Ontario Tops $4 Billion in Gaming Handle for First Quarter
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The Ontario iGaming market is projected to develop into one of the largest in North America. On Tuesday, we saw the first scope of the potential of the new market that debuted on April 4.
iGaming Ontario released the first public report covering the first full quarter of its new online casino and internet sports betting market. According to the report, Canadians wagered $4.076 billion, while total gaming revenue came to $162 million. The total handle includes rake fees, tournament fees and other fees for all operators who have gone live.
The report includes the 18 operators and 31 gaming websites that are approved to take bets in Ontario. iGaming Ontario also reported there were 492,000 active player accounts with an average monthly spend of $113 per player account.
“Our aim is to be the best gaming jurisdiction in the world and these positive results are an early sign that we’re on our way,” Dave Forestell, iGO’s Board Chair said in a media release. “With a competitive revenue share rate and low barriers to entry, Ontario is an attractive iGaming market with a strong player base.”
Gaming Options Set to Increase
When Ontario launched its iGaming market on April 4, there were 13 legal operators that went live on the first day, including well-known brands such as BetMGM, FanDuel, Caesars, bet365, theScore and PointsBet.
But that number could eventually reach closer to 30 with a total of 27 operators registered with the Alcohol and Gaming Commission of Ontario (AGCO).
Brands such as PartyPoker and World Series of Poker are still awaiting approval from the AGCO but will eventually add to Ontario’s gaming catalog when they go live.
Big Expectations, Potential in Ontario Gaming
According to VIXIO Gambling Compliance, Ontario’s new gaming market is projected to produce $1.6 billion in gross gaming revenue this year before eventually rising to $2.36 billion in 2023 and $3.27 billion in 2026.
Its size has made it one of the top targets for operators. The province’s population of 14.2 million would make it the fifth-most populous state in the United States behind California, Texas, Florida and New York.
It’s been just over a year since single-event sports betting was legalized in Canada. On Aug. 27, 2021, the Safe and Regulated Sports Betting Act was enacted, allowing Canadians to wager on individual games and outcomes.
Previously, players were limited to just parlays. The new single-event option has expanded Canada’s gaming options and should result in increased handle figures going forward. In 2020, the Canadian Gaming Association estimates $15 billion were bet on sports.
According to Deloitte, analysts project that within five years of legalization, Canadian sports betting could grow from $500 million to nearly $28 billion in legal market betting. With 40% of the country’s population in Ontario and with one of the larger markets, expect Ontario to see the majority of the sports betting market growth in the future.
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