Ontario has seen a positive rise in the iGaming industry during the 2023-24 financial year, as the Ontario iGaming revenue increased by 72% from the previous year.
Ontario iGaming Revenue Up 72%
The Canadian province’s market, which is an umbrella to the body who formulates financial reports, revealed that a Q4 revenue of $690 million boosted the final total hugely.
During this period, around $17.8bn was wagered which added to the final total for the year of $63bn – which is a 78% increase year-on-year without promotional bets.
iGaming Ontario Executive Director, Martha Otton, revealed the huge increase within the province’s revenue and how it will continue to progress in the coming years.
She said: “With $63bn in wagering and $2.4bn in gaming revenue, the second year of Ontario’s igaming market is more than 70 per cent bigger than the first,”
“As the market matures into its third year, I look forward to building on this foundation of success with operators and other partners as they invest in Ontario so that Ontarians can continue to play with confidence.”
According to iGaming Ontario, online casino stakes managed to reach $51.7bn during 2023-24 and the betting figure reached $9.7bn.
Another key factor was the addition made by P2P poker, as the gambling business made a contribution of $1.6bn in bets during the same period.
Q4 was not the only key section of this increase of revenue throughout the year, as Q2 also brought a 21% increase with wagering bringing in $17.2bn.
Additionally, the total gaming revenue in Q2 reached $658m and saw a 22% increase when comparing the total to the previous year.
Casino gaming revenue continued to ascend during Q4, reaching $510m and finishing on a final total of $1.8bn – highlighting the value of casino gambling.
Another interesting section of the report from Ontario was the average monthly spend for Ontario gamblers, as it came out to $186 across the year.
Check out Instant Withdrawal Casinos for the quickest cashouts in the iGaming industry.
