Ontario reports CA$658m in Q3 online gaming revenue

Ontario has reported its Q3 iGaming results for the fiscal year 2023-24. In total, wagers for the quarter totaled CA$17.2bn (US$12.75bn), with iGaming revenue coming to CA$658m.

Casino play made up 79% of wagers and 71% of the reported revenue. The second biggest segment was betting, accounting for 18% of wagers and 26% of gaming revenue. Finally, P2P poker generated CA$431m in wagers and Ca$17m in revenue, each holding 2.5% of wagers and gaming revenue.

The revenue generated in Q3 represents growth of 20.7% from the previous quarter. This level of growth is notable as it reflects a far larger jump than that seen between 2023 Q1 and Q2 (which was up by CA$5m), though is far from the growth noted in 2022, when iGaming was first introduced in Ontario. Between Q2 and Q3 2022, for example, growth was reported at 71.2%.

After the regulatory regime was amended in April 2022, iGaming operators have been moving increasingly into Ontario, due to it being the only regulated Canadian province to offer such forms of gambling. Compare this quarter to Q3 2022, when Ontario hosted 36 operators and 68 sites. This is year-on-year operator growth of 36% and website growth of 5.9%, based on the 49 operators and 72 sites now reported in Ontario.

In the upcoming issue of Gaming America, we spoke with Canadian Gaming Association (CGA) President & CEO Paul Burns about the state of the market in Ontario and what current trends may mean for the market going forward. He described the current market conditions as “highly competitive with that number of sites and operators in the marketplace. I wouldn’t say it’s crowded, but it’s comfortably cozy.”

Since the start of 2024 at least three new brands have launched in Ontario. This includes game studio Peter & Sons via a collaboration with SkillOnNet and Stakelogic through a partnership with Rootz.

Beth Turner

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