PENN Says Alberta Sports Betting Share Is Nearing 10%

The figure came up when Susquehanna analyst Joe Stauff asked whether PENN was nearing the same share it holds in Ontario. Snowden replied that the company was "super close to hitting that number", according to the earnings-call transcript.

The estimate refers to online sports betting. Alberta’s public market reports do not provide the operator-level figures needed to verify PENN’s claimed share independently.

Sportsbook Nears Ontario Levels, but iCasino Trails

Alberta launched its regulated commercial iGaming market on July 13. PENN entered with theScore Bet Sportsbook & Casino and two standalone casino apps.

Snowden described the Alberta launch as more crowded than Ontario’s opening in 2022. Major operators arrived at roughly the same time, including several businesses moving from the previously unregulated market into the licensed system.

PENN’s sportsbook has nevertheless gained ground. CTO Aaron LaBerge said its share of betting handle had risen every month since the July launch. He pointed to theScore’s established Canadian audience and the brand’s marketing presence.

Casino has been harder. Snowden put PENN’s Alberta iCasino share at roughly half its Ontario level. The size of the provincial casino market, meanwhile, has surprised management. Snowden said it appears larger than PENN had budgeted for, while the sports betting market is tracking closer to expectations.

Alberta Reports C$11.1M in September Sports Betting Revenue

The Alberta iGaming Corporation reported 24 licensed operators active by September 30, compared with 15 when the market opened. September produced C$56.6 million in non-adjusted gross gaming revenue (NAGGR). Of that total:

• Sports and event betting – C$11.1 million (19.5%);
• Casino games – 75.6%;
• Live casino – 4.9%.

Sports betting supplied 44.4% of the market’s monthly NAGGR increase, according to an earlier 15M calculation.

The provincial report covers the market as a whole, with no breakdown by operator. It also measures gaming revenue separately from betting handle, the metric PENN discussed on its earnings call.

PENN’s Interactive Revenue Looks Different Without Tax Gross-Up

PENN reported $348.4 million in third-quarter Interactive revenue, up 17% from $297.7 million a year earlier. Its November 5 financial release also shows that $191.4 million of the 2026 total came from tax gross-up associated with third-party sportsbook arrangements. That accounting item made up 54.9% of reported Interactive revenue.

Excluding the gross-up in both periods gives a different comparison:

• Q3 2026 revenue was $157 million;
• Q3 2025 revenue was $158.2 million;
• Revenue declined by $1.2 million (0.8%) year on year.

These figures cover PENN’s entire Interactive segment, including operations outside Canada.

The segment’s adjusted EBITDA loss narrowed to $18.3 million from $76.6 million in Q3 2025. PENN also disclosed a $20 million full-year investment in its Alberta launch as part of its 2026 Interactive guidance.