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. As one of the most significant regulated online gambling markets in North America, Ontario’s iGaming industry has witnessed a noteworthy year-on-year growth in the second quarter (Q2) of the calendar year 2023–24 fiscal period, spanning 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.
Market Growth and Performance
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 highlights the increasing popularity of iGaming in Ontario, solidifying its position in the sports betting market and online casinos sector.
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 wide range 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.
The Role of Government and Industry Growth
Ontario’s regulated iGaming market operates under a framework that involves provincial governments, ensuring compliance and responsible gaming standards. Unlike markets directly overseen by a federal government, Ontario’s approach has allowed for localized regulation tailored to the province’s needs. This model has provided stability and facilitated substantial growth in the sports betting market, particularly as major league baseball and other sporting events continue to drive player interest in game sports betting.
As Ontario continues to expand its market share in regulated iGaming, the industry’s long-term outlook appears strong. The province’s success could serve as a model for other province and territory jurisdictions considering similar regulatory frameworks. With a growing player base, increased competition, and rising revenue, Ontario’s iGaming sector is well-positioned for continued growth in the years ahead.
