The Growth Continues For Ontario's iGaming Market (Q1 2023)
Ontario’s iGaming market has experienced remarkable growth during the first quarter (Q1) of the 2023–24 fiscal year. The recently released market performance report by iGaming Ontario reveals staggering figures that underline the industry’s robustness and potential. Here are the main highlights of the report:
Total Wagers and Gaming Revenue
During the first quarter, iGaming in Ontario witnessed an unprecedented surge in total wagers, reaching $14 billion. This figure excludes promotional wagers (bonuses), showcasing a staggering number for actual betting activity in the province. Additionally, the total gaming revenue during this period stood at an impressive $545 million, encompassing all cash wagers, including rake fees, tournament fees, and other charges across all operators.
Operators and Gaming Websites
The iGaming market in Ontario has witnessed a steady expansion in terms of licensed operators and gaming websites. As of Q1, there are 46 Operators and 71 gaming websites catering to the vast number of enthusiastic players. This number of operators and websites indicates a growing interest in iGaming businesses and increasing competitiveness in the market.
Active Player Accounts and Average Player Spend
During the last quarter, the iGaming market in Ontario recorded approximately 920,000 active player accounts. It is crucial to note that active player accounts refer to accounts with cash and/or promotional wagering activity during the specific time period, and not unique players, as individuals may have accounts with multiple operators.
Moreover, the average monthly spend per active player account in Q1 was approximately $197, compared to last year’s $113 this is a significant rise on a year-over-year basis. This data highlights the engagement and spending patterns of players during this period, providing valuable insights to operators and policymakers.
Year-over-Year Comparison
To better understand the growth trends in Ontario’s iGaming market, the report compared Q1 2023 data with the previous fiscal year (April 4, 2022, to March 31, 2023). The comparison revealed significant progress:
Wagers: The total wagers during Q1 2023 amounted to $14 billion, reflecting an increase from the previous year’s $4 billion.
Gaming Revenue: The gaming revenue during Q1 2023 reached $545 million, showcasing remarkable growth compared to the previous year’s $162 million.
Operators & Websites: Last year when the regulated market launched 18 operators and 31 websites expanded into the province. A year later, 46 operators and 71 websites live in the province and are fully regulated and licensed.
In conclusion, the Q1 2023 market performance report for Ontario’s iGaming sector is a testament to the market’s resilience and upward trajectory. With impressive total wagers and gaming revenue, coupled with the steady rise in active player accounts and average player spending, the iGaming industry in Ontario is poised for a bright and lucrative future.
