Ontario’s Sports Betting Surges: 50% YoY Growth

Ontario’s sports betting market has witnessed a remarkable resurgence, displaying robust growth as licensed operators handled a staggering C$17.2 billion in wagers during the third quarter of the fiscal year 2023/24.

Remarkable Growth in Ontario’s Gaming Industry

This data, recently disclosed in iGaming Ontario’s latest market report for the period ending on December 30, 2023, reveals

• an impressive 21% sequential increase and
• an outstanding year-on-year growth of 50%.

The substantial growth extended beyond wagers, as total gaming revenue surged to $658 million, marking an impressive 22% sequential increase and a remarkable 42% year-on-year increase.

It is important to note that this figure encompasses all cash wagers, including rake fees, tournament fees, and other charges across all operators in the province.

Sustained Growth Amidst Earlier Signs of Slowing

Prior figures for the three preceding quarters had hinted at a potential slowdown in Ontario’s initial growth within the gaming industry. However, the latest market report firmly establishes the province’s resilience and the renewed vigour of its gaming sector.

Diverse Operators and Engaged Player Base

The market report also sheds light on the diversity within Ontario’s gaming landscape. A total of 49 operators and 72 gaming websites actively participated during the third quarter. This diversity contributes to the competitiveness and vibrancy of the market, offering players a wide range of options.

Throughout Q3, approximately 1.2 million player accounts were active, indicating a highly engaged player base. These active player accounts include those with both cash and promotional wagering activity and do not necessarily represent unique individuals, as players may maintain accounts with multiple operators.

Popular Gaming Categories

The report provides insights into player preferences, with casino games emerging as a dominant force in the market.

Casino games, including slots, live and computer-based table games, and peer-to-peer bingo, commanded a substantial share, accounting for nearly $13.7 billion (79%) of total wagers and $471 million (71%) of gaming revenue.

Betting, which encompasses sports, esports, proposition, novelty bets, and exchange betting, also played a significant role, representing nearly C$3.1 billion (18%) of total wagers and $171 million (25%) of gaming revenue.

Peer-to-peer (P2P) poker, while a smaller segment in the market, contributed substantially with $431 million (2.5%) of total wagers and $17 million (2.5%) of gaming revenue during the third quarter.

It’s important to note that the numbers presented in this report are unaudited and subject to adjustment. Due to rounding, there may be minor discrepancies in the presented totals.

The report only covers the Ontario iGaming market. It does not include OLG’s iGaming offering or pari-mutuel wagering on horse racing.