A recent report by iGaming Ontario has shed light on the online gaming market in Ontario, revealing that there was nearly $18 billion in wagers during the 2023-2024 period. The report covers the period from April 1, 2023, through March 31, 2024, and showed a significant increase in total wagers and gaming revenue. In the fourth quarter alone, total wagers reached $17.8 billion, contributing to an annual total of $63 billion for the fiscal year. This marked a substantial 78 percent increase compared to the previous year, excluding promotional wagers.
During the same period, total gaming revenue reached $690 million in the fourth quarter, contributing to an annual total of $2.4 billion for the 2023-2024 period, marking a considerable 72 percent increase over the previous year. The revenue includes cash wagers, rake fees, tournament fees, and player winnings derived from cash wagers, but does not include operating costs or liabilities. Martha Otton, executive director of iGaming Ontario, expressed optimism about the market’s growth, stating that it was more than 70 percent bigger in its second year compared to the first. She looks forward to building on this success in the market’s third year with operators and partners.
The report highlighted that Ontarians were primarily spending their money on casino wagers, which accounted for $14.6 billion in the fourth quarter and a total of $51.7 billion for the year, an 88 percent increase over the previous year. Casino games include slots, live and computer-based table games, and peer-to-peer bingo. In Q4, casino gaming revenue reached $510 million, contributing to an overall yearly total of $1.8 billion, marking an 89 percent increase over the previous year. The active player base also surged during the reported period, with over 1.3 million accounts engaged in gaming activity and an average monthly spend per active player account of $263.
Ontario’s decision to open up the online gaming market has led to a significant increase in legal gambling among residents. Prior to the government’s regulation, Ontarians were wagering on “grey market” sites, which provided minimal protection for consumers. The province estimated that residents were placing $1 billion in online bets annually, with 70 percent of that amount wagered on grey market sites. However, after the province opened up its gaming market, approximately 85 percent of players transitioned to legal wagering platforms. This move has provided a safer and more regulated environment for online gambling in Ontario.
As the market continues to mature, iGaming Ontario and its partners are working to ensure that Ontarians can continue to play with confidence. The report’s findings reflect the success and growth of Ontario’s online gaming market, with substantial increases in total wagers, gaming revenue, and active player engagement. The province’s decision to regulate the market has been effective in transitioning players from grey market sites to legal platforms, providing better protection for consumers. With the ongoing popularity of online gaming, Ontario’s market is poised for further growth and development in the coming years.
