Ontario market posts record quarter to end 2023

Canadian money
Image: Shutterstock / Julie2

The latest quarterly report from iGaming Ontario (iGO) was the best yet for the province, with record bets and revenue as well as a new all-time high for active accounts.

During Q4 of 2023, the 49 operators in Ontario accepted CA$17.2 billion in wagers and generated CA$658 million in revenue. Both numbers are records for the industry, which first launched in April 2022.

Online casino revenue made up nearly 80% of all revenue with CA$13.7 billion of wagers. Sports betting generated CA$3.1 billion in handle, which was 63.2% quarter over quarter. The big jump makes sense given the comparatively slow sports season of the summer compared to the fall.

Compared to last year, bets were up 49.2% from 2022 and revenue was up 44%. The market has also grown substantially over the past year. Q4 of 2022 reported on 36 operators and 68 websites, while this last quarter consisted of 49 operators and 72 sites.

The number of people using casino and sports betting apps is also on the rise, exceeding more than a million active accounts for the first time. Active accounts jumped to 1.2 million in Q4, which is a 31% jump from the previous quarter. It is also the first precipitous rise in that category, which had lingered in the 900,000s for the past year.

With more active users, even though spend went down for the quarter, revenue still hit record numbers. Average monthly spend came in at CA$186 after sitting at $191 in Q3 and CA$197 in Q2.

The revenue report from iGO does not include data from Ontario Lottery and Gaming (OLG), the presumed largest operator in the province. With that in mind, it stands to reason that Ontario handle for the quarter could be closer to CA$20 billion (US $14.8 billion) , which would average out to roughly nearly CA$670 million (US $495 million) a month.