Having paved a new way for the online gambling industry in Canada with the successful launch of Ontario’s regulated iGaming and online sports betting market on April 4, 2022, we finally get to see the numbers and figures of the new open market in Canada.
This new market was established by the Ontario government after laying down the groundwork some years before its launch, with the relaxing of gambling laws in Canada playing a huge role in its successful launch. Its establishment saw over 20 gambling operators bring online gambling in Ontario. This saw many analysts predict a spike in the annual revenue that will be generated by the market for the Ontario government. Although the numbers are not astronomical, it is still a significant spike in the gambling industry.
iGaming Ontario First Revenue Report
It was revealed to the media that Ontario residents wagered over CAD 4 billion and the market generated $162 million in total gaming revenue from iCasino, online sports betting and online poker, from April 4 to June 30. This was according to the report released by iGaming Ontario.
It is important to note that the $4.076 billion in total wagers don’t include promotional wagers. The $162 million in total gaming revenue was generated from the total cash wagers like rake fees, tournament fees, and other fees across 18 operators and 31 gaming websites. It was also revealed that there were over 490,000 active player accounts with an average monthly spend of $113 per user.
In the release of the report, iGO’s board chair Dave Forestell said: “Our aim is to be the best gaming jurisdiction in the world and these positive results are an early sign that we’re on our way. With a competitive revenue share rate and low barriers to entry, Ontario is an attractive igaming market with a strong player base.”
iGaming Ontario Second Revenue Report
For the second quarter of the iGaming market, iGO reported total gaming revenue of $267 million was made, a huge rise from its first quarter. A lot of things changed during this period including the number of operators and gaming websites rising in the second quarter from 18 and 31, respectively to 24 and 42.
The number of active player accounts also saw a rise it was reported to be around 628,000 players at the end of September. Compared to the previous 492,000, that’s as close to double as you can get. The average monthly cash spent by players increased from $113 to $142.
These figures from iGaming Ontario do not include any gambling activities carried out by the government-owned Ontario Lottery and Gaming Corporation (OLG). The iGaming market was launched by Ontario in April to become the first province in Canada to launch a framework that sees private operators of online sportsbooks and casinos legally take bets from residents.
Before the launching of the iGaming market by Ontario, all legal iGaming activities within the province were the property of OLG
Conclusion
While it remains unclear if other provinces in Canada will follow in the footsteps of the Ontario government, Ontario’s experiment is certainly being watched by its fellow provinces.
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