Ontario’s Q4 Wagers and Revenue Set Unprecedented Records

The iGaming industry in Ontario has experienced a remarkable surge in revenue and bets in the last quarter of 2023, setting new records and marking a historic achievement for the province. According to the latest report released by iGaming Ontario, the revenue generated in the fourth quarter of 2023 has exceeded all previous records.

The report indicates that both revenue and bets reports hit record highs in Ontario, with a total of 49 operators in the province generating CA$17.2 billion in bets and CA$658 in revenue during the fourth quarter. These numbers represent the highest revenue and betting activity ever recorded since the iGaming industry was legalized in Ontario in April 2022.

Online casino operators have emerged as the top earners, raking in almost 80% of the total revenue with CA$13.7 billion in wagers during the fourth quarter. Meanwhile, sports betting also saw significant growth, with CA$3.1 billion in wagers, marking a 63.2% increase compared to the previous quarter, driven by the more eventful sports season in the fall.

In terms of annual growth, the value of bets increased by 49.2% compared to 2022, and the profit increased by 44%, reflecting the substantial expansion of the market since 2022. Additionally, the number of active users in the province reached a historic high, surpassing a million for the first time, with 1.2 million active users recorded in the fourth quarter – a 31% increase from the previous quarter and a significant rise from the approximately 900,000 users in 2022.

Despite a decrease in average spend over two consecutive quarters, the surge in the number of users has contributed to breaking revenue records. The report also notes that data from Ontario Lottery and Gaming (OLG) were not included, and it is estimated that the total handle may be closer to CA$20 billion, or about CA$670 million per month.

Overall, the latest report from iGaming Ontario underscores the robust growth and success of the iGaming industry in Ontario, setting the stage for continued expansion in the future. The province’s iGaming sector has clearly demonstrated its resilience and potential for further growth and development.