PENN Entertainment is seeking to expand its presence in Canada's regulated online gambling sector following a strong initial performance in Alberta. The operator, which launched its theScore Bet, theScore Casino, and Hollywood Casino brands in the province on 13 July, reported encouraging customer engagement and betting volumes during its third-quarter earnings call on 5 November.
Strong Start in Alberta's Competitive Market
PENN was among the first to enter Alberta's newly regulated market, which debuted with 22 licensed gambling websites. Despite the crowded field, the company claims it has captured a market share of around 10% in online sports betting, approaching its estimated share in Ontario. While the figures are based on internal estimates—since Alberta and Ontario do not publish operator-level revenue data—PENN's leadership highlighted rapid customer acquisition and month-to-month betting handle growth outpacing the broader market. The company also noted that while its online casino share in Alberta lags behind its Ontario performance, early results suggest the total addressable market for iCasino in the province could be larger than initially expected.
Potential for Further Provincial Openings
PENN's optimism is not limited to Alberta and Ontario. Several other Canadian provinces, including New Brunswick, Nova Scotia, and Quebec, are considering whether to allow private online gambling operators. PENN believes the positive experiences in Ontario and Alberta—both in terms of market performance and tax generation—could encourage other provinces to introduce similar regulatory frameworks. The operator sees this as an opportunity to leverage theScore's established Canadian brand in new jurisdictions as the regulatory landscape evolves.
Financial Performance and Strategic Partnerships
In the third quarter of 2026, PENN Interactive reported a 17% year-on-year increase in revenue, reaching US$348.4 million, and significantly reduced its adjusted EBITDA losses. The growth was attributed in part to its Canadian operations and the expansion of its online casino offerings. The company has also strengthened its presence in Canada through strategic sports partnerships, such as becoming a presenting sponsor of the Canadian Football League's mobile app and securing a partnership with the NFL for Canadian market rights. These initiatives aim to build customer recognition nationwide, including in provinces that have yet to regulate private online gambling.
Why This Matters for Industry Stakeholders
PENN's early success in Alberta and its continued growth in Ontario signal strong demand for regulated online gambling in Canada. For operators, this highlights the potential rewards of early market entry and brand differentiation, especially as more provinces contemplate opening their markets. Affiliates and suppliers may also benefit from increased competition and new partnership opportunities as additional jurisdictions consider regulatory changes. For regulators, Alberta and Ontario's experiences provide valuable case studies on market performance and consumer protection in a regulated environment.
Key takeaways
- PENN Entertainment reports strong early results in Alberta's regulated iGaming market.
- The operator estimates around 10% market share in Alberta sports betting.
- Other Canadian provinces are considering regulatory frameworks for private iGaming.
- PENN's Canadian growth is supported by strategic partnerships and improved financials.