Ontario iGaming Expected to Triple by 2032
Just over a year into the introduction of regulated sports betting and online gaming, Ontario is experiencing a surge in the iGaming sector. This comes as no surprise given that it’s Canada’s most populous province, offering residents an array of choices in the market.
Deloitte, a renowned consulting firm, unveiled its study on Wednesday, commissioned by iGaming Ontario. The findings are impressive: a whopping 12,000 full-time jobs were created, and an economic injection of $1.5 billion.
- Employees in the iGaming sector have enjoyed over $900 million in compensation.
- The industry’s average annual salary stands out at $103,000, marking a remarkable 41% increase over many other sectors.
- In its inaugural year, the provincial government’s coffers expanded by nearly $470 million. Even the federal government benefited, pocketing a cool $240 million. These figures are a testament to the sector’s potential, covering corporate taxes, property, sales, and gaming receipts.
But Deloitte’s study doesn’t stop at the present. Projections indicate that by 2032, we could see:
- Employment figures in the sector soaring to over 22,000 jobs.
- A jump in government revenue, reaching an estimated $2.1 billion.
- A potential GDP contribution of $4.7 billion annually.
However, it’s worth noting that these projections hinge on the assumption that current iGaming regulations remain unchanged.
Ontario’s distinct position as the sole Canadian province with a legal online casino gambling and sports betting market has catalyzed the emergence of over 40 private-sector operators. The province has seen $35 billion in total wagers and $1.4 billion in gaming revenue in just its first year.
Industry giants like TheScore and PointsBet are already laying down roots, setting up physical offices in Ontario. This development promises significant tax benefits for both Ontario and Ottawa.
Furthermore, Ontario’s lead in the iGaming sector is drawing international attention. The province’s early success is signalling opportunities for global operators.
Despite the evident success, the iGaming sector faces challenges. Prominent advertisements during key events, such as the Stanley Cup playoffs, have come under scrutiny. Additionally, concerns about a potential rise in gambling addiction are making waves.
Addressing these issues, the Alcohol and Gaming Commission of Ontario (AGCO) is revisiting specific marketing strategies, ensuring a balanced approach to the sector’s growth.
Ontario’s foray into the iGaming market is rewriting the economic narrative of the province. As these developments unfold, it’s evident that other provinces and territories might soon follow suit. Yet, as with any burgeoning sector, the balance between growth and responsible management is crucial.