Ontario’s online casino market reported considerable growth in its second full year as a regulated open gaming market, according to an iGaming Ontario performance report.
The most populous province in Canada posted a $63 billion online gaming handle from April 1, 2023-March 31,2024. The results, which were a 78% increase year-over-year, generated $2.4 billion in revenue, up 71.4% compared to the same period the year prior.
“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,” says iGaming Ontario Executive Director Martha Otton. “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.”
Ontario benefited from a strong start to the fiscal year with record online gaming figures.
From January to March 2024, Ontario accepted $14.6 billion in wagers, the highest quarterly amount so far in the province. In Q1 2024, Ontario posted a record handle but saw revenue take a dip compared to October-December 2023. Ontario generated $2.7 billion in revenue from online gaming in Q1 2024 compared to $3.1 billion in Q4 2023.
Ontario’s Q1 results were spearheaded by substantial iGaming growth.
Over the course of Year 2, iGaming generated $1.8 billion in revenue, an 88% increase compared to the fiscal year prior. By comparison, Ontario’s peer-to-peer poker market grew by 64% compared to Year 1. The province saw its online sports betting market generate $67 million in revenue in Year 2, a roughly 39% increase compared to the year prior.
“When talking about Ontario’s iGaming market, the numbers tell us a lot, but what I’m most proud of are the countless ways that our government partners, operators, responsible gambling experts, players, and employees have worked together to help us create a world-class market that is Ontario-made for Ontarians,” said iGaming Ontario Board Chair Heidi Reinhart earlier this month.
Ontario reports player account and operator growth
In Q1 2024, Ontario reported 1.3 million active player accounts across its licensed sportsbooks compared to 1.2 million in Q4 2023. Despite the uptick in players, the province posted declines in monthly spending with bettors dishing out an average of $234 in Q1 2024 compared to $276 in Q4. Monthly spending reached its peak in Q3 2023 at $300.
Ontario will continue to grow as a gaming market as more operators enter the province.
In Year 1, Ontario debuted with 49 operators that owned 72 different gambling sites, according to data provided by the Alcohol and Gaming Commission of Ontario. As of March 2024, the province is home to 47 operators that operate 77 sites.
