iGaming Ontario Sees Slowing Growth in Q1 2023/24 Performance Report

iGaming Ontario has released its Q1 performance report for the 2023/24 fiscal year, covering the three months ended on June 30, 2023. The report revealed that licensed operators in the province handled C$14 billion in wagers during the quarter, representing a significant 243% increase compared to the prior-year period.

Slowing growth

The regulated market of the province has been growing rapidly since its launch in April 2022. However, recent data indicates that the growth rate is slowing down as the market matures. For instance, from Q2 to Q3 of the previous fiscal year (FY22/23), the total handle increased by more than 90%, reaching C$11.5 billion.

However, between Q4 of FY22/23 and Q1 of the current fiscal year, sequential growth in handle was only 0.7%, reaching C$14 billion.

C$545 million in gaming revenue

Breaking down the Q1 results, online casino wagers accounted for C$11.6 billion or 82.9% of the total handle. Sports betting followed with C$2 billion, making up 14.3% of the total, and C$350 million was wagered on peer-to-peer poker.

From the reported handle, operators generated C$545 million in gaming revenue. The largest share came from online casinos, with C$392 million, followed by C$138 million from betting and C$15 million from poker.

The number of active player accounts during the period reached approximately 920,000, marking a significant increase from 492,000 in Q1 of the previous year. Additionally, the average monthly spend per player account surged from C$113 to C$197 compared to Q1 of FY22/23.