Ontario’s Online Gambling Market Sees Significant Growth in Q2 2024
Ontario’s online gambling sector has experienced substantial growth, with iGaming Ontario reporting a total gambling handle of $18.4 billion for Q2 2024. This represents a 31% increase compared to the same period last year. The 50 licensed operators in the province generated $726 million in total gaming revenue during this period, a 34% rise from Q2 2023. The data encompasses online casinos, sports betting, and poker.
Increase in Player Accounts
The number of active player accounts also saw significant growth. In Q2 2024, nearly 1.9 million active accounts were reported, compared to approximately 920,000 in Q2 2023.
This growth highlights the increasing popularity and acceptance of online gambling in Ontario.
Casino Games Lead Revenue
Casino games were the primary driver of profits in Ontario’s online gambling market. Players wagered $15.5 billion on casino games in Q2 2024, accounting for about 84% of the total wagers placed in the province.
This is a significant increase from the $11.6 billion wagered in Q2 2023. Revenue from casino games reached $529 million, making up 73% of the total gaming revenue, up from $393 million in the same quarter last year.
Steady Sports Betting Performance
Ontario’s sports betting market also performed well, with total wagers reaching $2.5 billion in Q2 2024, compared to $2 billion in Q2 2023. Sports betting revenue remained stable at $181 million, the same as the previous year.
The appearance of the Edmonton Oilers in the Stanley Cup Final against the Florida Panthers contributed to the high level of engagement, with the series going to seven games and the Panthers securing their first Stanley Cup victory.
Poker Market Trends
P2P poker posted a handle of $402 million in Q2 2024, up from $350 million in Q2 2023 but down from $446 million in Q1 2024. The decline in the second quarter is partially attributed to the annual World Series of Poker in Las Vegas, which draws many poker professionals away from Ontario.
Poker revenue for Q2 2024 was $16 million, a slight increase from $15 million in the previous year.
Economic Impact and Job Creation
According to a report by iGaming Ontario in partnership with Deloitte, Ontario’s commercial iGaming market is performing better than expected.
Since the launch of sanctioned iGaming in 2022, the market has generated over $4 billion in economic value for the province.
Deloitte projected a year-10 GDP of approximately $4.7 billion from commercial gaming in Ontario, with current trends suggesting the province will surpass these estimates in its next performance report.
The online gambling market has also created approximately 15,000 new jobs across Ontario, contributing significantly to the province’s economic growth.
