Ontario iGaming Shows Consistent Growth in its Second Year

iGaming Ontario has completed its second year of operations, and the top sportsbooks in Canada are pleased with the outcomes.

The second Full-Year Market Performance Report has been released, covering the period from April 1, 2023, to March 31, 2024, since iGaming and Ontario sports betting apps were legalized in the province. The report includes data from 47 operators who offer 77 gaming websites in Canada’s only legal online gambling jurisdiction.

The online casino market in Canada’s largest province experienced significant growth across all sectors, surpassing all expectations for the betting industry.

$63 billion total handle, $2.4 billion in revenue

The fourth quarter of Ontario’s fiscal year ended on March 31, revealing that $17.8 billion in accepted wagers led to a total of $63 billion in bets for the entire year. It is important to note that this total does not account for promotional wagers. Residents have a variety of options available to them if they are interested in utilizing Canada sportsbook promotions.

The iGaming revenue reached $2.4 billion, driven by a strong yearlong handle following a Q4 revenue report of $690 million.

The numbers for the Full Year 2023-2024 show an impressive 78% increase in overall handle and a 71% spike in revenue compared to the previous year.

“In the report, Martha Otton, the Executive Director of iGaming Ontario, stated that the second year of Ontario’s iGaming market has seen a significant increase, with $63 billion in wagering and $2.4 billion in gaming revenue. Looking ahead to the market’s third year, Otton expressed excitement about collaborating with operators and partners to further build on this success and ensure Ontarians can continue to play with confidence.”

Deeper dive into the numbers

The Ontario iGaming report revealed that casino wagers, such as slots, live and computer-based table games, and peer-to-peer bingo, increased by 88% year over year to reach $51.7 billion. This growth was driven by a quarterly record of $14.6 billion in Q4 casino wagers.

The casino sector generated $1.8 billion in revenues for the entire year, marking a 39% growth compared to the previous report from 2022-2023. Out of the total revenues, $510 million were earned in Q4.

In the 12-month period, Ontario sports betting, esports, proposition, novelty bets, and exchange betting markets experienced a 39% year-over-year growth, reaching $9.7 billion. This includes $2.7 billion in revenues from Q4.

Income from that specific sector rose to $588 million in the 2023-2024 fiscal year, showing a 36% increase from the previous year, with $161 million coming in the fourth quarter.

In the year ending March 31, peer-to-peer (P2P) poker saw a 64% year-over-year increase in wagers, totaling $1.6 billion. This included $446 million in wagers from the fourth quarter.

More people betting in Q4

The growth of the Ontario iGaming industry from year to year can be attributed to the increasing popularity and widespread adoption of sports betting apps and iGaming platforms in the province. While growth in Year 2 was anticipated, the speed at which it occurred was unexpected.

In the fourth quarter, a record-breaking 1.3 million player accounts were active in the iGaming Ontario market, as reported by iGaming Ontario. The average monthly spend for these players decreased from $276 to $263 in Q4.