SiGMA report highlights US dominance as Mexico and Canada emerge as key markets

The SiGMA “North American iGaming Market: Emerging Markets” report, published on 13 August 2026, uses data from market intelligence provider Blask covering the period from July 2025 to June 2026.

The report estimates that US iGaming revenue reached a peak monthly figure of $7.05 billion in December 2025 and January 2026, reinforcing the country's position as the largest commercial market in the region.

However, the report's wider findings suggest that the North American market cannot be viewed as a single, uniform market. Regulation, player behaviour and commercial conditions vary significantly between jurisdictions, creating different opportunities for operators, suppliers and affiliates.

Mexico draws growing industry attention

Mexico stands out as one of the key emerging markets highlighted by the report.

The country's online gambling market is expected to expand significantly in the coming years, with industry forecasts pointing to strong growth from current levels. Mexico also continues to attract attention because of its large digital population and its position between the North American and Latin American markets.

Player demand is already significant, while the country's regulatory framework continues to evolve. This creates an interesting situation for operators and suppliers: the market has an established gambling sector and strong consumer interest, but companies still need to navigate a regulatory environment that differs considerably from the mature US and Canadian jurisdictions.

The growing importance of Mexico is also reflected in SiGMA North America's decision to hold its first North American summit in Mexico City from 1–3 September 2026.

Canada expands its regulated market

Canada provides another example of how regulation can reshape online gambling activity.

Ontario's regulated iGaming market has reported a 91.1% channelisation rate, indicating that the vast majority of online gambling activity is taking place through regulated operators rather than offshore alternatives.

Attention is now turning to Alberta, which is preparing to launch its regulated commercial online gambling market. The move is expected to create another significant opportunity for operators and suppliers already active in Canada, while opening the market to new entrants.

The Canadian developments demonstrate the importance of regulatory clarity. Where a framework is able to attract existing player demand into the licensed market, operators gain greater certainty while regulators gain better oversight of the activity.

Regulation remains central to North America's growth

The differences between the US, Canada and Mexico highlight one of the report's main themes: regulation remains one of the biggest factors shaping the future of North American iGaming.

Mature markets offer greater regulatory certainty, but competition and compliance requirements are also higher. Emerging markets can offer greater room for growth, but operators face additional challenges around licensing, payments, KYC, AML, fraud prevention and responsible gambling.

For affiliates and B2B suppliers, the same differences create opportunities but also require greater localisation.

The result is a region developing at different speeds. The US remains the revenue engine, Canada is adding new regulated capacity, and Mexico is becoming increasingly important as an emerging market.

The report suggests that the next stage of North American iGaming will therefore be less about treating the continent as one market and more about understanding where regulation, player demand and commercial opportunity intersect.

With SiGMA North America approaching Mexico City, the timing of the report provides a timely look at a region where the US remains firmly in front, but where the next phase of growth may increasingly come from markets beyond it.

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