Betty Canada has closed another quarter of runaway growth, more than doubling its revenue year-on-year while quietly assembling everything it needed to be on the shelf the day Alberta's regulated online market opened for business.
Key takeaways
- Net gaming revenue of $90.2 million in Q2 2026 — up 113% on the same quarter last year and 11% on Q1.
- EBITDA of $8.4 million, keeping the operator consistently in the black.
- Ontario active players climbed to 167,000 in June, from 81,000 twelve months earlier.
- Alberta went live on 13 July with Betty among the 22 launch operators and 10,000 pre-registered players already on the books.
- Management guides Alberta towards a $60 million annual run rate by the end of 2026.
The numbers for the three months to 30 June show net gaming revenue of $90.2 million, a 113% jump on Q2 2025 and an 11% improvement on the preceding quarter. EBITDA came in at $8.4 million, evidence that the Ontario engine is now scaling without swallowing the margin.
That result builds on a 2025 in which Betty roughly tripled both its revenue and its active player base. By the close of Q2 2026 the operator's annualised run rate sat at around $378 million, with monthly net revenue passing $31 million in May.
"From a financial perspective, the combination of sustained revenue growth, improving gross margins and disciplined operating leverage has transformed the business into a consistently EBITDA-positive operation."
— Betty Canada, in a statement cited by Canadian Gaming Business
Ontario still carries the load
Ontario remains the backbone of the business. Active accounts reached 167,000 in June, more than double the 81,000 recorded in the same month of 2025, and the company logged a record retention rate of 61.2% back in March.
Revenue per average active player settled at $183. Betty frames the softer figure as a deliberate consequence of courting a broader, more casual audience rather than a warning sign — a shift in customer mix the operator says it planned for.
Acquisition costs rose to $352 per customer during the quarter, which the company puts down to a conscious decision to buy market share while the window is open. Even so, a substantial share of new sign-ups arrived without paid support: of the 53,000-plus new active depositors added in Q2, some 53% came through unpaid channels, including the brand's Refer-a-Friend scheme.
Product work continued alongside the marketing spend. Betty rolled out a Collections feature borrowed from social gaming, where players earn cards through play and try to complete ten-card sets. The operator also opened up direct debit and credit card purchases for its merchandise line, a move it describes as both a fresh revenue stream and a foundation for casino-adjacent engagement later on.
Alberta is the immediate prize
Much of the quarter's off-balance-sheet effort went into Alberta, where the province's commercial online gaming market formally opened on 13 July. Betty was one of the 22 operators live on day one, having converted an existing Alberta Gaming, Liquor and Cannabis licence into a working operation ahead of the switch-on.
Behind that launch sat dedicated customer service, business operations, VIP and live operations teams, plus a visible marketing push that included billboards in Edmonton. By the time the first bets were accepted, more than 10,000 players had already registered.
"Betty enters the Alberta market in a position of readiness, with infrastructure, teams, and a registered player base in place from day one. Alberta is Betty's most immediate growth opportunity."
— Betty Canada, Q2 2026 update
The company's own guidance points to Alberta reaching an annual recurring revenue run rate of around $60 million by the end of 2026. Fully matured, it expects the province to settle at somewhere between 35% and 40% of the size of its Ontario business.
"The teams prepared and executed the Alberta launch seamlessly. Hats off to everyone at Betty that was part of this project. We are committed to securing the #1 position in the new market from the start!"
— Chavdar Dimitrov, Chief Executive Officer
A franchise model with ambitions beyond Canada
Betty arrived in Ontario in February 2023 as a slots-led brand pitched primarily at women. That positioning has widened considerably since: the player base is now close to an even split by gender, with women holding a narrow majority.
The growth strategy has changed shape too. From the start of 2025 the group adopted a decentralised franchise structure for international expansion, under which local operators run beneath the Betty banner and pay licensing fees back to parent company Betty Gaming Ltd. Co-founder Justin Park has previously summed up the ambition as building the "McDonald's of iCasino". The first proof point outside Canada came on 1 June, when Betty launched in the United Kingdom on a freshly secured operating licence.
Management's outlook leans firmly towards more of the same. "Looking ahead, Betty is well positioned to accelerate profitable growth. With a significantly larger revenue base and expanding EBITDA, the company is building the financial profile expected of a large-scale company while retaining the flexibility to invest aggressively where returns justify additional capital expenditure," the company said.
Alberta, meanwhile, may not stop at a digital footprint. Betty has signalled openness to local partnerships in the province and has floated the possibility of a physical presence in Western Canada further down the line.
