Market Trends: Two Years of iGaming In Ontario
In the world of iGaming, Ontario has emerged as a key player. The province’s regulated iGaming market has witnessed significant growth and transformation over the past two years. In a comparative analysis of Ontario’s iGaming market, we explore the data from its inaugural year and contrast it with the trends observed in the following year.
Year One Vs Year Two Comparison
In its first year (2022–2023) of operation, the iGaming market in Ontario recorded impressive figures:
Total Wagers: $35.5 billion
Total Gaming Revenue: $1.4 billion
Average Monthly Spend per Active Player Account: $70
Building upon the success of year 1, the iGaming market in Ontario witnessed remarkable growth in its second year (2023–2024):
Total Wagers: $63 billion
Total Gaming Revenue: $2.4 billion
Average Monthly Spend per Active Player (in Q4): Approximately $200
The numbers speak volumes: in just one year, Ontario’s iGaming market has experienced remarkable growth. Total wagers nearly doubled from $35.5 billion to $63 billion, marking a staggering 78% increase. Gaming revenue followed suit, nearly doubling from $1.4 billion to $2.4 billion. Notably, the average monthly spend per active player surged, reaching approximately $200 in the fourth quarter of the second year, compared to $70 throughout the entire first year.
Economic Benefits and Future Projections
A report published by Deloitte last year highlighted the significant economic benefits generated by Ontario’s iGaming market. In its first year alone, the market sustained over 12,000 full-time equivalent jobs across the province and contributed nearly $1.6 billion to Ontario’s Gross Domestic Product (GDP), including over $900 million in labor income.
The report suggests that the industry has the potential to continue its growth trajectory, with projections indicating the potential to support up to 22,000 full-time equivalent jobs, $4.7 billion in GDP, and over $2.1 billion in government revenue annually by 2031–32.
Consumer Protection Through Innovation
Since its launch two years ago, iGaming Ontario (iGO) and other provincial bodies such as the AGCO have made consumer protection a top priority. To reinforce this commitment, iGO has invited collaboration with the iGaming industry to develop a centralised self-exclusion system.
This system aims to empower consumers by giving them tools to bet responsibly.
Currently, iGO is seeking proposals for Ontario’s centralised self-exclusion solution for iGaming until May 8, 2024.
Over the past two years, Ontario’s iGaming market has boomed, making a big impact on the economy. Notably, player spending, gaming revenue, and total wagers have all increased significantly. What’s more, experts predict this growth will keep going, bringing even more economic benefits. Plus, the industry is serious about player safety, with measures like the centralised self-exclusion system showing their commitment to responsible gaming. With these steps in place, Ontario’s iGaming industry is set to thrive, paving the way for other provinces to do the same.
