A comprehensive report released by iGaming Ontario reveals an impressive surge in the province’s online gambling activities during its second year of regulated operation. The Ontario online gambling market, which commenced on April 4, 2022, has completed its sophomore year amid promising market evolutions.
By the end of the reporting period on March 31, 2024, there were 47 licensed operators in Ontario’s online gaming scene, managing a collective total of 77 gaming sites. These numbers signify a burgeoning industry poised for ongoing expansion.
An analytical view of the last four financial quarters underscores the highest wagering activity occurred in Q4, with a striking $17.8 billion. The entire yearly trajectory displayed a steadfast increase in wagers beginning with $14.0 billion in Q1, incrementally rising to $14.2 billion in Q2, and then marking a significant leap to $17.2 billion in Q3.
Dissecting the gambling categories, it is evident that casino-style gaming commands the lead in terms of wager volume, amassing an outstanding $51.7 billion over the year. This is significantly higher than the revenue from betting, which is noted at $9.7 billion, and peer-to-peer (P2P) poker, which brought in $1.6 billion.
Casino gaming’s striking dominance is further highlighted by the wagering details of the fourth quarter alone, during which casino games generated $14.6 billion in wagers, eclipsing the $2.7 billion from betting and $446 million from P2P poker.
Gaming revenue, which includes the total cash wagers along with the fees paid by the operators, mounted to an extraordinary $2.4 billion for the year ending March 31, 2024. In alignment with the growth in wagers, revenue too rose progressively over the span of the year. It started with $540 million in the first quarter and advanced to $690 million by the close of the final quarter.
A detailed look into revenue generation by gaming category yet again reveals the casino segment at the forefront, capturing $1.8 billion for the year. The betting segment followed with $588 million, and revenue from P2P poker was at $63 million.
The fiscal year concluded with the fourth quarter providing an additional upward nudge to overall gaming revenue; casinos generated $510 million, and the betting sector contributed $161 million. Revenue reaching $19 million came through P2P poker during this last quarter.
Active player accounts for Q4 amounted to a total of 1.3 million. However, it is important to understand that these accounts denote the number with wagering activity and do not specifically represent unique individual players. The average monthly expenditure per active player during the fourth quarter was pegged at $263.
iGaming Ontario’s executive director, Martha Otton, expressed enthusiasm regarding the flourishing state of the province’s iGaming sector. Otton highlighted the substantial growth in the second fiscal year, stating, “With $63 billion in wagering and $2.4 billion in gaming revenue, the second year of Ontario’s igaming market is more than 70% bigger than the first.”
With optimism, she projected the market’s potential as it matured into its third year, “As the market matures into its third year, I look forward to building on this foundation of success with operators and other partners as they invest in Ontario so that Ontarians can continue to play with confidence.”
The momentum displayed in Ontario’s gaming industry illustrates a thriving market that continues to expand and adapt. With solid regulatory structures, the province is setting standards in the burgeoning landscape of regulated online gaming in Canada, enticing players and investors alike.
