Market Watch: Ontario’s iGaming Market Shows Growth In Q2
“Growth is never by mere chance; it is the result of forces working together,” said James Cash Penney, the founder of the department store chain JCPenney. This quote is very apt for Ontario’s iGaming market. Both players and operators have helped the province’s online gaming market grow significantly.
Last week, iGaming Ontario, the province’s online gaming body, released the Q2 market performance report. The report, which covers the period between July 1st to September 30, 2022, highlighted various areas of noticeable market growth. From total wagers to total gaming revenue, Q2 has outperformed Q1 showing promise for the newly regulated market. Here are the highlights provided by iGaming Ontario:
The report highlights two important factors: an active and growing player base as well as an increased interest from operators in expanding to Canada. This quarter brought over 136,000 new active player accounts who on average spent $142 every month, a notable increase when compared to last quarter. Additionally, the number of operators and gaming websites grew. 6 new operators and 11 new gaming websites went live in the province in Q2. With the Alcohol and Gaming Commission of Ontario making changes to its Registrar’s Standards for Internet Gaming earlier this month, we could see a lot more licensed operators moving into the province in Q3. Unlicensed operators that continue to operate in Ontario could face regulatory action against starting Oct 31st, 2022.
Ontario iGaming market growth has shown great potential over the last two quarters. With the NFL & NBA seasons currently underway, along with the expectation of more licensed operators moving into Ontario, Q3 could easily surpass the results from Q2.
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