Another Exit: Conquestador Pulls Out of Ontario’s Saturated iGaming Market
Posted on: April 21, 2026, 03:57h.
Last updated on: April 22, 2026, 04:57h.
- Conquestador is the latest to fold in Ontario, after the news Casumo was shutting down
- More industry operators are in the AGCO registration pipeline and should enter the Ontario market in 2026
- Ontario looking at around 85-86% channelization into the regulated market, according to the AGCO
Conquestador has officially exited the Ontario market, leaving the province with 46 licensed operators following a string of recent industry departures.
Discontinuing Operations
As reported first in Canadian Gaming Business, owners Mobinc shut the site down April 13. The following closure notice appears on their site:
“As of 13th April, Conquestador is no longer available in Ontario. Conquestador’s closure is part of a business decision to discontinue our operations in the Ontario market.
This decision is not related to any regulatory, compliance, or legal issues. We remain committed to operating in full compliance with all applicable regulations and appreciate the support of our Ontario players during this time,” the statement concluded.
Players can make withdraw requests for six months following April 13, the notice said.
Conquestador launched in Ontario in 2023 with Mobinc CEO Sergei Belikov signaling that the move was part of expanding the company’s global footprint and product offering.
The Conquestador news comes along with the imminent departure of Casumo from the Ontario market, and the recent closure of Rivalry.
Ontario currently has 46 licensed igaming operators, with 80 websites operating in the province, according to latest data from iGaming Ontario. Under current procedures, any site which stops accepting wagers is immediately removed fom
Two More Operators Joining the Ontario Market in 2026
An industry source has told Casino.org that Casumo’s Ontario departure, and the Conquestador news, marks a natural “ebb and flow,” not a sign of a saturated market.
“Ontario is a very competitive marketplace, close to 50 operators,” the source said. “I think it’s fair to say that Ontario is biggest, most successful and most competitive marketplace in North America. But there are operators making decisions to pull out of jurisdictions all the time.
“Betway pulled out of the US. It just wasn’t a good business for them. Kindred retrenched back to Europe. It wasn’t that Ontario was a bad marketplace. It’s just they wanted to focus their efforts on more profitable jurisdictions for them. That’s fair enough, I think,”
46 Licensed Operators
BetNova, owned by South African igaming giant Goldrush Gaming, launched in the Ontario market earlier this month.
In Casumo’s case, April 30 is when all play ends. No further deposits will be allowed as of April 23. All player accounts will be closed on May 14.
In the Ontario market, the Alcohol and Gaming Commission of Ontario (AGCO is the regulator, registering operators and suppliers, while iGaming Ontario is the commercial operator, conducting and managing the market.
“I can confirm that we are currently working with multiple applicants/proponents,” said Shae Greenfield, a spokesperson from AGCO. iGaming Ontario cannot comment on prospective operators who have not yet completed these processes, added Elliot.
Ontario is among the most robust regulated igaming markets in the world, but it has also seen the departures of high-profile players like Fitzdares, Unibet, Rivalry, Betiton and MagicRed Casino since the market opened in April 2022.
Casumo, based in Malta, picked up its AGCO license to operate in Ontario in June 2022, and launched shortly after that. The platform offered themed slot machines, along with live casino games such as blackjack, roulette and baccarat.
$8.7 Billion in Cash Wagers
iGaming Ontario doesn’t release financial data related to specific operators, but in February, the province did $8.7 billion in total cash wagers, and $342 million in revenue, off the backs of nearly 1.3 million active players. Average revenue per active player account that month was $264.
“We have four years of market data in Ontario now,” the industry source said. “Every year, the market has grown. Based on that, I would say the market is not saturated. And with channelization around 85-86%, that’s still a lot of money (in the grey market space) that’s still out there.”
Channelization refers to the rate at which players are channeled to the regulated market, with regulators aiming for 100% channelization to licensed operators. However, many markets struggle to achieve this, due to the availability and practices of black-market operators.
No comments yet