iGO: Online casinos help drive FY2023-24 Ontario igaming growth

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iGaming Ontario has stated that FY2023-24 gaming revenue and wagers figures have both improved by over 70 per cent in comparison to the previous year.

Casino operations across the Canadian province have contributed heavily to the improvements, as wagers and revenue in this segment have grown by almost 90 per cent year-over-year.

For the period ending March 31, 2024, iGO declared that 47 operators and 77 websites collected total wagers (excluding promotional) of CAD$17.8bn in Q4, with FY2023-24 wagers at $63bn, a 78 per cent YoY increase over 2022-23 operations.

Q4 total gaming revenue was $690m, ending at $2.4bn for the full fiscal year, a 72 per cent uptick YoY. This figure 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.

The quarter’s wagers and revenue figures are also an improvement on the $17.2bn and $658m figures reported earlier this year for Q3.

“With $63bn in wagering and $2.4bn in gaming revenue, the second year of Ontario’s igaming market is more than 70 per cent bigger than the first,” commented Martha Otton, Executive Director of iGaming Ontario.

“As the market matures into its third year, I look forward to building on this foundation of success with operators and other partners as they invest in Ontario so that Ontarians can continue to play with confidence.”

Per segment, iGO stated that Q4 wagers and revenue from casino operations – slots, live and computer-based table games and peer-to-peer bingo – came in at $14.6bn and $510m respectively.

For FY2023-24, total casino wagers and revenue underwent the biggest increases in comparison to the previous year, rising by 88 per cent and 89 per cent to $51.7bn and $1.8bn respectively.

Wagers and revenue from betting operations – sports, esports, proposition and novelty bets, as well as exchange betting – in Q4 stood at $2.7bn and $161m respectively. For FY2023-24, total betting wagers rose by 39 per cent YoY to $9.7bn, while revenue grew by 36 per cent to $588m.

Meanwhile, wagers and revenue from peer-to-peer poker in Q4 were $446m and $19m respectively. For FY2023-24, total P2P poker wagers improved by 64 per cent to $1.6bn, while revenue rose by 67 per cent to $67m.

iGO noted that more than 1.3 million player accounts were active across operators during the quarter, with an average monthly spend per active account of $263.