The first quarter of the fiscal year 2024-25 has been stellar for Ontario’s iGaming industry, as reported by iGaming Ontario. The period spanning April to June 2024 witnessed substantial activities across the province’s regulated online gaming platforms, involving 50 operators.
Martha Otton, Executive Director at iGaming Ontario, commented on the sector’s growth: “Our regulated iGaming market, with its expanded operator base and increased wagering, offers a myriad of enjoyable gaming options. This growth not only enhances the gaming experience but also substantially contributes to provincial funds aimed at infrastructure, healthcare, and education.”
Performance Metrics and User Participation
The market experienced a total wagering sum of $18.4 billion, showing a growth of 3.4% from the previous quarter and a 31% increase from the first quarter of the previous year. Gaming revenues were equally strong, with a total of $726 million recorded, marking a 5.2% increase quarter-over-quarter and a 34% increase year-over-year. These revenues are calculated from total cash bets, inclusive of various game-related fees, and are net of payouts to players, excluding operational expenditures.
The user engagement was robust, with nearly 1.9 million player accounts active during the quarter. These accounts include both cash and promotional betting activities, and the figure does not represent unique individual players as some hold accounts across multiple platforms. The average monthly spend by these players was approximately $284.
Gaming Categories Detailed
In terms of wager distribution, casino games led the pack. These games, which include slot machines, digital and live table games, as well as peer-to-peer bingo, commanded nearly $15.5 billion or 84% of the total wagers. They generated $529 million in gaming revenue, accounting for 73% of the total.
The sports betting segment also performed well, with a total of $2.5 billion wagered, constituting 14% of the overall betting amount and generating $181 million in revenue. Highlight events such as the Stanley Cup Final, where the Edmonton Oilers competed, significantly contributed to the wagering volume.
Peer-to-peer poker contributed $402 million to the total wagering, about 2.2% of the overall, and generated $16 million in revenue. This shows a slight seasonal dip, possibly influenced by major poker events like the World Series of Poker in Las Vegas, which typically draws players away from local platforms.
Continued Commitment and Prospects
iGaming Ontario is dedicated to maintaining transparency and accountability by regularly publishing market performance reports. These reports provide valuable insights into the market dynamics and help monitor the impact of regulatory measures on the economic benefits to the province.
Looking forward, the Ontario iGaming market is poised for continued growth, surpassing initial expectations and contributing significantly to the province’s economic and social objectives. This sector’s continued success reflects a robust regulatory environment and a diverse range of gaming options available to residents.
Source:
iGaming Ontario’s FY 2024-25 Q1 Market Performance Report, igamingontario.ca, July 24, 2024.