Ontario's Regulated iGaming Industry: A Year-on-Year Growth in Q2 2023-24
The iGaming Ontario (iGO) market has been making waves, capturing the attention of players, industry insiders, and investors alike. The regulated iGaming industry in Ontario has witnessed a noteworthy year-on-year growth in the second quarter (Q2) of the 2023–24 fiscal year, extending from July 1 through September 30, 2023. The release of the iGO market performance report for this period paints a clear picture of the industry’s success. Let’s examine how the industry has grown on a year-on-year basis in Q2.
Total Wagers: The total wagers in Q2 of 2023–24 reached an impressive $14.2 billion, marking a 132% increase over Q2 of the previous fiscal year. This astounding growth indicates the increasing popularity of iGaming in Ontario.
Gaming Revenue: Gaming revenue for the same period in 2023–24 hit $540 million, representing a substantial 105% increase compared to the previous year. This figure accounts for cash wagers, rake fees, tournament fees, and other fees across all operators, minus player winnings. It demonstrates that not only are more people participating, but they are also spending more.
Number of Operators and Gaming Websites: The number of operators increased from 24 in 2022–23 to 47 in 2023–24, signifying the industry’s expansion. Similarly, the count of gaming websites grew from 42 to 71. This growth suggests a more competitive landscape and a wider array of gaming options for players.
Active Player Accounts: About 943,000 player accounts were active in Q2 of 2023–24, compared to 628,000 in the previous year. This increase in active player accounts demonstrates a growing player base and sustained engagement with iGaming platforms.
Average Player Spend: The average monthly spend per active player account in Q2 of 2023–24 was $191, whereas it was $142 in the same period of the previous year. This substantial increase reflects greater player engagement and higher spending in the iGaming sector.
Ontario’s regulated iGaming industry has experienced remarkable growth in Q2 of the fiscal year 2023–24 compared to the previous year. The industry’s key components such as total wagers, gaming revenue, and average player spending have all seen substantial increases. This growth trend showcases how the iGaming market in Ontario is flourishing with an expanding player base and a competitive landscape.
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