iGO: Ontario igaming racks up record revenue in Q1 2023-24

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The Ontario igaming market generated a record $412.4m (CAD$545m) in total gaming revenue across the first quarter of the 2023-24 fiscal year, according to iGaming Ontario (iGO).

The local regulator’s market performance report – published earlier this week – showed an uptick (+3.6%) on the previous quarter (Q4 2022-23: $412.04m), and a considerable rise on Q3 ($343m) and Q2 ($202.03m).

iGO also reported a record $10.6bn in wagers in the period Apr. 1 – Jun. 30, surpassing the previous quarterly record set in Q4 ($10.5bn).

Casino games, including slots, live and computer-based table games and peer-to-peer bingo, made up nearly $8.8bn (83%) of this figure, and contributed $296.6m (72%) of the gaming revenue recorded in the period.

Betting, including on sports, esports, as well as proposition and novelty bets, ranked second with total wagers of $1.5bn (14%) and gaming revenue of $104.4m (25%).

Peer-to-peer (P2P) poker, meanwhile, made up the rest of the numbers, accounting for $264.8m (3%) of total wagers and $11.4m (3%) of gaming revenue.

Last year, casino games accounted for nearly $21.2bn (78%) of total wagers and $711.2m (67%) of gaming revenue, while betting made up $5.3bn (20%) of total wagers and $327.6m (31%) of gaming revenue, and P2P poker $750.6m (3%) and $30.3m (3%), respectively.

However, Ontario’s numbers stack up unfavorably against some US states in the same period with Pennsylvania, for example, accumulating $1.4bn in revenue across April, May and June this year.

Sportsbook operators in Pennsylvania handled $373.2m last month, by comparison, while igaming operators yielded $135.4m in revenue

iGO also reported the number of gaming websites decreased between the three-month period, from 75 in Q4 to 71, but the number of operators active in the period increased by two, to 46.

Last month, iGO released a report compiled by Deloitte on the economic impact the industry has had on the province since regulation in April last year, with $1.2bn brought to Ontario.

This, reportedly, included $681m in the form of wages, with nearly 12,000 jobs created by the industry.

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