Achi news desk-
As Ontario sports fans eagerly anticipate the kickoff to the NBA and NHL playoffs, a newly released report offers insight into the province’s online gaming market, which generated nearly $18 billion in wagers during the period 2023- 2024.
The report, released Wednesday by iGaming Ontario, an online gaming platform that regulates and approves private gaming companies in the province, covers the period from April 1, 2023, to March 31, 2024, and reveals a significant increase in total wagers and gaming revenue. .
In the fourth quarter alone, iGaming Ontario, a subsidiary of the Alcohol and Gaming Commission of Ontario (AGCO), said total wagers soared to an impressive $17.8 billion, contributing to an annual total of $63 billion for the year financial 2023-2024.
This marks a significant increase of 78 per cent compared to the previous year and does not include promotional salaries (bonuses), the report said.
Meanwhile, total Q4 gaming revenue reached $690 million, contributing to an annual total of $2.4 billion for the 2023-2024 period, marking a significant 72 percent increase over the previous year.
The report said this figure includes the total cash wagers, including rake fees, tournament fees, and other charges, as well as player winnings derived from cash wagers. It is important to note that this does not include operating costs or liabilities.
“With $63 billion in wagering and $2.4 billion in gaming revenue, the second year of Ontario’s iGaming market is more than 70 percent larger than the first,” said Martha Otton, executive director of iGaming Ontario.
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“As the market matures into its third year, I look forward to building on this foundation of success with other operators and partners as they invest in Ontario so Ontarians can continue to play with confidence,” said Otton.
As for where Ontarians were spending their money, the report revealed that Ontario’s gaming scene is driven primarily by casino wagers, which accounted for $14.6 billion in Q4, contributing to an overall $51.7 billion for the year 2023 -2024, an increase of 88 percent. over the previous year.
iGaming Ontario says casino games include slots, live and computer table games and peer-to-peer bingo.
Meanwhile, Q4 saw casino gaming revenue reach $510 million, contributing to an overall annual total of $1.8 billion, marking an 89 percent increase over the previous year, according to the report.
The findings also revealed that during the reported period, the active player base increased, with over 1.3 million accounts engaged in gaming activity, while the average monthly spend per active player account in Q4 totaled $263.
The new findings come on the heels of the two years since the Ontario government’s central decision to open up the province’s online gambling market, a move that has spurred a significant increase in legal gambling among residents.
Before the government stepped in to regulate the online marketplace, Ontarians, much like the rest of the country, competed on so-called “grey market” websites, which provided very little of consumer protection.
When Ontario opened up its gambling market, the province estimated that Ontarians placed $1 billion in online bets annually with 70 per cent of that amount spent on gray market sites.
Just a year after the state’s move, the AGCO reported that about 85 percent of players had transitioned from gray market sites to legal wagon platforms.
Global News reached out to the AGCO and the Council for Responsible Gaming for comment but did not hear back by press time.
— with files from Kevin Nielsen
& copy 2024 Global News, a division of Corus Entertainment Inc.
