iGO reveals Q3 revenue spike following operator increase

An increase in operators and gaming sites in operation coincided with a total gaming revenue increase in Ontario during Q3.

Publishing its market performance report for the third quarter of the 2022-23 fiscal year, iGaming Ontario revealed total gaming revenue of $457m, which represents a 71 per cent increase of Q2. 

This figure represents total cash eagers, including rake fees, tournament fees and other fees, across all operators from October 1 to December 31, 2022. However, the above figure was minus player winnings derived from cash wagers and does not include account operator costs or other liabilities. 

The growth in total gaming revenues coincides with the increase in both operators and gaming websites in Q3, when compared to the quarter prior. Beginning with the former, the number of operators that entered the Ontario igaming scene jumped by 50 per cent from the second quarter to 36. 

In addition, gaming websites also witnessed an upward spike with a 62 per cent increase over Q2 to total 68 sites live across Ontario, as of December 31, 2022. 

Total wagers in Q3 totalled $11.53bn, which represents a 91 per cent increase over Q2 (July 1 to September 30, 2022) and does not include promotional wagers. 

Furthermore, Ontario had 910,000 active player accounts representing a 45 per cent increase over Q2. These are accounts with cash and/or promotional wagering activity and do not represent unique players as individuals may have accounts with multiple Operators. 

Average monthly spend per active player account of $167 in Q3, 18 per cent higher than the quarter prior.

The Ontario igaming market described in this report includes all igaming operators that operated pursuant to an operating agreement with iGO from October 1 to December 31, 2022. As such, it does not include OLG’s igaming offering.