iGaming Ontario reports $367.7m in October revenue
Total revenue grew by 12% month-over-month.
Key Points
- Wagers in October increased year-over-year by 8%
- Revenue last month grew by 12% when compared to revenue posted in September
iGaming Ontario (iGO) has published its financial and business results for the month of October. The Canadian company recently announced it will begin releasing monthly reports, along with the results it publishes every quarter.
Last month, total wagers placed reached nearly CA$9.25bn, reflecting a month-over-month increase of 7%.
Casinos brought in the largest wagering total in October.
Of the total wagers placed last month, $7.88bn came from casino games, which included slots, peer-to-peer bingo, live table games and computer-based table games. These bets represented 85% of the market share, according to the latest report.
Casino games also contributed to $303.8m of the total posted gaming revenue in the month of October, increasing by 9% month-over-month and representing 83% of the market share.
Sports wagers, including those made on sports, esports, novelty bets and proposition bets, made up $1.23bn of total bets and $58.3m of last month’s combined gaming revenue.
Total revenue last month reached $367.7m. The company also reported a 12% rise in its total October gaming revenue when compared to the previous month.
“This figure represents total cash wagers, including rake fees, tournament fees and other fees, across all operators, minus player winnings derived from cash wagers and does not take into account operating costs or other liabilities,” the company noted in its report.
Good to Know: iGaming Ontario remains committed to responsible gaming practices and defines its approach to responsible gambling as “centered around empowering players to make informed choices about their play”
In other news, a group of judges in Ontario have released a favorable ruling that could allow online and daily fantasy sports (DFS) contests within the province to expand and include other global players.
The Ontario Court of Appeal recently said allowing Ontario players to compete with players in other countries would be lawful.
The ruling is a result of a question the provincial government asked the Court of Appeal in February 2024.
The court addressed the matter by conducting a three-day hearing with a five-judge panel and published the results on November 12.
Four of the five panel judges agreed that allowing international player access would be legal under Ontario’s current laws.
“The proposed model would permit players in Ontario to play peer-to-peer games against players who are physically situated outside Canada, and to bet on the outcomes,” said the majority opinion in its recent ruling. “Examples of the peer-to-peer games that would be permitted include poker and daily fantasy sports wagering.”
The court’s ruling also referred to the Criminal Code’s language, which says, “It is lawful for the government of a province, either alone or in conjunction with the government of another province, to conduct and manage a lottery scheme in that province, or in that and the other province, in accordance with any law enacted by the legislature of that province.”
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