iGO: Ontario igaming hits $1.4bn in first year total revenue

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Ontario’s igaming market is continuing to grow as regulator iGaming Ontario has revealed gaming revenue surpassed the CAD$520m mark in the fourth quarter (January 1, 2023, to March 31, 2023).

As a result, for its first full year of operations, the Canadian province has reported $1.4bn in revenue, with each quarter growing on average by more than 50 per cent in total wagers and gaming revenue.

Publishing the market’s Q4 and FY2022-23 financials, from 44 operators with 75 gaming websites, iGO declared total wagers in Q4 of $13.5bn, up on Q3’s $11.5bn, and total gaming revenue in the quarter of $526m, an improvement on Q3’s $463m.

The regulator noted that total wagers do not include “promotional wagers (bonuses)” and that gaming revenue includes “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”.

iGO stated that just over one million player accounts were active during Q4, spending on average $174.

Taking into account the fourth quarter, iGO revealed Ontario’s igaming market has recorded total wagers of $35.5bn and total gaming revenue of $1.4bn in its first full year of operations (April 4, 2022, to March 31, 2023).

A total of 45 operators and 76 gaming websites are live in the province, with 1.65 million player accounts active with an average monthly spend of $70.

iGO added that since launching in April last year, the market has grown by more than 50 per cent in total wagers and gaming revenue in each quarter.

Breaking down Ontario’s online casino segment across the full year, slots dominated the way with 48 per cent of the total wagers, followed by live dealer table games at 32 per cent, and computer-based table games at 19 per cent.

As for the market’s sports betting, basketball was the most popular sport wagered on with 29 per cent of total wagers across the full year, followed by soccer at 15 per cent, football at 13 per cent, hockey at nine per cent and baseball at eight per cent.

iGO noted that, as part of its commitment to sharing aggregate revenue and market insight reports, the regulator will keep publishing its market report, at minimum, on a quarterly basis.