Ontario igaming continues to ascend with $545m in Q1 revenue

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The Ontario online casino ecosystem continues to ascend as regulator iGaming Ontario has declared a quarterly revenue increase for the market’s gaming operations in the first quarter of its 2023-2024 fiscal year.

For Q1 (April 1 to June 30, 2023), iGO reported total gaming revenue for the Canadian province of C$545m, up 3.6 per cent compared to FY2022-23 Q4’s $526m.

The market’s gaming revenue is calculated through the equation of total cash wagers – rake fees, tournament fees and other fees – minus player winnings derived from cash wagers. It doesn’t take into account operating costs or other liabilities.

Total wagers also rose in Q1 compared to the previous quarter as well, reaching $14bn (Q4: $13.9bn), with the market consisting of 46 operators (Q4: 44) and 71 gaming websites (Q4: 75).

However, active player accounts dropped below a million by the end of the quarter, falling to 920,000 (Q4: 1.01m). Average monthly spend per active player account improved to $197 (Q4: $174).

Per segment, Ontario’s casino games (slots, live and online table games and peer-to-peer bingo) contributed the most towards total gaming revenue ($392m) and wagers ($11.6bn) at 72 per cent and 83 per cent respectively.

Casino operations were followed by betting (sports, esports, proposition and novelty bets) with $138m revenue, $2bn in wagers, and peer-to-peer poker at $15m revenue, $350m wagers.

iGO has also provided data on Ontario’s first full year of operations per segment. 

From $1.4bn in gaming revenue and $35.6bn in wagers, casino games led the way ($940m revenue, $27.6bn wagers) with a 67 per cent and 78 per cent representation respectively.

Following casino operations was betting with $433m revenue, $7bn wagers, and P2P poker with $40m revenue, $992m wagers.

iGO added it will continue to share revenue and market insight reports every quarter at a minimum.