Date: 18.04.2024

by Kajetan Sawicz

Last update: 08.05.2024 12:24

Ontario’s iGaming and Sports Betting Markets Surge in Second Year

The regulated sports betting and iGaming sectors in Ontario have reported exceptional growth in their second year, recording $63 billion in total bets and $2.4 billion in revenue, according to the latest figures.

The final quarter of the year, spanning from January to March, saw $17.8 billion in wagers, representing a significant 78% growth compared to the market’s inaugural year.

Record-Breaking Quarter and Annual Growth

The fourth quarter of the fiscal year stood out with a robust $690 million in gaming revenue, a substantial 72% increase from the previous year. iGaming Ontario executive director Martha Otton highlighted the successful expansion of the market. “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,” Otton remarked.

She added, “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.”

Casino and Betting Segment Performance

Casino games, including slots and table games, accounted for a lion’s share of the wagering amount, with $14.6 billion bet in the fourth quarter alone and an annual total of $51.7 billion—an 88% increase from the previous year. This segment’s revenue also saw a dramatic rise, with yearly earnings reaching $1.8 billion, up 89%.

In the betting sector, encompassing sports, esports, and novelty bets, fourth-quarter wagers totaled $2.7 billion, culminating in a yearly figure of $9.7 billion—a 39% rise from the previous year. This segment’s annual revenue increased by 36%, amounting to $588 million.

Peer-to-peer poker also showed strong performance, with fourth-quarter wagers at $446 million and an annual total of $1.6 billion, marking a 64% year-over-year increase. The segment’s revenue for the year was $67 million, up 67% from the previous fiscal.

 

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