Home Finance Second year of Ontarian Igaming Regulations sees $63bn wagered

Second year of Ontarian Igaming Regulations sees $63bn wagered

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A total of CA$63bn (PS36.71bn/EUR42.91bn/$45.79bn) in wagers were placed during the second year of Ontario’s regulated online gambling market, according to data from iGaming Ontario.

iGaming Ontario, the regulator of the Ontario gambling market, published the data for the period 1 April 2023 to 31 March 2024. Ontario’s gambling online market was launched on April 4, 2022. This is the second full year.

On 31 March 2024 there were 47 gaming operators in Ontario with 77 sites.

In the past four quarters, Q4 was the highest with $17.8bn. Over the course of this year, wagering totals have steadily increased. Starting with $14.0bn for Q1 followed by $14.2bn for Q2. The wagering totals increased dramatically to $17.2bn by Q3.

Casinos contributed $51.7bn in total wagers for the entire year. The betting industry accounted for $9.5bn while P2P poker accounted the rest of the $1.6bn.

Casinos generated 14.6 billion dollars in bets during the last quarter. The betting industry generated $2.7bn, and the P2P Poker sector $446m.

Revenue and performance of the Q4 gaming sector

The total wagering revenue includes all fees and charges paid by the operators. The total revenue for the fiscal year ending 31 March 2024 was $2.4 billion. Like wagering, the revenue increased steadily throughout the year. It began at $540m Q1 and ended at $690m the last quarter.

Casino generated $1.8 billion in gaming revenues for the entire year. The total for this year was $588m in betting revenue and $63m from P2P Poker.

The fourth quarter has seen a boost in gaming revenues across the board. In Q4, casino generated $510m, while bets accounted for $161m. Poker P2P generated $19m.

In Q4, 1.3 million player accounts were active. The accounts are not unique to any particular player, but rather represent all the active players. The average monthly spend for active players in Q4 was $263.

Martha Otton (executive director, iGaming Ontario) commended the Ontario igaming industry’s growth in its second year.

Otton said that the Ontario igaming industry’s second year was 70% larger than its first.

As the market enters its third year of maturity, I am looking forward to building upon this success as operators and partners continue to invest in Ontario to ensure that Ontarians are able to continue playing with confidence.

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