Ontario iGaming, sports betting industry continues to thrive with $488 million revenue in Q3

Ontario’s iGaming and sports betting industry continued to thrive in the third quarter of fiscal year 2023-24. The province generated CAD 658 million ($488 million) in revenue over Q3, an increase of 22% when compared to second-quarter figures. 

The activity recorded runs from October 1st to December 31st, 2023, and does not include information on all operators with gaming websites that had trading activity during that period.

As per Canadian Press, there were 49 operators and 72 gaming websites doing business in the province during Q3. This is up slightly from 47 and 71, respectively, in Q2. Total wagers in the third quarter were at CAD 17.2 billion ($12.7 billion), up by 21% from Q2. This figure does not include promotional wagers or bonuses.

About 1.2 million player accounts were active during Q3, up from 943,000 in the previous quarter. Active player accounts are those with cash and/or promotional wagering activity during the period. However, such accounts do not represent unique players as individuals may have accounts with multiple operators. 

The average monthly spend per active player account was CAD 186 ($137), down from CAD 191 ($141)  in the second quarter. 

Casino games, which include slots, live and computer-based table games, and peer-to-peer bingo, accounted for nearly CAD 13.7 billion ($10.16 billion), or 79% of total wagers and CAD 471 million ($349 million) or 71% of gaming revenue.

Betting on sports, esports, proposition, and novelty bets, and exchange betting, generated nearly CAD 3.1 billion ($2.3 billion) or 18% of total wagers. It also accounted for CAD 171 million ($126 million) or 25% of gaming revenue.

Poker accounted for CAD 431 million ($319 million) or 2.5% of total wagers and CAD 17 million ($12 million) or 2.5% of gaming revenue. The industry opened up fully in Ontario on April 4, 2022.