Ontario iGaming generates record $412.4M in Q1 FY23-24, with $10.6B placed in wagers

The Ontario iGaming market generated a record CAD 545 million ($412.4 million) in revenue during the first quarter of the 2023-24 fiscal year (April through June 30, 2023). The figure was unveiled by local regulator iGaming Ontario (iGO) and marks an increase from the previous quarter, when the province generated $412.04 million, of 3.6%

Ontario became the first Canadian province to launch an open, regulated iGaming market in April 2022. iGO, a subsidiary of the Alcohol and Gaming Commission of Ontario (AGCO), also reported that during the period, a total of $10.6 billion were placed in wagers. This figure surpassed the previous quarterly record, set in Q4 at $10.5 billion.

During Q1 of the 2023-24 fiscal year, casino games in Ontario including slots, live and computer-based table games, and peer-to-peer bingo, made up nearly $8.8 billion (83%) of total wagers placed and contributed $296.6 million (72%) of the gaming revenue. In the same quarter last year, casino games in Ontario accounted for nearly  $21.2 billion (78% of total wagers) and $711.2 million (67% of gaming revenue), showing the growing dominance of the vertical.

Betting, including on sports, esports, as well as proposition and novelty bets, ranked second with total wagers of $1.5 billion (14%) and gaming revenue of $104.4 million (25%). Last year, betting accounted for $5.3 billion (20%) of total wagers and $327.6 million (31%) of gaming revenue, as consumer preference keeps shifting to online casino.

Meanwhile, peer-to-peer (P2P) poker made up the rest of the numbers, accounting for $264.8 million (3%) of total wagers and $11.4 million (3%) of gaming revenue. Last year, this vertical accounted for $750.6 million (3%) of total wagers and $40 million (3%) of gaming revenue, meaning it remained flat on a yearly basis.

iGO further noted that the number of gaming websites decreased during the three-month period, from 75 in Q4 to 71. However, the number of operators active in Q1 increased by two to 46.

The regulator noted that about 920K player accounts were active in Q1. These accounts are accounts with cash and/or promotional wagering activity during the time period, and do not necessarily represent unique players as individuals may have accounts with multiple operators. The average monthly spend per active player account was $148 in Q1.