iGaming Ontario (IGO) recently released its revenue report covering the first quarter of the 2023-24 fiscal year (dates April 1 to June 30). The report revealed that the total handle (bets made) for the period was $14 billion, resulting in a record revenue figure of $545 million. The handle figure represents an impressive rise from $4.1 billion staked in Q1 of 2022/23 when the Ontario regulated market launched.
The IGO report also showed that online casinos were the main earner in Q1. They accounted for 83% of the total handle ($11.6 billion), and 72% of the total revenue ($392 million), as Canadians chose to spend money at sites listed in this guide to the best online casinos in Ontario by playing slots, table games, and bingo. This is the first time the province has revealed figures that show how significant the contribution of online casinos is to iGaming revenues in Ontario.
Revenue increased by 236% year-on-year
Online casinos have played a major role in generating the overall revenue figure for Ontario iGaming of $545 million, which represented a 236% increase year-on-year. Over the same period of time, there has been an increase in the number of operators in the market, although the number of iGaming sites has decreased slightly. Currently, around 920,000 player accounts are active at these sites, and players spend an average of $197 per month.
How online casino revenue fits with other sectors
The recent figures released by the IGO are the first ones that reflect revenue by vertical, and they provide an opportunity to compare online casino contributions with other sectors. These figures show that:
- Casino games accounted for $11.6 billion in wagers and $392 million in revenue.
- Betting on sports in Ontario accounted for $2 billion in wagers and $138 million in revenue.
- Peer-to-peer poker accounted for $350 million in wagers and $15 million in revenue.
The figures clearly show that casino games are leading the way in betting figures and revenue.
Positive news for online casinos compared to Q1 for 2022/23
When compared to Q1 of the 2022-23 fiscal year, the latest iGaming Ontario figures show significant improvement. The highlights are:
- Total handle up by 243%
- Overall revenue up by 236%
- Live operator numbers up by 156%
- Active player accounts up by 87%
- Average monthly player spend up by 74%
These figures are good news for the regulated iGaming industry in Ontario, especially online casinos. They are even more impressive when you consider that Ontario Lottery and Gaming Corporation (OLG) figures are not included. Of course, Ontario is a large territory so there are plenty of prospective players. It’s also worth mentioning that although the regulated market in Ontario is new, the “grey market” has been operating for 20 years, so Ontarians are used to playing at online casinos. Given these facts, it’s not surprising that the handle and revenue figures in the province are healthy.
As the regulated market continues to grow, these figures are likely to remain positive and increase further.