Ontario’s iGaming Market Surges by Over 70% in Second Year

The launch of Ontario’s fully regulated, legal iGaming market was met with high expectations from international gaming companies looking to capitalize on the Canadian market. The success of the sector has surpassed even the most optimistic forecasts, with significant growth seen in its second year of operation.

Recent statistics reflect Canada’s strong affinity for gambling, with over 60% of Canadians having engaged in gambling activities in the past month. The average Canadian spends close to monthly on gambling, contributing to over 19.3 million active online gambling accounts in the country. Ontario reported a staggering .4 billion in gambling revenues between April 2022 and March 2023, marking a remarkable 72% increase. Currently, 47 operators offer 77 gaming websites, all regulated by iGaming Ontario.

The latest quarterly report revealed total gaming revenue of 0 million in the fourth quarter, derived from total wagers amounting to .8 billion. This brought the total gaming revenue for 2023-2024 to an impressive .4 billion. Martha Otton, Executive Director of iGaming Ontario, emphasized the market’s substantial growth, citing billion in wagering and .4 billion in gaming revenue in the second year.

Ontarians have shown a strong preference for playing on regulated sites licensed by iGaming Ontario, as highlighted by an IPSO study commissioned by the Alcohol and Gaming Commission of Ontario. Nearly 90% of players have transitioned to regulated sites, benefiting from stringent standards and regulatory support in case of issues.

Attorney General Doug Downey commended the market’s success, emphasizing the importance of providing a safe and competitive gaming environment. With over 12,000 jobs sustained in the first year of operation, iGaming Ontario has emerged as a global innovator and leader in the online gaming space.

Ranked sixth globally in gross gaming revenue, Ontario’s iGaming market has positioned itself ahead of US states like Michigan and New York. By legalizing all forms of gambling and collaborating with established international operators, the province has cultivated a robust gaming landscape that caters to diverse player preferences.

With access to a wide array of gaming experiences, including sports betting, poker, online slots, and traditional casino games, players in Ontario can enjoy a customized iGaming experience tailored to their interests. Regulator Martha Otton highlighted the importance of understanding player preferences and investing in Ontario’s gaming market for continued success.

As the market continues to evolve, iGaming Ontario remains committed to fostering a safe and regulated gaming environment in collaboration with government partners and operators. While revenue and profit figures reflect impressive growth, Board Chair Heidi Reinhart emphasized the collective efforts of various stakeholders in creating a world-class gaming market for Ontarians.

While the market has seen significant successes, challenges have also surfaced for some operators. Unibet’s withdrawal from the North American market last November served as a reminder of the competitive landscape and the need for strategic decision-making. Despite such challenges, the Ontario iGaming market remains resilient and poised for continued growth in the years to come.