambling stocks Canada investors hold, the key Alberta number is the revenue split. The province allocates 80% of net iGaming revenue to operators and keeps 20% for the government, according to the province. Funding for First Nations and social responsibility, totalling 3% of gross gaming revenue, comes off the top first.
That split shapes the profit operators can earn in the province, and so the value of Alberta to the gambling stocks Canada investors own.
The province estimates that unregulated operators captured about 70% of Alberta’s online gambling market before regulation.
Moving those players to licensed sites is the main growth story. Ontario’s experience suggests it can work: its regulated share reached 91.1% in the latest Ipsos study.
Which exchanges list the main gambling stocks Canada investors buy?
Most large gambling stocks Canada investors buy trade on Nasdaq or the New York Stock Exchange. The Canadian names trade on the TSX or the TSX Venture Exchange, and certain suppliers trade in Stockholm or Sydney.
| Company | Ticker | Exchange |
|---|---|---|
| DraftKings | DKNG | Nasdaq |
| Penn Entertainment | PENN | Nasdaq |
| Wynn Resorts | WYNN | Nasdaq |
| Caesars Entertainment | CZR | Nasdaq |
| Churchill Downs | CHDN | Nasdaq |
| Sportradar | SRAD | Nasdaq |
| Gaming and Leisure Properties | GLPI | Nasdaq |
| MGM Resorts International | MGM | NYSE |
| Las Vegas Sands | LVS | NYSE |
| Boyd Gaming | BYD | NYSE |
| Bally’s | BALY | NYSE |
| Flutter Entertainment | FLUT | NYSE |
| Pollard Banknote | PBL | TSX |
| Bragg Gaming Group | BRAG | TSX and Nasdaq |
| NorthStar Gaming | BET | TSX Venture |
| Jackpot Digital | JJ | TSX Venture |
MarketBeat’s casino comparison also lists Monarch Casino (MCRI) and Full House Resorts (FLL) on Nasdaq.
What is the difference between B2B and B2C gambling stocks?
B2C gambling companies take bets from players, while B2B companies sell games, platforms or data to those operators. Among gambling stocks Canada lists, NorthStar is B2C and Bragg is B2B.
B2C operators keep the house edge but spend heavily on marketing to win players.
B2B suppliers earn a smaller share per bet but sell to every operator in a market at once.
When a new market such as Alberta opens, B2B suppliers can win on day one, before any operator has proved it can make money.
What are market caps, and why do they matter?
Market cap is the total value of a company’s shares. Large-cap gambling stocks Canada investors buy, such as Las Vegas Sands or Flutter, are usually steadier. Small-cap and micro-cap names, like the TSX Venture listings, can swing far more.
You calculate market cap by multiplying the share price by the number of shares outstanding.
Finder weights its list toward mid- and large-cap stocks for this reason.
Small companies can also issue new shares to raise money. That dilutes existing shareholders.
How does the US dollar affect the gambling stocks Canada investors buy?
Most gambling stocks Canada investors buy trade in US dollars, so the exchange rate affects your return. If the US dollar falls against the Canadian dollar, your Canadian-dollar return falls too, even if the share price holds.
The reverse also applies. A stronger US dollar adds to your return when you convert back.
Brokers charge a currency conversion fee on each exchange. Certain Canadian brokers let you hold US dollars in the account to avoid converting twice.
Canadian-listed names like Pollard Banknote trade in Canadian dollars and avoid this issue.
Are there gambling stocks tied to prediction markets?
Yes. Among gambling stocks Canada investors follow, Finder’s profile of DraftKings lists prediction markets among its products. Yogonet also reported that TMX Group, the parent company of the Toronto Stock Exchange, is eyeing a prediction markets expansion in Canada.
Prediction markets let users trade contracts on the outcome of events, from elections to sports results.
Regulators are still deciding how to treat them. American states and federal agencies have clashed over whether they count as gambling.
That uncertainty adds another risk factor to the gambling stocks Canada investors hold that offer these products.
What do you check before buying gambling stocks Canada investors like?
Before buying any of the gambling stocks Canada investors can reach, check the company’s financial health, leadership and market position, as Finder advises. Look at revenue growth, profit margin, debt and where its customers are.
- Revenue trend over the last four quarters.
- Profit margin and whether it is improving.
- Debt level compared with cash flow.
- Which markets the company depends on.
- Pending regulation in those markets.
- Dividend history, if you invest for income.
Read the company’s own quarterly report, not only summaries. Summary sites update on their own schedules.
Can you invest in Canadian casinos directly?
Not easily. The biggest Canadian casinos are owned by provincial governments or run by private companies such as Great Canadian Entertainment, which is not listed. Almost none of the gambling stocks Canada offers give direct exposure to Canadian casino floors.
Provincial Crown corporations own the gaming licences. Private operators often run the casinos under contract.
That structure keeps most casino profits flowing to provincial governments.
For Canadian casino exposure, investors usually turn to suppliers such as Pollard Banknote or to international operators with Canadian online businesses.
Can you invest in Canadian lotteries?
Not in the lotteries themselves. OLG, BCLC, Loto-Québec, the Atlantic Lottery Corporation and the Western Canada Lottery Corporation are owned by governments. Pollard Banknote, which prints lottery tickets, is the closest of the gambling stocks Canada lists to a lottery investment.
Pollard sells instant tickets, iLottery systems and vending machines to lottery operators.
Lottery tickets are the most popular form of gambling in Canada, bought by 51.8% of people aged 15 or older in a year, according to Statistics Canada.
That steady demand supports suppliers, even though the lotteries keep the profit.
Can people who gamble also own gambling stocks?
Keep the two separate. Owning gambling stocks Canada investors buy is a long-term investment, while gambling is entertainment with a built-in loss. Mixing them, such as betting with stock profits, blurs the line between the two.
Set an investing budget and a separate entertainment budget.
If you find yourself chasing losses in either, take a break.
Our page on avoiding gambling addiction lists warning signs and tools that help.
What is the outlook for the gambling stocks Canada investors follow?
The outlook for gambling stocks Canada investors follow depends on new markets, regulation and competition. Alberta’s opening adds a second regulated province, and Ontario’s market is still growing, but tighter advertising and tax rules remain a risk.
Ontario’s wagers grew from $35.5 billion in the first year to over $103 billion in the fourth.
Growth has slowed as the market matures. Year three grew about a third, after a 78% jump in year two.
No one can promise returns. Treat any gambling stock as one part of a spread-out portfolio, and review it as each new quarterly report arrives.
Which listed companies run betting brands in Ontario?
The listed companies behind Ontario’s best-known betting brands include Penn Entertainment with theScore Bet, Flutter with FanDuel and PokerStars, DraftKings, MGM Resorts through BetMGM, Caesars Entertainment and Rush Street Interactive with BetRivers. These are the gambling stocks Canada players already know by brand.
| Ontario brand | Listed owner |
|---|---|
| theScore Bet | Penn Entertainment |
| FanDuel, PokerStars | Flutter Entertainment |
| DraftKings | DraftKings |
| BetMGM | MGM Resorts, with Entain |
| Caesars Sportsbook | Caesars Entertainment |
| BetRivers | Rush Street Interactive |
| NorthStar Bets | NorthStar Gaming |
bet365, another major Ontario and Alberta brand, is privately owned and not listed.
Brand recognition does not guarantee profit. Finder’s snapshot showed DraftKings and Penn reporting losses over the trailing year.
What is BetMGM?
BetMGM is the online sportsbook and casino joint venture of MGM Resorts and the British gambling group Entain. It runs in Ontario and, according to Yogonet, has brought new casino titles to Alberta. For gambling stocks Canada investors weigh, it gives MGM a direct Canadian online business.
Yogonet reported that a new Game of Thrones slot launched with BetMGM in Ontario first and then in Alberta.
The Ontario launch ranked among BetMGM’s best ever for a new title, according to the same report.
Entain’s shares trade in London. A joint venture splits profits and losses between partners. Investors in MGM or Entain each own a slice of BetMGM’s results.
What does Score Media and Gaming do now?
Score Media and Gaming is a Toronto digital media and gaming company that runs the theScore sports news app and theScore Bet sportsbook. It is now a subsidiary of Penn Entertainment, so it no longer trades as one of the gambling stocks Canada lists on its own.
The company keeps American offices in New York City.
Its sports news app gives it a built-in audience. Penn uses that audience to market betting where it is legal.
Canadian investors who want exposure to theScore now buy Penn shares on Nasdaq.
What does FanDuel do?
FanDuel, reached through the gambling stocks Canada investors buy as Flutter shares, offers a sportsbook, daily fantasy sports, horse racing betting and an online casino. It is headquartered in New York City and owned by Flutter, so investors reach it through Flutter’s shares rather than as a separate stock.
Wikipedia lists FanDuel sportsbooks in American states including New Jersey, Pennsylvania, Indiana and West Virginia.
FanDuel is also one of the private-operator brands in Ontario’s open market.
As part of Flutter, FanDuel sits alongside Betfair, Paddy Power, PokerStars, Sky Betting & Gaming and Sportsbet. That mix is why Flutter is a common choice among gambling stocks Canada investors use for global reach.
What are social casino stocks?
Social casino stocks are companies whose casino-style games use virtual coins instead of real-money bets. Playtika is a mobile game company in this space, and Aristocrat also runs social casino games. These sit at the edge of the gambling stocks Canada investors consider.
Playtika is an Israeli company that develops and publishes mobile games. Wikipedia notes it once had over 35 million monthly active users.
Social casino players cannot cash out winnings. The companies earn money when players buy coins or in-game items.
Because no real-money gambling takes place, these games face different rules. Regulators and researchers still watch them for links to problem gambling, especially among young players.
What are integrated resorts?
Integrated resorts combine a casino with hotels, convention centres, shopping, restaurants and entertainment. Las Vegas Sands, Wynn and MGM are the integrated resort gambling stocks Canada investors can buy, and their non-gaming revenue can be large.
Finder’s profile of Las Vegas Sands lists accommodations, gaming, entertainment, retail malls, convention and exhibition facilities and celebrity chef restaurants.
Wynn Palace in Macau adds a performance lake, art displays and a gondola ride.
These extras draw visitors who do not gamble at all. They also make the resorts sensitive to tourism and business travel.
How do casino resorts make money beyond gambling?
Casino resorts earn from hotel rooms, conventions, food and drink, shopping and shows as well as gaming. For the resort gambling stocks Canada investors follow, those streams can steady results when gaming revenue dips.
Convention business brings mid-week visitors to Las Vegas, filling rooms between weekends.
Shows and dining draw guests who spend in other parts of the resort.
Online operators lack these extra streams. Their revenue depends on players’ net losses, which is why their results swing more with sports outcomes and promotions.
What is the Las Vegas locals market?
The Las Vegas locals market serves people who live in the city rather than tourists on the Strip. Station Casinos, owned in part by Red Rock Resorts, and Boyd Gaming are major players. These are the gambling stocks Canada investors can use to bet on Las Vegas residents.
Wikipedia lists Station Casinos, Affinity Gaming, Boyd Gaming and Golden Entertainment as the main locals operators.
Locals casinos sit in neighbourhoods and suburbs rather than on the Strip.
They depend on the local economy and population growth more than on air travel and conventions.
What numbers do analysts watch for online gambling stocks?
Analysts watch handle, hold, gaming revenue, active players and spend per player. For online gambling stocks Canada investors follow, Ontario’s monthly market reports give a public benchmark for each of these.
- Handle: the total amount wagered.
- Hold: the share of handle the operator keeps.
- Gaming revenue: wagers minus winnings.
- Active players: accounts that placed a bet in the period.
- Spend per player: revenue divided by active accounts.
In Ontario, the monthly spend per active account was $263 in the last quarter of the market’s second year, using iGaming Ontario’s updated method.
Ontario’s sports betting hold was about 6.4% in the third market year, based on iGaming Ontario’s wagers and revenue.
What is sportsbook hold, and why does it move stocks?
Sportsbook hold is the share of bets a sportsbook keeps after paying winners. When favourites win more than expected, hold drops and so does revenue. That makes sportsbook-heavy gambling stocks Canada investors own more volatile from quarter to quarter.
Parlays raise hold because each extra leg adds the sportsbook’s margin.
Hold also depends on promotions. Free bets and boosts reduce the money a sportsbook keeps.
Over a full year, results even out. Over one quarter, a lucky run for bettors can cut revenue noticeably.
What role do First Nations play in Canada’s gambling business?
First Nations are becoming casino owners. Industry news reports that the Tsleil-Waututh Nation agreed to buy Vancouver’s Hastings Casino and the Snuneymuxw First Nation agreed to buy two more British Columbia casinos from Great Canadian Entertainment.
Another First Nation agreed to buy Elements Casino Chilliwack, Yogonet reported.
Alberta’s online market also sets aside funding for First Nations initiatives, as part of 3% of gross gaming revenue taken off the top.
These owners are not listed companies. Their deals shrink the pool of Canadian casinos that the gambling stocks Canada investors own can reach.
How do interest rates affect casino stocks?
Interest rates affect the gambling stocks Canada investors hold through debt. Resort operators borrow heavily to build properties, so higher rates raise their borrowing costs. Real estate trusts also tend to fall when rates rise, because their dividends compete with bond yields.
Online operators carry less building debt but spend heavily on marketing.
Lower rates can help both groups by cutting borrowing costs and lifting consumer spending.
Check each company’s debt level and maturity dates in its annual report. Large loans coming due in a high-rate period add risk.
Why do online casinos matter more than sportsbooks for revenue?
Online casino games bring in most of the money. In Ontario’s third market year, casino games produced about three quarters of online gaming revenue, according to iGaming Ontario. For online gambling stocks Canada investors follow, the casino side usually drives profit.
Casino wagers reached $69.6 billion that year, against $11.4 billion for betting.
Slots took 48% of casino wagers in the market’s first year, and live dealer tables took 32%.
Sportsbooks attract players with marketing around big games. Operators that run both can then cross-sell casino games to sports bettors.
How did online poker shape Canadian gambling stocks?
Online poker built Canada’s biggest gambling stock of its time. The Stars Group, owner of PokerStars, was based in Toronto and listed on Nasdaq and the TSX before it merged with Flutter. Poker is now a small slice of the gambling stocks Canada investors follow.
In Ontario’s third market year, peer-to-peer poker drew $1.7 billion in wagers but only $66 million in gaming revenue.
Poker sites earn rake and tournament fees, not the house edge. That keeps their revenue small next to their wagers.
For investors, poker today is a feature inside larger companies such as Flutter, not a stand-alone story.
How do gambling suppliers benefit from new markets?
Suppliers can earn from a new market on day one. When Alberta opened, almost 60 gaming system providers and 14 platform providers were licensed, according to European Gaming. That is why supplier gambling stocks Canada investors buy often react first to new markets.
Light & Wonder said it went live in Alberta on launch day.
Pragmatic Play, a private supplier, certified its slots and live casino range for the opening.
Operators must still win players and cover marketing costs. Suppliers get paid as soon as their games are played, whichever operator wins.
What brands does Pollard Banknote sell under?
Pollard Banknote sells under brands including Catalyst for iLottery, easyVEND for in-lane vending, scanACTIV for retail distribution and Schafer for ticket merchandising. For charitable gaming it uses American Games, International Gamco, Diamond Game and Compliant, according to its Yahoo Finance profile.
Its eTab systems run electronic pull tabs on cabinets, handheld tablets and self-service terminals.
It also prints promotional scratch-and-win cards, transit tickets and parking passes.
That spread of products makes it the most diversified of the gambling stocks Canada lists on the TSX.
What is a TSX Venture listing?
The TSX Venture Exchange is Canada’s market for small and early-stage companies. NorthStar Gaming and Jackpot Digital trade there. TSX Venture gambling stocks Canada investors buy can be cheaper per share but carry more risk than TSX listings.
Venture companies are often still growing and may not yet earn a profit.
Trading volumes are lower, so a large order can move the price.
The exchange is a designated stock exchange, so its shares can still go in a TFSA or RRSP.
What is the difference between a casino operator and a casino landlord?
A casino operator runs the gaming floor and keeps the betting revenue. A casino landlord owns the building and collects rent. Gaming and Leisure Properties is a landlord among the gambling stocks Canada investors watch, while MGM and Penn are operators.
Operators carry the business risk. If visitors stay away, their revenue falls first.
Landlords carry the tenant risk. Under triple-net leases, tenants also pay for maintenance, insurance, taxes and utilities.
Investors who want steadier income often prefer landlords. Investors who want growth often prefer operators.