A newly released report from iGaming Ontario reveals that the online gaming market in the province of Ontario amassed nearly $18 billion in wagers during the 2023-2024 period. The report, covering the period from April 1, 2023, through March 31, 2024, showed a significant increase in total wagers and gaming revenue. In the fourth quarter alone, total wagers reached $17.8 billion, contributing to an annual total of $63 billion for the fiscal year, marking a substantial 78 percent increase compared to the previous year. This does not include promotional wagers, such as bonuses. The report is released by iGaming Ontario, an online gaming platform that regulates and approves private gaming companies in the province.
Q4 total gaming revenue amounted to $690 million, contributing to an annual total of $2.4 billion for the 2023-2024 period, representing a considerable 72 percent increase over the previous year. This figure includes total cash wagers, including rake fees, tournament fees, and other charges, as well as player winnings from cash wagers. Operating costs and liabilities are not included in these figures. The executive director of iGaming Ontario, Martha Otton, stated that with $63 billion in wagering and $2.4 billion in gaming revenue, the second year of the iGaming market in Ontario is more than 70 percent bigger than the first year. She looks forward to building on this success in the third year and working with operators and partners to ensure Ontarians can continue to play with confidence.
The report also revealed that Ontario’s online gambling market was predominantly driven by casino wagers, which accounted for $14.6 billion in Q4 and a total of $51.7 billion for the 2023-2024 year, an 88 percent increase over the previous year. Casino games include slots, live and computer-based table games, and peer-to-peer bingo. In Q4, casino gaming revenue reached $510 million, contributing to an overall yearly total of $1.8 billion, marking an 89 percent increase over the previous year. The report highlighted that the active player base increased during the reported period, with over 1.3 million accounts engaged in gaming activity, and the average monthly spend per active player account in Q4 was $263.
The release of the report comes on the heels of the two-year anniversary since Ontario opened up its online gaming market, leading to a significant increase in legal gambling among residents. Prior to the government’s intervention, Ontarians were using “grey market” sites for their online betting, which offered minimal consumer protection. After the province regulated the online market, the transition from grey market sites to legal wagering platforms was significant, with approximately 85 percent of players making the switch within a year. This move by the Ontario government has provided residents with a safer and more regulated environment for online gambling. Global News reached out to the AGCO and Responsible Gambling Council for comment but did not receive a response at the time of publication.
